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MIRA INFORM REPORT
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Report No. : |
490647 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES FLOAT GLASS CO LLC |
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Registered Office : |
Plot 353MR2 ICAD-2, Mussafah Industrial
Area,
Industrial City 2, PO Box 8869, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
15.11.2006 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the manufacture of float, armoured and coloured
glass |
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No. of Employees : |
275 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 :
EMIRATES FLOAT GLASS CO LLC
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
15th November 2006
Industrial Licence Number :
1318
Chamber Membership Number :
198314
Issued Capital :
UAE Dh 520,000,000
Paid up Capital :
UAE Dh 520,000,000
Total Workforce :
275
Activities :
Manufacturers of float, armoured and coloured glass
Financial Condition :
Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
P Kumar, Financial Controller
COMPANY
NAME
ADDRESS
Registered & Physical Address
Location : Plot 353MR2
ICAD-2, Mussafah Industrial Area, Industrial City
2
PO Box : 8869
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5994004
/ 5994000 / 5559964 / 5500645 / 5994074
Facsimile : (971-2)
5502681 / 5501702 / 5502682
Mobile :
(971-50) 9354565
Email :
subbu@efgme.com / kumar@efgme.com
Premises
Subject operates from a suite of offices and a factory covering an area
of 320,000 square metres that are rented and located in the Industrial Area of
Abu Dhabi.
KEY
PRINCIPALS
Name Position
Khalid Kalban Managing
Director
Ghassan Hamad Mashaal General
Manager
Ramasajev Subramanian Commercial
Manager
Fattahullah Shahib Finance
Manager
P Kumar Financial
Controller
P V Subramaian Procurement
Manager
Saleem Reza Marketing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 15th
November 2006 (Production started in March 2009)
Legal Form : Limited Liability
Company - LLC
Industrial Licence No. : 1318
Chamber Member No. : 198314
Issued Capital : UAE Dh
520,000,000
Paid up Capital : UAE Dh 520,000,000
Name of Shareholder (s) Percentage
Glass LLC 99.998%
United Arab Emirates
Dubai Investment PJSC 0.002%
PO Box: 28171
Dubai
United Arab Emirates
OPERATIONS
Activities: Engaged in the manufacture of float, armoured and coloured glass.
Subject is ISO 9001, 14001 and 18000
accredited.
Production
Capacity: 190,000 tonnes per annum
Import Countries: United States of America and Europe
Operating Trend: Steady
Subject has a workforce of approximately 275 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/15: Year Ending
31/12/16: Year Ending
31/12/17:
Total sales UAE
Dh 213,494,054 UAE Dh
229,090,191 UAE Dh
240,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr P Kumar, Financial Controller
BANKERS
Abu Dhabi Commercial Bank
Mussafah
PO Box: 9331
Abu Dhabi
Tel: (971-2) 5544272
Fax: (971-2) 5544273
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
This report is produced in accordance
with and subject to the terms of an agreement between Arab Research &
Information Company Ltd (Aric Ltd) and the customer and contains unconfirmed
information compiled from third parties. Any reproduction or republication of
this report without Aric Ltd’s express written consent is prohibited. Aric Ltd
disclaims all warranties, expressed or implied, with respect to the accuracy or
reliability of the report or its fitness for any purpose.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.72 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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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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PRA |
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Report Prepared
by : |
KET |
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.