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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL GHURAIR IRON & STEEL LLC |
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|
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Registered Office : |
Mussafah Industrial Area, ICAD City, Plot No. 11, 12, FR6,
13 F2, P O Box 106065,
Abu Dhabi |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
13.05.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operators of a cold rolling and galvanised
steel plant. It product range includes :- a) Hot Rolled Pickled & Oiled Coils
(HRPO) b) Cold Rolled Full Hard Coils (CRFH) c) Hot Dip Galvanized Coils |
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|
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
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 |
|
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 : AL GHURAIR IRON & STEEL LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th May 2006
Trade Licence Number : 94995
Chamber Membership Number : 150372
Issued Capital : UAE Dh 134,187,000
Paid up Capital : UAE Dh 134,187,000
Total Workforce : 350
Activities : Operators of a cold rolling and galvanised steel plant.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sunil Nambiar, Finance Manager
AL GHURAIR IRON & STEEL LLC
Registered &
Physical Address
Location : Mussafah Industrial Area, ICAD City, Plot No. 11, 12, FR6,
13 F2
PO Box : 106065
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5500929 / 6593400
Facsimile : (971-2) 5500949 / 5522949
Email : mail@agis.ae
/ info@agis.ae
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Abu Dhabi.
Branch Office (s)
Location Description
·
Salah
Udddine Road Rented
office premises
PO Box: 1
Dubai
Tel: (971-4) 2623377
Fax: (971-4) 2623388
Name Nationality Position
·
Majid Saif Ahmed Al Ghurair Emirati Chairman
·
Ahmed Husain Lafir Indian Managing
Director
·
Saeed
Saif Al Ghurair Emirati Director
·
Hideki
Ogawa Japanese Director
·
Modar Al Mekdad - Director
·
Abu
Baker Hussain - Chief
Executive Officer
·
B S Shetty - Commercial
Manager
·
Nimit Yalabu - Operations
Manager
·
Sunil
Nambiar - Finance
Manager
·
Ajay Kumar Mishra - Technical
Manager
Date of Establishment : 13th
May 2006
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 94995
(Expires 22/07/2014)
Chamber Member No. : 150372
Issued Capital : UAE Dh 134,187,000
Paid up Capital : UAE Dh 134,187,000
Name of Shareholder
(s) Percentage
· SAG
Investment & Trading LLC 80%
United Arab Emirates
· Nippon Steel & Sumitomo Metal Corporation 20%
Japan
·
Trade
Link LLC
Dubai
United Arab Emirates
Tel: (971-4) 2219086
Activities: Operators of a UAE Dh 300 Million cold
rolling and galvanised steel plant. It is the first such facility
in
the UAE and is designed to produce 350,000 tonnes
of hot rolled and pickled and oiled steel products.
50,000 tonnes of production would be saleable cold rolled full hard
steel and 200,000 tonnes galvanised material and the balance 1000,000 as HRPO.
New equipment has been
ordered to expand the production capacities at the existing location and the
commissioning is scheduled
for early 2015.
Product Range
a) Hot Rolled Pickled & Oiled
Coils (HRPO)
b) Cold Rolled Full Hard Coils (CRFH)
c) Hot Dip Galvanized Coils
Import
Countries: Japan, Korea,
Australia, Austria and India
International
Suppliers:
·
Andritz AG Austria
Operating Trend:
Steady
Subject has a
workforce of approximately 350 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 Revenue UAE Dh 675,465,607 UAE Dh 730,906,809
Local sources
consider subject’s financial condition to be Good.
The above figures were
provided by Mr Sunil Nambiar, Finance Manager
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
·
HSBC
Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
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.