MIRA INFORM REPORT

 

 

Report Date :           

05.11.2011

 

IDENTIFICATION DETAILS

 

Name :

PORCELLAN COMPANY LLC

 

 

Registered Office :

Mussafah Industrial Area, ICAD 2, Plot No. MR2 - 49 & 50, P O Box 74684, Abu Dhabi

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

14.11.2006

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Production of porcelain tiles

 

 

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$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PORCELLAN COMPANY LLC

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 14th November 2006

Chamber Membership Number                : 197852

Issued Capital                                        : UAE Dh 7,000,000

Paid up Capital                                      : UAE Dh 7,000,000

Total Workforce                                     : 650

Activities                                               : Production of porcelain tiles.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

ARIC Credit Rating                                 : BB

Recommended Credit Limit                     : US$ 300,000

 

 

 

 

COMPANY NAME

 

PORCELLAN COMPANY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mussafah Industrial Area, ICAD 2, Plot No. MR2 - 49 & 50

PO Box             : 74684

Town                 : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 5503336 / 5500405 / 5502024 / 5502028

Facsimile          : (971-2) 5500407 / 5503337

Mobile               : (971-50) 4305505

Email                : info@porcellan.com / taha@porcellan.com

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

     Name                                                                                                          Position

 

·       Jamal Majid Al Ghurair                                                                                   Chairman

 

·       Khalil Jamal Majid Al Ghurair                                                                          Managing Director

 

·       Anzo Bernebe                                                                                               General Manager

 

·       Refaat Sabih                                                                                     Administration Manager

 

·       Andalib Zubairi                                                                                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th November 2006 (Production began in January 2009)

 

Legal Form                  : Limited Liability Company – LLC

 

Chamber Member No. : 197852

 

Issued Capital              : UAE Dh 7,000,000

 

Paid up Capital            : UAE Dh 7,000,000

 

Name of Shareholder (s)

 

·       Jamal Majid Al Ghurair

 

·       Jamal Al Ghurair Group

 

 

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

 

·       Gulf Extrusions Ltd

 

·       Arabian Aluminium Company

 

·       Al Ghurair Publishing & Printing House

 

·       Union Mosaic & Marble Company

 

·       Emirates Trading Agency LLC (ETA)

 

·       Arabian Mix

 

·       Al Khaleej Sugar Co LLC

 

·       National Cement Company Ltd

 

·       Arabian Packing Company

 

·       Gulf Utensils

 

·       Gulf Import & Export Co

 

·       House of Perfume

 

·       Computer Intelligence and Communications Ltd

 

·       Gulf Confectionery & Biscuit Company

 

·       Oman Insurance Co Limited

 

·       Mashreq Bank

 

·       Al Ghurair Enterprises

 

·       Al Ghurair Exchange

 

·       National Flour Mills Company Ltd

 

·       National Concrete Company Ltd

 

·       Masafi Mineral Water Co LLC

 

·       Associated Construction & Investment Co LLC (ASCON)

 

·       Al Ghurair Fieness Perry & Partners

 

·       Pak Arab Traders

 

·       Al Ghurair Real Estate

 

·       Al Ghurair Centre LLC

 

·       Central Electric Equipment Co LLC (CEEC)

 

·       National Oman Marble Company

 

·       Rawda Quarries Ltd

 

·       Ghurair Tarmac

 

·       Oman Finance Company

 

·       Ghurair Crown (Engineering) Ltd

 

·       Al Ghurair Industries (Pvt) Ltd

 

 

OPERATIONS

 

Activities: Engaged in the production of porcelain tiles.

 

Production Capacity: 18 million square metres

 

Import Countries: Spain and Italy

 

Subject has a workforce of approximately 650 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

 

·       National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.