MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

GULF EXTRUSIONS CO LLC

 

 

Registered Office :

Sheikh Zayed Road, Jebel Ali Industrial Area, PO Box: 5598, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

02.11.1980

 

 

Com. Reg. No.:

40372

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates one of the largest aluminium extrusion plants

 

 

No. of Employees :

750

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

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)

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

 

 

 

United Arab Emirates - 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                                    : GULF EXTRUSIONS CO LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 2nd November 1980

Commercial Registration Number           : 40372, Dubai

Trade Licence Number                           : 300218

Chamber Membership Number               : 141

Issued Capital                                       : UAE Dh 62,000,000

Paid up Capital                                     : UAE Dh 62,000,000

Total Workforce                                     : 750

Activities                                               : Aluminium extrusion

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

GULF EXTRUSIONS CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Industrial Area

PO Box                        : 5598

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 8846146

Facsimile          : (971-4) 8846830

Email                : mail@gulfex.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                    Position

 

Saif Ahmad Al Ghurair                                       Emirati                          Managing Director

 

Abdul Rahman Saif Ahmad Al Ghurair                Emirati                          Director

 

Majid Saif Ahmad Al Ghurair                                Emirati                        Director

 

Modar Al Mekdad                                                -                                 General Manager

 

Ihab Mouallem                                                    -                                  Sales Manager

 

Marwan Al Zaubi                                                -                                  Finance Manager

 

Khalid Rasheed                                      -                                 Engineering Manager

 

Sajid Hussein                                                     -                                  Plant Manager

 

Sowmya Narayanan                                           -                                  Supply Chain Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd November 1980

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 40372, Dubai

 

Trade Licence No.        : 300218

 

Chamber Member No.  : 141

 

Issued Capital              : UAE Dh 62,000,000

 

Paid up Capital            : UAE Dh 62,000,000

 

Name of Shareholder (s)                                                Percentage

 

Saif Ahmad Al Ghurair                                                    98%

 

Abdul Rahman Saif Ahmad Al Ghurair                             1%

 

Majid Saif Ahmad Al Ghurair                                            1%

 

 

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

 

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

 

Porcellan Co LLC

PO Box: 74684

Abu Dhabi

Tel: (971-2) 5503336

Fax: (971-2) 5500407

 

Gypsemna Co LLC

Al Saraya Building, Ground Floor, Block B

Al Garhoud Area

PO Box: 14424

Dubai

Tel: (971-4) 2947959 / 2952226 / 2949083

Fax: (971-4) 2947604 / 2956677 / 2664782 / 2947959

 

 

OPERATIONS

 

Activities: Subject operates one of the largest aluminium extrusion plants in the Middle East.

 

The plant is designed to produce aluminium sections in mill, silver and colour anodized (spectrum colours), gold dyed and powder coated finishes. The modern processing equipment and techniques permit the company to produce a range of over 10,000 profiles. These vary from architectural sections to components for household items, AC grills and customized products.

 

Production Capacity: 60,000 tonnes per annum

 

Import Countries: Belgium, India and the United States of America.

 

Principal Suppliers:

 

Dubai Aluminium Company Ltd  Dubai, UAE

 

Export Countries: Subject exports approximately 30% of its products, mainly to South East Asia, The GCC countries, Europe and Canada

 

Subject has a workforce of approximately 750 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

 

Commercial Bank of Dubai

Jebel Ali Branch

PO Box: 2668

Dubai

Tel: (971-4) 8818882

Fax: (971-4) 8812252

 

Standard Chartered Bank

Jebel Ali Free Zone

PO Box: 999

Dubai

Tel: (971-4) 8856600

 

 

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.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.