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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
TRANS GULF ALUMINIUM INDUSTRIES CO LLC |
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Registered Office : |
Plot No. 599-341 Sheikh Zayed Road Jebel Ali Industrial Area PO Box
83059 & 55409 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21.06.1999 |
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Com. Reg. No.: |
52999, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of EC grade aluminium wire rods and aluminium alloy wire rods and ingots. |
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No. of Employees : |
125 |
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 |
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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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 : TRANS GULF ALUMINIUM INDUSTRIES CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 21st June 1999
Commercial Registration Number : 52999, Dubai
Trade Licence Number : 512657
Chamber Membership Number : 55133
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 125
Activities : Manufacturers of EC grade aluminium wire rods and aluminium alloy wire rods and ingots.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
TRANS GULF ALUMINIUM INDUSTRIES CO LLC
Building : Plot No.
599-341
Street : Sheikh Zayed
Road
Area : Jebel Ali
Industrial Area
PO Box : 83059 &
55409
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8801524
Facsimile : (971-4)
8801514
Email : info@alrod.org / sales@tggroup.ae
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Dubai.
Name Nationality Position
· Habeeb Ahmad
Mubarak Belgian Managing
Director
· Ahmad Hussain
Lafir Indian Director
· Habib Sayed
Mohamed Mukrim Indian Director
· Majid Saif Ahmad
Al Ghurair Emirati Director
Date of
Establishment : 21st June
1999
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 52999, Dubai
Trade Licence No. : 512657
Chamber Member No. : 55133
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Majid Saif Ahmad
Al Ghurair 51%
· Habeeb Ahmad
Mubarak 19%
· Ahmad Hussain
Lafir 15%
· Habib Sayed
Mohamed Mukrim 15%
Activities: Engaged in the manufacture of EC grade aluminium wire rods and
aluminium alloy wire rods and ingots.
Import Countries: Europe and the
Far East.
Subject has a workforce of 125 employees.
Companies registered in Dubai, 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.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.