|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MABANI STEEL LLC |
|
|
|
|
|
|
Registered Office : |
Al Jazeera Al Hamra, Plot 152-163 PO Box 31508 Ras Al Khaimah |
|
|
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
|
|
Date of Incorporation : |
17.04.2006 |
|
|
|
|
|
|
Com. Reg. No.: |
23635, Ras Al Khaimah |
|
|
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
|
|
Line of Business : |
Design, manufacture and erection of Pre-Engineered Steel
Buildings and Hot Rolled Structural Steel |
|
|
|
|
|
|
No. of Employees : |
900 |
|
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 : |
Satisfactory |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
Company Name : MABANI STEEL LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th April 2006
Commercial Registration Number : 23635, Ras Al Khaimah
Industrial Licence Number : 85
Chamber Membership Number : 95681
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Total Workforce : 900
Activities : Design, manufacture and erection of Pre-Engineered Steel Buildings and Hot Rolled Structural Steel.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Tabish Iqbal, Financial Controller
MABANI STEEL LLC
Location : Al Jazeera Al
Hamra, Plot 152-163
PO Box : 31508
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2447464
/ 2446533 / 2447465
Facsimile : (971-7)
2447277
Email : info@mabanisteel.com
/ tabish.iqbal@mabanisteel.com
Subject operates from a medium sized suite of offices and a factory
covering an area of 124,000 square metres that are owned and located in the
Industrial Area of Ras Al Khaimah.
Name Position
· Ahmed Sulaiman Al
Rajhi Managing
Director
· Faisal Sulaiman Al
Rajhi Director
· Dr Khalid Sulaiman Al Rajhi Director
· Fisal Ishaq General
Manager
· Ken Kreiger Deputy
General Manager
· Farhan Ansari Purchasing
Manager
· Tabish Iqbal Financial
Controller
· Amer Salah Sales
Manager
Date of
Establishment : 17th
April 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 23635, Ras Al Khaimah
Industrial Licence No. : 85
Chamber Member No. : 95681
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
· Ahmed Sulaiman Al
Rajhi 50%
· Faisal Sulaiman Al
Rajhi 50%
· Mabani
Abu Dhabi Steel Construction LLC
Khalidia
Tower, Flat No. 603
Zayed
1st Road
Abu
Dhabi
Tel:
(971-2) 6678922
Fax:
(971-2) 6678944
· Mabani
Dubai Steel Construction LLC
Gold
& Diamond Park, Block 5, Suite 113
Sheikh
Zayed Road (4th Interchange)
Dubai
Tel:
(971-4) 3415959
Fax:
(971-4) 3415995
Activities: Engaged in the design, manufacture and erection of Pre-Engineered Steel
Buildings (PEB) and Hot Rolled
Structural Steel (HRSS).
Monthly Production Capacity: 6000
metric tons (MT) of PEB of which 3600 MT are Built-up Members
2000
metric tons of HRSS
Import Countries: China and India
Subject has a workforce of approximately 900 employees.
Companies registered in Ras Al Khaimah, 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 Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
No complaints regarding subject’s payments have been reported.
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.