MIRA INFORM REPORT
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Report Date : |
18.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GULF EXTRUSIONS CO LLC |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Industrial Area, PO Box 5598, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.11.1980 |
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Com. Reg. No.: |
40372, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Aluminium extrusion |
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No. of Employees : |
750 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 5,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
Recommended Credit Limit :
US$ 5,500,000
COMPANY NAME
GULF EXTRUSIONS CO
LLC
COMPANY 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 (Expires 21/06/2012)
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.06 |
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UK Pound |
1 |
Rs.78.48 |
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Euro |
1 |
Rs.64.99 |
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 |
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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- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.