MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL KHALEEJ SUGAR CO LLC |
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Registered Office : |
Abu Dhabi
Commercial Bank Building, Al Rigga Street, Al Bateen, PO Box 14415 & 15988,
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
53836, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Refining and Marketing of Sugar |
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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL KHALEEJ SUGAR CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1992
Registration Date : 8th February 2000
Commercial Registration Number : 53836, Dubai
Trade Licence Number : 515821
Chamber Membership Number : 57897
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 315
Activities : Refining and marketing of sugar
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 500,000
COMPANY NAME
AL KHALEEJ SUGAR CO
LLC
ADDRESS
Registered & Physical Address
Building : Abu Dhabi Commercial Bank Building
Street : Al Rigga Street
Area : Al Bateen
PO Box : 14415 & 15988
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2957777
Facsimile : (971-4) 2956677
Email : info@aksugar.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Jebel Ali Free
Zone Sugar
Refinery
PO Box: 17077
Dubai
Tel: (971-4) 8817057 / 8818705
Fax: (971-4) 8815935
KEY PRINCIPALS
Name Nationality Position
·
Jamal Majid
Ahmad Al Ghurair Emirati Managing
Director
·
Majid Saif
Ahmad Al Ghurair Emirati Director
·
Saif Ahmad Al
Ghurair Emirati Director
·
Abdullah Majid
Ahmad Al Ghurair Emirati Director
·
Ali Majid
Ahmad Al Ghurair Emirati Director
·
Hamed Majid
Ahmad Al Ghurair Emirati Director
·
Mohamed Saif
Ahmad Al Ghurair Emirati Director
·
Omar Majid
Ahmad Al Ghurair Emirati Director
·
Taleb Majid
Ahmad Al Ghurair Emirati Director
·
Cyrus Raja - General
Manager
·
Fazalur Rahman - Finance
Manager
·
Javeed Ahmed - Administration
Manager
·
Sabri Aweira - Refinery
Manager
·
Shabbir
Bahrenwala - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1992, however it was registered on 8th
February 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 53836, Dubai
Trade Licence No. : 515821
(Expires 19/12/2009)
Chamber Member No. : 57897
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Jamal Majid
Ahmad Al Ghurair 60%
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Majid Saif
Ahmad Al Ghurair 11%
·
Saif Ahmad Al
Ghurair 11%
·
Abdullah Majid
Ahmad Al Ghurair 3%
·
Ali Majid
Ahmad Al Ghurair 3%
·
Hamed Majid
Ahmad Al Ghurair 3%
·
Mohamed Saif Ahmad
Al Ghurair 3%
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Omar Majid
Ahmad Al Ghurair 3%
·
Taleb Majid
Ahmad Al Ghurair 3%
AFFILIATED COMPANIES
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified
range of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries it operates today in the United
Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In
the banking sector, the Ghurairs are owners of the UAE’s largest private bank,
the Dubai-based Mashreq Bank, which is one of the Group’s most successful
ventures and operates from branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
The Al Ghurair Group comprises the following concerns :
·
Al Ghurair
Holdings (Private) Ltd
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Gulf
Extrusions Ltd
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Arabian
Aluminium Company
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Al Ghurair
Publishing & Printing House
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Union Mosaic
& Marble Company
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Emirates Trading
Agency LLC (ETA)
·
Arabian Mix
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National
Cement Company Ltd
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Arabian
Packing Company
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Gulf Utensils
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Gulf Import
& Export Co
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House of
Perfume
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Computer
Intelligence and Communications Ltd
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Gulf
Confectionery & Biscuit Company
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Oman Insurance
Co Limited
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Mashreq Bank
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Al Ghurair
Enterprises
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Al Ghurair
Exchange
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National Flour
Mills Company Ltd
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National
Concrete Company Ltd
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Masafi Mineral
Water Co LLC
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Associated
Construction & Investment Co LLC (ASCON)
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Al Ghurair
Fieness Perry & Partners
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Pak Arab Traders
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Al Ghurair
Real Estate
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Al Ghurair
Centre LLC
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Central
Electric Equipment Co LLC (CEEC)
·
National Oman
Marble Company
·
Rawda Quarries
Ltd
·
Ghurair Tarmac
·
Oman Finance
Company
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Ghurair Crown
(Engineering) Ltd
·
Al Ghurair
Industries (Pvt) Ltd
OPERATIONS
Activities: Engaged in the refining and marketing of
sugar in the UAE and throughout the Gulf Region.
In January 1998 subject received ISO 9002 accreditation and ISO9001:2000 in April 2004.
Production
Capacity: 2,500,000 tonnes
of refined sugar per annum
Import
Countries: Australia,
Thailand, and South Africa
Subject has a
workforce of approximately 315 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
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
·
Dubai Islamic
Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
·
Abu
Dhabi Commercial Bank
Al
Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
·
Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
This is a well
established company, part of the Al Ghurair Group which is deemed trustworthy
for respecting its financial trade commitments. Payment obligations are
reportedly met in a prompt and timely manner and local sources advise that
subject is a sound trade risk. As such the above credit figure is deemed
admissible.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.02 |
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Euro |
1 |
Rs.67.77 |
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%)