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Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MABANI STEEL LLC |
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Registered Office : |
Al Jazeera Al Hamra, Plot 152-163, PO Box: 31508, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.04.2006 |
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Com. Reg. No.: |
23635 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Design, manufacture and erection of Pre-Engineered Steel Buildings and Hot Rolled Structural Steel. |
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No. of Employees : |
900 |
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 : |
Satisfactory |
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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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - 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 :
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
Registered &
Physical Address
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
Premises
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
Name of
Shareholder (s) Percentage
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.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.