MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIRST GULF BANK PJSC |
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Registered Office : |
Zayed 1st Street, Khalidya Area, PO Box 6316, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
13.09.1982 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Corporate, Retail, Treasury and Investment Banking. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FIRST GULF BANK PJSC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Private Joint Stock Company
Registration Date : 13th September 1982
Trade Licence Number : 1002668
Chamber Membership Number : 993
Issued Capital : UAE Dh 374,400,000
Paid up Capital : UAE Dh 374,400,000
Total Workforce : 150
Activities : Corporate, retail, treasury and investment banking.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 5,000,000
COMPANY NAME
FIRST GULF BANK PJSC
ADDRESS
Registered &
Physical Address
Street : Zayed 1st
Street
Area : Khalidya
Area
PO Box : 6316
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6444617
/ 6816666
Facsimile : (971-2)
6811068
Mobile : (971-50)
Email : olfat.abdelqaliq@fgb.ae
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Subject has 6 branches in Abu Dhabi, 2 in Ajman, 2
in Al Ain, 2 in Dubai, 2 in Sharjah, 1 in Fujairah and 1 in Ras Al Khaimah.
KEY PRINCIPALS
· Sheikh Hazza Bin
Zayed Al Nahyan Chairman
· Sheikh Tahnoon Bin
Zayed Al Nahyan Vice
Chairman
· Abdulhamid Mohammed
Saeed Managing
Director
· Ahmed Ali Al
Sayegh Director
· Dhafer Sahmi Al
Ahbabi Director
· Khaldoon Khalifa
Al Mubarak Director
· Khadem Abdulla Al
Qubaisi Director
LEGAL FORM & OWNERS
Date of
Establishment : 13th September
1982
Legal Form : Private Joint
Stock Company
Trade Licence No. : 1002668
Chamber Member No. : 993
Issued Capital : UAE Dh
374,400,000
Paid up Capital : UAE Dh 374,400,000
Name of Shareholder (s)
· Sheikh Hazza Bin
Zayed Al Nahyan
· Sheikh Tahnoon Bin
Zayed Al Nahyan
· Abdulhamid
Mohammed Saeed
· Ahmed Ali Al
Sayegh
· Dhafer Sahmi Al
Ahbabi
· Khaldoon Khalifa
Al Mubarak
· Khadem Abdulla Al
Qubaisi
· Local businessmen
and private investors
AFFILIATED COMPANIES
Name Stake
Held
· First Gulf
Financial Services LLC 45%
· Green Emirates
Properties PJSC 40%
· Aseel Finance PJSC 40%
OPERATIONS
Activities: Engaged in all aspects of corporate, retail, treasury and investment
banking.
Operating Trend: Steady
Subject has a workforce of 150 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh 000)
Consolidated
Balance Sheet 31/12/07 31/12/06
Assets
Cash and balances with UAE Central Bank 8,977,874 4,171,623
Due from banks 4,184,886 12,211,804
Loans and advances 44,409,268 25,160,769
Non trading investments 10,110,186 4,722,117
Investment in associates 326,383 254,959
Investment properties 2,922,286 532,712
Other assets 740,813 370,780
Property and equipment 1,525,849 334,311
Total assets 73,197,545 47,759,075
Liabilities
Due to banks 2,786,232 297,433
Customers deposits 52,256,069 34,434,346
Medium term loans 5,784,975 3,397,525
Other liabilities 2,249,835 644,281
Total liabilities 63,077,111 38,773,585
Equity
Share capital 1,250,000 1,250,000
Legal reserve 5,305,110 5,305,110
Special reserve 546,123 345,123
General reserve 120,000 120,000
Revaluation reserve 70,730 70,730
Reserve for bonus issue 125,000 -
Cash dividends 250,000 875,000
Retained earnings 2,378,661 996,481
Cumulative changes in fair values 74,801 23,046
10,120,425 8,985,490
Minority interests 9 -
Total equity 10,120,434 8,985,490
Total equity and liabilities 73,197545 47,759,075
Consolidated
Income Statement
Interest income 3,602,851 2,884,025
Interest expense 2,271,539 1,675,834
Net interest 1,331,312 1,208,191
Share of profits of associates 72,713 10,283
Other operating income 1,421,781 849,577
Operating income 2,825,806 2,068,051
General and administrative expenses 610,701 400,232
Profit from operations before assets charge 2,215,105 1,667,819
Assets charge 206,946 131,969
Profit for the year 2,008,159 1,535,850
Local sources consider subject’s financial condition to be Good.
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1982, subject is involved in all aspects of corporate,
retail, treasury and investment banking.
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 and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.00 |
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UK Pound |
1 |
Rs. 82.41 |
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Euro |
1 |
Rs. 65.09 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)