MIRA INFORM REPORT

 

 

Report Date :

08.12.2012

 

IDENTIFICATION DETAILS

 

Name :

MABANI STEEL LLC

 

 

Registered Office :

Al Jazeera Al Hamra, Plot 152-163 PO Box 31508 Ras Al Khaimah

 

 

 

 

Country :

United Arab Emirates

 

 

 

 

Date of Incorporation :

17.04.2006

 

 

 

 

Com. Reg. No.:

23635, Ras Al Khaimah

 

 

 

 

Legal Form :

Limited Liability Company - LLC

 

 

 

 

Line of Business :

Design, manufacture and erection of Pre-Engineered Steel Buildings and Hot Rolled Structural Steel

 

 

 

 

No. of Employees :

900

 

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

UAE - 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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                                     : MABANI STEEL LLC

Country of Origin                                    : Ras Al Khaimah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 17th April 2006

Commercial Registration Number            : 23635, Ras Al Khaimah

Industrial Licence Number                       : 85

Chamber Membership Number                : 95681

Issued Capital                                        : UAE Dh 5,000,000

Paid up Capital                                      : UAE Dh 5,000,000

Total Workforce                                     : 900

Activities                                               : Design, manufacture and erection of Pre-Engineered Steel Buildings and Hot Rolled Structural Steel.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Tabish Iqbal, Financial Controller

 

COMPANY NAME

 

MABANI STEEL LLC

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Al Jazeera Al Hamra, Plot 152-163

PO Box             : 31508

Town                 : Ras Al Khaimah

Country             : United Arab Emirates

Telephone         : (971-7) 2447464 / 2446533 / 2447465

Facsimile          : (971-7) 2447277

Email                : info@mabanisteel.com / tabish.iqbal@mabanisteel.com

 

Premises

Subject operates from a medium sized suite of offices and a factory covering an area of 124,000 square metres that are owned and located in the Industrial Area of Ras Al Khaimah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmed Sulaiman Al Rajhi                                                                  Managing Director

 

·       Faisal Sulaiman Al Rajhi                                                                    Director

 

·       Dr Khalid Sulaiman Al Rajhi                                                               Director

 

·       Fisal Ishaq                                                                                        General Manager

 

·       Ken Kreiger                                                                                      Deputy General Manager

 

·       Farhan Ansari                                                                                   Purchasing Manager

 

·       Tabish Iqbal                                                                                      Financial Controller

 

·       Amer Salah                                                                                      Sales Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th April 2006

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 23635, Ras Al Khaimah

 

Industrial Licence No.  : 85

 

Chamber Member No. : 95681

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

Name of Shareholder (s)                                         Percentage

·       Ahmed Sulaiman Al Rajhi                                          50%

·       Faisal Sulaiman Al Rajhi                                            50%

 

 

AFFILIATED COMPANIES

 

·       Mabani Abu Dhabi Steel Construction LLC

     Khalidia Tower, Flat No. 603

     Zayed 1st Road

     Abu Dhabi

     Tel: (971-2) 6678922

     Fax: (971-2) 6678944

 

·       Mabani Dubai Steel Construction LLC

     Gold & Diamond Park, Block 5, Suite 113

     Sheikh Zayed Road (4th Interchange)

     Dubai

     Tel: (971-4) 3415959

     Fax: (971-4) 3415995

 

 

OPERATIONS

 

Activities: Engaged in the design, manufacture and erection of Pre-Engineered Steel Buildings (PEB) and Hot Rolled

     Structural Steel (HRSS).

 

Monthly Production Capacity:  6000 metric tons (MT) of PEB of which 3600 MT are Built-up Members

                                                2000 metric tons of HRSS

 

Import Countries: China and India

 

Subject has a workforce of approximately 900 employees.

 

 

FINANCIAL DATA

 

Companies registered in Ras Al Khaimah, 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 Ras Al Khaimah

NBRAK Building

PO Box: 5300

Ras Al Khaimah

Tel: (971-7) 2221127

Fax: (971-7) 2224202

 

 

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.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.