MIRA INFORM REPORT
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Report Date : |
31.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ABU DHABI COMMERCIAL BANK LTD |
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|
|
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Registered Office : |
Abu Dhabi
Commercial Bank Building, Plot C-33, Al Salam Street, Sector E-11, P O Box
939, Abu Dhabi |
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|
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.07.1985 |
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Com. Reg. No.: |
4 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Providers of banking services |
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No. of Employees
: |
3800 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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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 |
|
Maximum Credit Limit : |
US$ 20,000,000 |
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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 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 |
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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 : ABU DHABI COMMERCIAL BANK LTD
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Public Joint Stock Company
Registration Date : 1st July 1985
Commercial Registration Number : 4
Issued Capital : UAE Dh 5,595,597,000
Paid up Capital : UAE Dh 5,595,597,000
Total Workforce : 3,800
Activities : Providers of banking services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 20,000,000
COMPANY NAME
ABU DHABI COMMERCIAL
BANK LTD
company ADDRESS
Registered &
Physical Address
Building : Abu Dhabi Commercial Bank
Building, Plot C-33
Street : Al Salam Street
Area : Sector E-11
PO Box : 939
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6962222
Facsimile : (971-2) 6776499
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Subject operates over 50 branch offices and 365 ATM’s located throughout
the United Arab Emirates.
KEY PRINCIPALS
Name Position
·
Eissa
Mohamed Ghanem Al Suwaidi Chairman
·
Mohamed
Sultan Ghannoum Al Hameli Director
·
Ala’a Mohamed
Atta Khalil Eraiqat Director
·
Mohamed
Darwish Al Khoori Director
·
Abdulla
Khalil Al Mutawa Director
·
Salem
Mohamed Athaith Al Ameri Director
·
Mohamed
Esmaeel Al Fahim Director
·
Mohamed
Ali Al Dhaheri Director
·
Sheikh
Sultan Bin Suroor Al Dhahiri Director
·
Khalid
Deemas Al Suwaidi Director
·
Jean
Paul Pierre Villain Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
July 1985
History :
Subject was formed in 1985 following
the merger of Khalij Commercial Bank, Emirates
Commercial Bank and Federal Commercial Bank.
Legal Form :
Public Joint Stock Company
Commercial Reg. No. : 4
Issued Capital : UAE Dh 5,595,597,000
Paid up Capital : UAE Dh 5,595,597,000
Name of Shareholder
(s) Percentage
·
Abu
Dhabi Investment Council 58.08%
·
Tasameem
Real Estate Co LLC 5.97%
·
Local
businessmen and private companies 35.95%
AFFILIATED COMPANIES
·
Abu
Dhabi Commercial Islamic Finance PSC
·
RHB
Capital Berhad
·
Al
Nokhitha Fund
·
ADCB
MSCI UAE Index Fund
OPERATIONS
Activities: Engaged in the provision of consumer and
corporate banking, Islamic banking, trade finance, structured finance, foreign
exchange, derivatives and financial advisory services, primarily in the United
Arab Emirates.
Operating Trend: Steady
Subject has a
workforce of approximately 3,800 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh 000’s)
Consolidated
Balance Sheet
31/12/11
31/12/10
Assets
Cash 6,629,945 5,887,630
Deposits and
balances due from banks 20,839,932 18,397,534
Trading securities 15,755 -
Loans and advances 124,754,737 122,771,870
Derivative financial
instruments 4,844,764 3,976,969
Investment
securities 15,052,103 8,263,138
Investments in
associates 81,817 5,358,199
Investment
properties 396,912 289,192
Other assets 10,021,494 12,101,161
Property and
equipment 964,518 1,070,321
Intangible assets 123,653 155,180
Total assets 183,725,630 178,271,194
Liabilities
Due to Central
banks 48,100 -
Due to banks 3,090,386 4,841,865
Deposits from
customers 109,887,477 106,134,185
Mandatory
convertible securities - 29,131
Short and medium
term borrowings 30,808,557 21,019,694
Derivative
financial instruments 4,821,568 3,854,327
Long term
borrowings 1,088,452 8,906,109
Other liabilities 11,903,567 13,912,535
Total liabilities 161,648,107 158,697,846
Equity
Share capital 5,595,597 4,810,000
Share premium 3,848,286 -
Statutory and legal
reserves 3,309,351 2,704,179
General and
contingency reserves 2,150,000 2,150,000
Employee’s
incentive plan shares (104,595) (36,677)
Foreign currency
translation reserve (27,521) 136,676
Hedge reserve (2,581) (537,904)
Cumulative changes
in fair values (404,758) 174,799
Other reserves - 5,630
Retained earnings 3,708,227 1,524,201
Capital notes 4,000,000 4,000,000
Mandatory
convertible securities - 4,633,883
Equity attributable
to equity holders of the parent 22,072,006 19,564,787
Non-controlling
interests 5,517 8,561
Total equity 22,077,523 19,573,348
Total liabilities
and equity 183,725,630 178,271,194
Consolidated
Income Statement
Interest income 7,365,090 7,158,894
Interest expense (2,817,299) (3,507,961)
Net interest income 4,547,791 3,650,933
Income from Islamic
financing 351,073 217,541
Islamic profit
distribution (211,093) (186,269)
Net income from
Islamic financing 139,980 31,272
Total net interest
and Islamic financing 4,687,771 3,682,205
Net fees and
commission income 898,157 956,253
Net trading income 335,949 308,284
Decrease in fair
value of investment properties (11,900) (116,412)
Loss on disposal of
subsidiary - (992)
Other operating
income 159,435 170,268
Operating income 6,069,412 4,999,606
Staff costs (1,094,956) (829,541)
Depreciation (149,348) (101,775)
Amortisation of
intangible assets (31,527) (7,020)
Other operating
expenses (787,394) (710,646)
Operating expenses (2,063,225) (1,648,982)
Operating profit
before impairment allowances 4,006,187 3,350,624
Impairment
allowances on loans and advances (2,082,360) (2,859,578)
Other impairment
allowances (315,468) (427,493)
Share of profit of
associates 158,658 336,294
Net gain on sale of
investment in associate 1,314,315 -
Profit before
taxation 3,081,332 399,847
Overseas income tax
expense (36,221) (9,232)
Net profit for the
year 3,045,111 390,615
Local sources
consider subject’s financial condition to be Good.
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.49.50 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.19 |
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 |
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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.