MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GULF STEEL INDUSTRIES CO LTD |
|
|
|
|
Registered Office : |
Mussafah
Industrial Area MW4, PO Box 9054 & 44902, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
17.10.1991 |
|
|
|
|
Com. Reg. No.: |
20630, Abu Dhabi |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Manufacture of Reinforced Steel
for Construction Work |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 800,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : GULF STEEL INDUSTRIES CO LTD
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th October 1991
Commercial Registration Number : 20630, Abu Dhabi
Trade Licence Number : 35564
Chamber Membership Number : 13899
Issued Capital : UAE Dh 2,500,000
Paid up Capital : UAE Dh 2,500,000
Total Workforce : 220
Activities : Manufacture of reinforced steel for construction work
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 800,000
COMPANY NAME
GULF STEEL INDUSTRIES
CO LTD
ADDRESS
Registered & Physical Address
Location : Mussafah
Industrial Area MW4
PO Box : 9054
& 44902
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5510098
Facsimile : (971-2) 5510301
Email : glfsteel@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Al Nasr Street Rented
office premises
Abu Dhabi
Tel: (971-2) 6318044
Fax: (971-2) 6318007
KEY PRINCIPALS
Name Position
·
Abdullah
Nasser Bin Howailil Al Mansouri Chairman
·
C.
B. Sharma General
Manager
·
Madu
Nair Plant
Manager
·
M.
Venkatishan Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
October 1991
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 20630, Abu
Dhabi
Trade Licence No. : 35564 (Expires 28/10/2009)
Chamber Member No. : 13899
Issued Capital : UAE Dh 2,500,000
Paid up Capital : UAE Dh 2,500,000
Name of Shareholder (s) Percentage
·
Al
Nasser Industrial Enterprises LLC 100%
Falcon Tower, 11th Floor
Al Nasr Street
PO Box 44903
Abu Dhabi
Tel: (971-2) 6318044 / 6154351
Fax: (971-2) 6318007
Email: m.jamal@anholdings.com
AFFILIATED COMPANIES
Subject is a member of the Al Nasser Group of Companies, which comprises
the following concerns:
·
Al Nasser
Holdings
·
Emirates Steel Establishment
·
Euro Gulf Steel
·
Federal Transformers Company LLC
·
Polycon Gulf Ltd
·
Gulf Polymers LLC
·
Gulf Environmental Company LLC (GENCO)
·
Emirates Buildmat Trading
·
Darwish Polycon LLC
·
Polycon Bahrain WLL
·
Geyad for Commerce and Import Co. Ltd
OPERATIONS
Activities: Engaged in the manufacture of reinforced steel for construction work.
Subject is ISO 9001/2000 accredited.
Import
Countries: India and the
Far East
Subject has a
workforce of approximately 220 employees.
FINANCIAL DATA
Companies
registered in Abu Dhabi, 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
·
Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Gulf Steel Industries
Co Ltd is well established in the local market and is a member of the well
known Al Nasser Group of Companies.
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)