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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN CAN INDUSTRY LLC |
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Registered Office : |
Plot No. 599 Sheikh Zayed Road, 7th Interchange Jebel Ali Industrial
Area No. 1 PO Box 26595 Dubai |
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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 : |
04.04.1998 |
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Com. Reg. No.: |
50829, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of tin cans and containers as well as printed and lacquered sheet metal |
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No. of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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) |
|
UAE |
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 |
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 : ARABIAN CAN INDUSTRY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th April 1998
Commercial Registration Number : 50829, Dubai
Trade Licence Number : 504669
Chamber Membership Number : 48850
Issued Capital : UAE Dh 58,800,000
Paid up Capital : UAE Dh 58,800,000
Total Workforce : 220
Activities : Manufacture of tin cans and containers as well as printed and lacquered sheet metal
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zahid Mahmoud, Finance Manager
ARABIAN CAN INDUSTRY LLC
Location : Plot No. 599
Street : Sheikh Zayed
Road, 7th Interchange
Area : Jebel Ali
Industrial Area No. 1
PO Box : 26595
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8801166
Facsimile : (971-4)
8801087
Mobile : (971-50)
5518466 / 2422606
Email : aci@arabiancan.com
/ zahid@arabiancan.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Jebel Ali Free Zone.
Name Nationality Position
· Majid Saif Ahmed
Al Ghurair Emirati Managing
Director
· Mohamed Saif Ahmed
Al Ghurair Emirati Director
· Saif Ahmed Al
Ghurair Emirati Director
· Hani Al Kamash - General
Manager
· Zahid Mahmoud - Finance
Manager
· Shezad Akhtar - Financial
Controller
· Saji Joseph - Accounts
Manager
· Mohandaz Nair - Purchasing
Manager
· Asaad Al Rahman - Accountant
Date of
Establishment : 4th
April 1998
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 50829, Dubai
Trade Licence No. : 504669 (Expires 20/03/2014)
Chamber Member No. : 48850
Issued Capital : UAE Dh 58,800,000
Paid up Capital : UAE Dh 58,800,000
· Saif Ahmed Al
Ghurair 98%
· Majid Saif Ahmed
Al Ghurair 1%
· Mohamed Saif Ahmed
Al Ghurair 1%
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 that 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.
In real estate the Al Ghurair Centre has become a
prominent landmark in Dubai. It was built at a cost of more than US $ 150
million and is now home to most of the city’s top retailers.
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
· Al Ghurair Centre
· 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
· E.T.A P.C.S
Switchgear Manufacturing 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
Activities: Engaged in the manufacture of 70gm to 5kg tin cans and containers as
well as printed and lacquered
sheet metal.
Import Countries: Europe, the Far East and the United States of
America
Operating Trend: Steady
Subject has a workforce of approximately 220 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 112,000,000 UAE Dh
120,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Zahid Mahmoud, Finance Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
No complaints regarding subject’s payments have been reported.
Established in 1998, subject belongs to the well know Al Ghurair group
of companies and is involved in the manufacture of tin cans and containers,
printed and lacquered sheet metal.
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.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
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 |
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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 |
|
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 |
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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 |
|
<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.