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Report No. : |
344600 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FRIGO GLASS JEBEL ALI FZCO |
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Formerly Known As : |
JEBEL ALI CONTAINER GLASS FACTORY FZE |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 7, Plot No. B045R01, Jebel Ali Free Zone, PO Box 61176, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
09.06.1994 |
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Com. Reg. No.: |
146353 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the manufacture and labelling of glass bottles and
containers. |
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No. of Employees : |
320 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
FRIGO GLASS JEBEL ALI FZCO
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
9th June 1994
Commercial Registration Number :
146353, Dubai
Trade Licence Number :
979
Chamber Membership Number :
43689
Issued Capital :
UAE Dh 133,057,000
Paid up Capital :
UAE Dh 133,057,000
Total Workforce :
320
Activities :
Manufacture and labelling of glass bottles and containers
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Abdul Hafeez Awad Saeed, Finance Manager
FRIGO GLASS JEBEL ALI
FZCO
Registered &
Physical Address
Street : Sheikh Zayed
Road, Roundabout No. 7, Plot No. B045R01
Area : Jebel Ali
Free Zone
PO Box : 61176
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8817782
/ 8177821
Facsimile : (971-4)
8817783
Mobile : (971-50) 4576185
Email : info@frigoglass.com
Premises
Subject operates from a large suite of offices, a factory and a
warehouse that are rented and located in the Jebel Ali Free Zone. Subject’s
site covers an area of approximately 80,310 square metres, with just over
30,000 square metres being covered
Name Position
David Swan Managing
Director
Abdul Hafeez Awad Saeed Finance
Manager
Darren Bennetti Commercial
Manager
Mahmoud Chalabian Plant
Manager
Date of Establishment : 9th
June 1994, full business activities began in March 1998
History : Subject was originally established in 1994
under the name of “Jebel Ali Container Glass Factory FZE” and was wholly owned
by Abdul Khaliq Saeed Trading & Industry Ltd.
However in May 2011 the subject was sold to the current owners, Frigo
Glass of Greece, who re-registered the
subject under the current style of “Frigo Glass Jebel Ali FZCO”.
Legal Form : Free Zone Company
- FZCO
Commercial Reg. No. : 146353, Dubai
Trade Licence No. : 979
Chamber Member No. : 43689
Issued Capital : UAE Dh 133,057,000
Paid up Capital : UAE Dh 133,057,000
Name of
Shareholder (s) Percentage
Frigo Glass 100%
Greece
Frigo Glass Mena FZE
Jebel Ali Free Zone
Dubai
Activities: Engaged in the manufacture and labelling of glass bottles and
containers. Subject obtained the ISO 9001 certificate for the quality of
its products in 1999.
Production Capacity: 320 tonnes per day.
Import Countries: Italy, Germany, the Far East and the United States
of America
International Clients:
Pepsi Cola
Coca Cola
Canada Dry
Maaza
Lion Nathan
Heinz
Operating Trend: Steady
Subject has a workforce of approximately 320 employees.
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 136,606,407 UAE Dh
157,324,988
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Abdul Hafeez Awad Saeed, Finance Manager
Commercial Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
Banque Du Caire
PO Box: 1502
Dubai
Tel: (971-4) 2715175
No complaints regarding subject’s payments have been reported.
Established in 1994, subject is involved in the manufacture and
labelling of glass bottles and containers and deals with a number of reputable
international clients.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.02 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.