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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
UNION COPPER ROD LLC |
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Registered Office : |
Industrial City of
Abu Dhabi (ICAD), Mussafah Industrial Area, P O Box 112231, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.05.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of copper rods |
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No. of Employees : |
51 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
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 country 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. 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 : UNION COPPER ROD LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 1st May 2005
Industrial Licence Number : 1216
Chamber Membership Number : 111757
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 51
Activities : Manufacturers of copper rods
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Salman, Accountant
UNION COPPER ROD
LLC
Registered &
Physical Address
Location : Industrial City of Abu Dhabi
(ICAD), Mussafah Industrial Area
PO Box : 112231
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5503240
Facsimile : (971-2) 5503241
Mobile : (971-50) 4445792
Email : info@unioncopper.ae / lmahmood@unioncopper.ae / msalman@unioncopper.ae
Premises
Subject operates
from a suite of offices and a factory covering 30,000 square metres that are
rented and located in the Industrial Area of Abu Dhabi.
Name Position
·
Abdullah
Al Khateeb General
Manager
·
Michael
Philips Plant
Manager
·
Rahul
Rahmani Purchasing
Manager
·
Allam
Iqbal Sales
Manager
·
Khalid
Azzam Human
Resources Manager
·
Akram
Nour Finance
Manager
·
Mohamed
Salman Accountant
Date of Establishment : 1st
May 2005
Legal Form :
Limited Liability Company –
LLC
Industrial Licence No. : 1216
Chamber Mem. No. : 111757
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Al
Ittihad International Investment LLC 99%
Abu Dhabi
Tel: (971-2) 6581888
·
Juaan
Awaidha Al Khaili 1%
·
Union River Factory LLC
Abu Dhabi
·
Union Factory LLC
Abu Dhabi
·
Emirates Solution Building LLC
Abu Dhabi
·
Emirate Link Mattaro LLC
Abu Dhabi
·
Ashater Decor LLC
Dubai
Activities: Engaged in the manufacture of copper rods.
Production
Capacity: 200,000 metric
tonnes per year.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 51 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/11: Year Ending
31/12/12:
Total Sales UAE Dh 239,750,000 UAE Dh 250,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Salman, Accountant
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
·
HSBC
Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
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.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.