MIRA INFORM REPORT

 

 

Report Date :

06.10.2012

 

IDENTIFICATION DETAILS

 

Name :

AL GHURAIR CENTRE LLC

 

 

 

 

Registered Office :

Al Ghurair Centre Al Riqqa Street Deira PO Box   6999 Dubai

 

 

 

 

Country :

United Arab Emirates

 

 

 

 

Year of Establishment :

1978

 

 

 

 

Legal Form :

Limited Liability Company - LLC

 

 

 

 

Line of Business :

Operation of a well-known prestigious shopping and residential complex.

 

 

 

 

No. of Employees :

320

 

 

 

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 :

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

(31.03.2011)

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                         : AL GHURAIR CENTRE LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 1978

Trade Licence Number                            : 227168

Chamber Membership Number                : 24492

Issued Capital                                        : UAE Dh 5,000,000

Paid up Capital                                      : UAE Dh 5,000,000

Total Workforce                         : 320

Activities                                               : Operation of a well-known prestigious shopping and residential complex.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

AL GHURAIR CENTRE LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Al Ghurair Centre

Street               : Al Riqqa Street

Area                 : Deira

 

PO Box             : 6999

 

Town                 : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 2225222 / 2232333

Facsimile          : (971-4) 2240803 / 2285356

Mobile               : (971-50) 4577630

Email                : info.agc@al-ghurair.com / info@agc.co.ae

 

Premises

 

Subject operates from a large suite of offices and a shopping mall that are owned and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Abdullah Al Ghurair                                                               Managing Director

 

·       Abdulaziz Abdullah Al Ghurair                                                Director

 

·       Ian C. Hardy                                                                         General Manager

 

·       Fahmid Rashid                                                                      Finance Manager

 

·       Ibrahim Al Ghurair                                                                 Chief Executive Officer

 

·       Abu Talib Al Haidri                                                                 Vice President Finance 

 

·       Ziah Ahmed                                                                          Construction Manager

 

·       Hani Dabbash                                                                       Lease Manager (Apartments)     

 

·       Flomina Frenandes                                                                Lease Manager (Shops)

 

·       Mukta Sabharwal                                                                  Public Relations and Events Manager     

 

·       Zahra Salim                                                                          Development Manager                                       

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Trade Licence No.       : 227168 (Expires 08/02/2013)

 

Chamber Member No. : 24492

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

Name of Shareholder (s)                                          

 

·       Abdullah Al Ghurair

 

·       Abdulaziz Abdullah Al Ghurair

 

 

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

 

·       Gulf Extrusions Ltd

 

·       Arabian Aluminium Company

 

·       Al Ghurair Publishing & Printing House

 

·       Union Mosaic & Marble Company

 

·       Emirates Trading Agency LLC (ETA)

 

·       Arabian Mix

 

·       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 Khaleej Sugar Co WLL

 

·       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

 

 

OPERATIONS

 

Activities: Engaged in the operation of a well-known prestigious shopping and residential complex, comprising over 200 well known retail shops and stores. The Al Ghurair Centre is one of the oldest and largest shopping

centres in Dubai.

 

Subject has a workforce of approximately 320 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

 

·       HSBC Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 3535000

 

·       Emirates National Bank of Dubai

Baniyas Street Branch

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

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.51.62

UK Pound

1

Rs.83.57

Euro

1

Rs.67.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.