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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARABIAN CAN
INDUSTRY LLC |
|
|
|
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Registered Office : |
Plot No.
599, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.04.1998 |
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|
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Com. Reg. No.: |
50829, |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Engaged in the
manufacturing 70gm to 5kg tin cans and containers as well as printed and
lacquered sheet metal. |
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No of Employees : |
220 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
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 : 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 : Shezad Akhtar, Financial Controller
ARABIAN CAN INDUSTRY LLC
Registered &
Physical Address
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
Premises
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
·
Afroz
Hadi - Marketing
Manager
Date of Establishment : 4th
April 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 50829, Dubai
Trade Licence No. : 504669
(Expires 20/03/2015)
Chamber Member No. : 48850
Issued Capital : UAE Dh 58,800,000
Paid up Capital : UAE Dh 58,800,000
Name of Shareholder
(s) Percentage
·
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
International Suppliers:
·
Tin
Plate of India Ltd (TATA) India
·
Al
Basti Ink LLC Dubai
Clients:
·
Al Marai Co Saudi
Arabia
·
Tayseer Arar Food Industry Co Dubai
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 31/12/12: Year
Ending 31/12/13:
Total Revenue UAE Dh 120,000,000 UAE Dh 110,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Shezad Akhtar, Financial Controller
·
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.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.