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MIRA INFORM REPORT
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Report No. : |
494267 |
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Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
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Name : |
GLAVERGULF
FZCO |
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Registered Office : |
Sheikh Zayed Road,
Plot No. Plot No. S10702, Jebel Ali Free Zone, PO Box, 17430, Dubai |
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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 : |
25.06.2003 |
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Legal Form : |
Free Zone Company
- FZCO |
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Line of Business : |
Subject
engaged in the import and distribution of aluminium sheets, architectural
glass, including Belgian float glass, coated glass, processed glass and
mirrors to meet the functional and aesthetic requirements of commercial and
residential structures |
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No. of Employees : |
33 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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 :
GLAVERGULF FZCO
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Free Zone Company - FZCO
Registration
Date : 15th
June 2003
Trade
Licence Number :
3980
Chamber
Membership Number : 88767
Issued
Capital :
UAE Dh 500,000
Paid
up Capital :
UAE Dh 500,000
Total
Workforce :
33
Activities :
Distributors of aluminium sheets and architectural glass
Financial
Condition :
Fair
Payments :
No Complaints
Operating
Trend :
Steady
COMPANY
NAME
GLAVERGULF FZCO
ADDRESS
Registered
& Physical Address
Street : Sheikh Zayed Road, Plot No.
Plot No. S10702
Area : Jebel Ali Free Zone
PO
Box : 17430
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860026
Facsimile : (971-4) 8860025
Mobile : (971-50) 4507794
Email : glavergulf@glavergulf.com / info@glavergulf.com
Premises
Subject
operates from a suite of offices and a warehouse covering an area 10,000 square
metres that are rented and located in the Jebel Ali Free Zone, Dubai.
KEY
PRINCIPALS
Name Nationality Position
Ponnarambil
Sathiapalan Govindan Indian Managing
Director
Sandeep
Sathiapalan Ponnarambil Indian Director
Sandhia
Sathiapalan Indian Director
Usha
Sathiapalan Indian Director
Karnakaran Nair Veno - Administration
Manager
Prabah Ravi - Financial
Controller
Sobha R Pillai - Senior
Accountant
LEGAL
FORM & OWNERS
Date
of Establishment : 15th June 2003
Legal
Form : Free Zone Company - FZCO
Trade
Licence No. : 3980
Chamber
Member No. : 88767
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Name
of Shareholder (s) Percentage
Ponnarambil
Sathiapalan Govindan 50%
Sandeep
Sathiapalan Ponnarambil 30%
Sandhia
Sathiapalan 10%
Usha
Sathiapalan 10%
AFFILIATED
COMPANIES
Gutal Trading LLC
Dubai
Tel: (971-4) 2680477 / 4534125
OPERATIONS
Activities: Engaged in the import and
distribution of aluminium sheets, architectural glass, including Belgian float
glass,
coated glass, processed glass and mirrors to meet the functional and aesthetic
requirements of
commercial
and residential structures.
Import
Countries:
Belgium, Italy, Austria and Singapore
International
Suppliers:
Asashi Glass Corporation Belgium
AGC Europe Belgium
SAVIO Italy
ALCOA Italy
Leitz Austria
AGC Float Glass (Asia) Singapore
Operating
Trend:
Steady
Subject
has a workforce of 33 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total
SALES UAE Dh
37,000,000 UAE Dh
40,000,000
Local
sources consider subject’s financial condition to be Fair.
The
above financial figures are based on estimations by our local sources.
BANKERS
Mashreq
Bank Plc
Deira
Branch
PO
Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
Fax:
(971-4) 2233784
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.10 |
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1 |
INR 94.44 |
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Euro |
1 |
INR 79.59 |
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UAE DH |
1 |
INR 17.75 |
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
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
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.