MIRA INFORM REPORT
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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
DUBAI ALUMINIUM CO LTD (DUBAL) |
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Registered Office : |
Industrial Port Street,
Jebel Ali Free Zone, P O Box 3627, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.02.1979 |
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Com. Reg. No.: |
417, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of aluminium |
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No. of Employees
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4000 |
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$ 5,000,000 |
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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
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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 |
Company Name : DUBAI ALUMINIUM CO LTD (DUBAL)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1st February 1979
Commercial Registration Number : 417, Dubai
Trade Licence Number : 300191
Chamber Membership Number : 4001
Issued Capital : UAE Dh 1,800,000,000
Paid up Capital : UAE Dh 1,800,000,000
Total Workforce : 4,000
Activities : Manufacturers of aluminium
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 5,000,000
DUBAI ALUMINIUM CO LTD (DUBAL)
Registered &
Physical Address
Street : Industrial Port Street
Area : Jebel Ali Free Zone
PO Box : 3627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8846666 / 8846668
Facsimile : (971-4) 8846919 / 8846292 / 8846646
Email : info@dubal.ae
Premises
Subject operates
from a suite of offices and manufacturing facilities on a 480-hectare site that
is rented and located in the Jebel Ali Free Zone.
Name Position
·
HH
Sheikh Hamdan Bin Rashid Al Maktoum Chairman
·
HE Ahmed Humaid Al
Tayer Vice
Chairman
·
Mohamed Abdullah
Al Ghurair Managing
Director
·
Abdullah Salem
Mohamed Al Mana Director
·
Abdul Wahed
Mohamed Al Fahim Director
·
Hilal Khalfan Bin
Dhaher Director
·
Saeed Mohamed
Ahmed Al Tayer Director
·
Tariq Hussein
Khansaheb Director
·
Abdullah
Kalban Chief
Executive Officer
·
Walid
Al Attar Marketing
& Sales Manager
Date of Establishment : Subject was
originally established on 1st February 1979 under the name of “Gulf
Resources International Trade Centre”. In
1985 the company was incorporated
as a Limited Liability Company
under the new name of “Dubai Aluminium
Company Ltd”.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 417, Dubai
Trade Licence No. : 300191
Chamber Member No. : 4001
Issued Capital : UAE Dh 1,800,000,000
Paid up Capital : UAE Dh 1,800,000,000
Name of Shareholder
(s) Percentage
·
Government
of the Emirate of Dubai 100%
·
Emirates
Aluminium Co Ltd
Dubai
·
Companhia
de Alumina do Pará
Brazil
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Guinea
Alumina Corporation
Republic of Guinea
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Cameroon
Alumina Limited
Cameroon
·
Raykal
India
Activities: Subject owns and operates one of the world's largest
aluminium smelters. Built on a 480-hectare site in Jebel Ali, the complex's
major facilities comprise a one million metric tonne per annum primary
aluminium
smelter, a 2,350 megawatt power station (at
30°C), a large carbon plant, casting operations with a capability of
more than 1,161,000 metric tonnes per annum, a 30 million gallon per day
seawater desalination plant, laboratories, port and storage facilities.
The Jebel Ali site has the capacity to produce more than one
million metric tonnes of high quality finished aluminium products a year, in three main
forms: foundry alloy for automotive applications; extrusion billet for
construction, industrial, forging and transportation purposes; and high purity
aluminium for the electronics and aerospace industries. More than 300 customers
are served in at least 45 countries predominantly in the Far East, Europe, the
ASEAN region, the Middle East and Mediterranean region, and North America.
Subject holds ISO
9001, ISO/TS 16949, ISO/IEC 27001, ISO/IEC 20000, ISO 14001 and OHSAS 18001
certification.
Export Countries
: Subject exports to over
45 countries worldwide, including Europe, Japan, Taiwan, Thailand,
Korea and the United States of America. Nearly 35% of our total production goes to the Far East,
11% to South-East Asia, 25% to the Middle East, 20% to Europe and 10% to North
America.
Subject has a
workforce of approximately 4,000 employees.
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.
·
National
Bank of Dubai Ltd
Baniyas Street Branch
PO Box: 777
Dubai
Tel: (971-4) 2222241
·
Emirates
Bank International Ltd
Baniyas Street Branch
PO Box: 2923
Dubai
Tel: (971-4) 2256256 / 2256900
Fax: (971-4) 2268005 / 2267718
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints
regarding subject’s payments have been reported.
Credit amount 167,000 475,000 700,000
Amount overdue 0 0 0
Payment terms 60
days 30 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt No Complaints
Currency Pounds
Sterling Pounds Sterling Euros
Subject is a well-established
concern, 100% owned by the Government of the Emirate of Dubai, deemed
trustworthy for respecting all of its financial trade commitments.
Extrusion billets,
a mainstay of the construction industry, account for around half of Dubal’s
output, while foundry alloys, supplied in ingots of various sizes, account for
nearly 45% of the smelter’s production. Dubal is the world’s largest supplier
of foundry alloys to the automobile industry.
Nothing detrimental
has been heard regarding the manner in which payment obligations are met and
the financial position is considered to be strong. As such the subject is
deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.78.79 |
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Euro |
1 |
Rs.65.73 |
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.