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MIRA INFORM REPORT
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Report No. : |
489328 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
CROWN EMIRATES COMPANY LTD |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 11, Plot No. WWA 160, Jebel Ali Free Zone, PO Box 17030, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.05.1992 |
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Com. Reg. No.: |
1207, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of aluminium cans. |
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No. of Employees : |
320 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March
2014.
The UAE’s dependence on oil is a significant long-term challenge. Low
oil prices have prompted the UAE to cut expenditures, including on some social
programs, but the UAE has sufficient assets in its sovereign investment funds
to cover its deficits. The government reduced fuel subsidies in August 2015,
and has announced plans to introduce excise and value-added taxes by January 1,
2018. The UAE's strategic plan for the next few years focuses on economic
diversification, promoting the UAE as a global trade and tourism hub,
developing industry, and creating more job opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
CROWN EMIRATES COMPANY LTD
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
18th May 1992
Commercial Registration Number :
1207, Dubai
Trade Licence Number : 8920
Chamber Membership Number :
24047
Issued Capital :
UAE Dh 92,500,000
Paid up Capital :
UAE Dh 92,500,000
Total Workforce :
320
Activities :
Manufacture of aluminium cans
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Rabee Kaadi, Finance Manager
COMPANY
NAME
CROWN EMIRATES COMPANY LTD
ADDRESS
Registered &
Physical Address
Street : Sheikh Zayed
Road, Roundabout No. 11, Plot No. WWA 160
Area :
Jebel Ali Free Zone
PO Box :
17030
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835452
Facsimile : (971-4)
8835322
Email : sales@crowndxb.com
/ sales@eur.crowncork.com
/ rabee.kadi@eur.crowncork.com
George.thomasa@eur.crowncork.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Jebel Ali Free Zone of Dubai.
KEY
PRINCIPALS
Name Position
Samir Hassan General
Manager
Rabee Kaadi Finance
Manager
Samir Hassan Commercial
Manager
Adeel Muneer Assistant
Commercial Manager
Toufiq Mohamed Purchasing
Manager
Hani Mohamed Human
Resources Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18th
May 1992
Legal Form : Limited Liability
Company
Commercial Reg. No. : 1207, Dubai
Trade Licence No. : 8920
Chamber Member No. : 24047
Issued Capital : UAE Dh 92,500,000
Paid up Capital : UAE Dh 92,500,000
Name of
Shareholder (s) Percentage
Crown Cork & Seal Co Inc 100%
One Crown Way
Philadelphia, PA 19154-4599
United States of America
Tel: (1-215) 6985100
OPERATIONS
Activities: Engaged in the manufacture of aluminium cans.
Import Countries: India and the United States of America
Subject has a workforce of approximately 320 employees.
FINANCIAL
DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Local informants spoke to Mr Rabee Kaadi, Finance Manager who refused to
divulge any information on the subject to third parties.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions
List, EU Financial Sanctions List and UK Financial Sanctions List and nothing
adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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UAE Dh |
1 |
INR 17.49 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.