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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
DUBAI ALUMINIUM CO LTD (DUBAL) |
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Formerly Known as: |
Gulf Resources International Trade Centre |
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Registered Office : |
Industrial Port
Street, Jebel Ali Free Zone, P O Box 3627, 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 : |
01.02.1979 |
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Com. Reg. No.: |
417, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of aluminium |
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No. of Employees : |
4000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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 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.
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Source : CIA |
Company Name : DUBAI ALUMINIUM CO LTD (DUBAL)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1st February 1979
Commercial Registration Number : 417, Dubai
Trade Licence Number : 300191
Chamber Membership Number : 4001
Issued Capital : UAE Dh 3,000,000,000
Paid up Capital : UAE Dh 3,000,000,000
Total Workforce : 4,000
Activities : Manufacturers of aluminium
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Venod Vijayan , Accountant
DUBAI ALUMINIUM CO
LTD (DUBAL)
Registered &
Physical Address
Street : Industrial Port Street
Area : Jebel Ali Free Zone
PO Box : 3627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8846666 / 8846668 / 8023449
Facsimile : (971-4) 8846919 / 8846292 / 8846646
Email : info@dubal.ae
Premises
Subject operates
from a suite of offices and manufacturing facilities on a 480-hectare site that
is rented and located in the Jebel Ali Free Zone.
Name Position
·
HH Sheikh
Hamdan Bin Rashid Al Maktoum Chairman
·
HE Ahmed Humaid Al
Tayer Vice
Chairman
·
Mohamed Abdullah
Al Ghurair Managing
Director
·
Abdullah Salem
Mohamed Al Mana Director
·
Abdul Wahed
Mohamed Al Fahim Director
·
Hilal Khalfan Bin
Dhaher Director
·
Saeed Mohamed
Ahmed Al Tayer Director
·
Tariq Hussein
Khansaheb Director
·
Abdullah
Kalban Chief
Executive Officer
·
Walid
Al Attar Marketing
& Sales Manager
·
Anopama Sridharan Finance
Manager
·
Venod Vijayan Accountant
Date of Establishment : Subject was
originally established on 1st February 1979 under the name of “Gulf
Resources International Trade Centre”. In
1985 the company was incorporated
as a Limited Liability Company
under the new name of “Dubai Aluminium
Company Ltd”.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 417, Dubai
Trade Licence No. : 300191
Chamber Member No. : 4001
Issued Capital : UAE Dh 3,000,000,000
Paid up Capital : UAE Dh 3,000,000,000
Name of Shareholder
(s) Percentage
·
Investment
Corporation Of Dubai (IDC) 100%
Please note that Investment
Corporation of Dubai (IDC) is 100% owned by the Government of Dubai.
·
Emirates
Aluminium Co Ltd
Dubai
·
Companhia
de Alumina do Pará
Brazil
·
Guinea
Alumina Corporation
Republic of Guinea
·
Cameroon
Alumina Limited
Cameroon
·
Raykal
India
Activities: Subject owns and operates one of the world's largest
aluminium smelters. Built on a 480-hectare site in Jebel Ali, the complex's
major facilities comprise a one million metric tonne per annum primary
aluminium
smelter, a 2,350
megawatt power station (at 30°C), a large carbon plant, casting operations with
a
capability of more than
1,161,000 metric tonnes per annum, a 30 million gallon per day seawater
desalination plant,
laboratories, port and storage facilities.
The Jebel Ali site
has the capacity to produce more than one million metric tonnes of high quality
finished aluminium products a year,
in three main forms: foundry alloy for automotive applications; extrusion
billet for construction, industrial, forging and transportation purposes; and
high purity aluminium for the electronics and aerospace industries. More than 300
customers are served in at least 45 countries predominantly in the Far East,
Europe, the ASEAN region, the Middle East and Mediterranean region, and North
America.
Subject holds ISO 9001, ISO/TS 16949, ISO/IEC 27001, ISO/IEC 20000, ISO 14001 and OHSAS 18001 certification.
Export Countries
: Subject exports to over
45 countries worldwide, including Europe, Japan, Taiwan, Thailand,
Korea and the United States
of America. Nearly 35% of our total production goes to the Far East, 11% to South-East Asia, 25% to the
Middle East, 20% to Europe and 10% to North America.
Operating Trend: Steady
Subject has a
workforce of approximately 4,000 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
9,180,000,000 UAE Dh
9,700,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Venod Vijayan, Accountant
·
Emirates
National Bank of Dubai Ltd
Baniyas Street Branch
PO Box: 777
Dubai
Tel: (971-4) 2222241
·
Abu Dhabi Commercial Bank
Al
Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 60
days 30
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record Prompt Prompt No Complaints
Currency Pounds
Sterling Pounds
Sterling Euros
Extrusion billets,
a mainstay of the construction industry, account for around half of Dubal’s output,
while foundry alloys, supplied in ingots of various sizes, account for nearly
45% of the smelter’s production. Dubal is the world’s largest supplier of
foundry alloys to the automobile industry.
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.54.26 |
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UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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.