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MIRA INFORM REPORT

 

 

Report No. :

332388

Report Date :

22.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EMIRATES GLASS LLC (EGL)

 

 

Registered Office :

Plot No. 840B, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box 29769, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.08.1996

 

 

Com. Reg. No.:

47454

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the Processing of Sheet Glass, Safety Glass and Mirrors.

 

 

No. of Employees :

200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

Company Name                                    : EMIRATES GLASS LLC (EGL)

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 28th August 1996

Commercial Registration Number           : 47454, Dubai

Trade Licence Number                           : 301205

Chamber Membership Number               : 40175

Issued Capital                                       : UAE Dh 35,425,000

Paid up Capital                                     : UAE Dh 35,425,000

Total Workforce                                     : 200

Activities                                               : Processors of sheet glass, safety glass and mirrors

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Nadeem Khan, Finance Manager

 

 

 

COMPANY NAME

 

EMIRATES GLASS LLC (EGL)

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Plot No. 840B

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area

PO Box            : 29769

Town                : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3471515 / 7094700

Facsimile          : (971-4) 3471440

Email                : emiglass@emirates.net.ae / nabil@glass-llc.com

 

Premises

 

Subject operates from a suite of offices and a factory, covering 18,000 m2 that are rented and located in the Industrial Area of Dubai.

 

Branch Offices

 

Location                                                                                                           Description

 

Jebel Ali Free Zone                                                                                           Office premises

Dubai

Tel: (971-4) 8122700

Fax: (971-4) 8122701

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Abdulaziz Al Serkal                                                                                General Manager

 

Rizwan Khan                                                                                         Manufacturing Manager

 

Nadeem Khan                                                                                       Finance Manager

 

Sami Adnan Fateriji                                                                               Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1996

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 47454, Dubai

 

Trade Licence No.        : 301205 (Expires 27/08/2015)

 

Chamber Member No.  : 40175

 

Issued Capital              : UAE Dh 35,425,000

 

Paid up Capital            : UAE Dh 35,425,000

 

Name of Shareholder (s)                                                       Percentage

 

Glass LLC                                                                                 99%

Dubai

 

Dubai Investment PJSC                                                             1%

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the processing of sheet glass, safety glass and mirrors.

 

EGL buy their requirements of tinted float glass from Europe and North America from Saint-Gobain, Pilkington, Libby-Owens-Ford, Ford Glass and Pittsburg Plate Glass. The clear glass is procured from GulfGuardian, Saint Gobain and Pilkington.

 

EGL processes the glass by cutting it to size, heat strengthening or tempering it and thereafter applying Solar Control and Low Emissivity coatings through Magnetic Vacuum Sputtering Deposition process, to provide the client with finished glass of their choice of colour and transmissions with corresponding reflective and insulating properties.
 

The EGL range includes 11 different colour substrates and 11 different coatings with light transmission ranging from 3% to 40% for Solar Control glass and 20% to 73% for Low Emissivity coating.


 In March 2012, subject announced the opening of a UAE Dh 160 million post-toughening coating line that aims to boost production capacity to over 3.5 million square metres.

 

Import Countries: Europe and GCC countries.

 

Brand Names: EMICOOL

 

Operating Trend: Steady

 

Subject has a workforce of 200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                UAE Dh 89,481,000                   UAE Dh 92,710,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Nadeem Khan, Finance Manager

 

 

BANKERS

 

Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.65

UK Pound

1

Rs.99.14

Euro

1

Rs.68.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TPT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.