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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES ALUMINIUM CO LTD PJSC (EMAL) |
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Registered Office : |
Emal Smelter
Complex, Al Taweelah, Khalifa Industrial Zone, P O Box 111023, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.07.2007 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Subject is a
state of the art aluminium smelter complex supplying the world with high quality
metal. |
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No. of Employees |
2,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : EMIRATES ALUMINIUM CO LTD PJSC (EMAL)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Private Joint Stock Company - PJSC
Registration Date : 3rd July 2007
Membership Number : 259973
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Total Workforce : 2,000
Activities : Subject owns and operates a smelter complex
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EMIRATES ALUMINIUM
CO LTD PJSC (EMAL)
Registered &
Physical Address
Location : Emal Smelter Complex, Al Taweelah,
Khalifa Industrial Zone
PO Box : 111023
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5620666 / 5092222
Facsimile : (971-2) 5627268 / 5627264 / 5093333
Email : info@emal.ae
Premises
Subject operates from
a suite of offices and an aluminium smelter that are owned and located in the
Industrial Area of Abu Dhabi.
Name Position
·
Khaldoon
Khalifa Al Mubarak Chairman
·
Saeed
Al Tayer Vice
Chairman
·
Abdulla
Kalban Director
·
Ahmed
Yahia Al Idrissi Director
·
Hilal
Bin Dhaher Director
·
Ibrahim
Al Ansaari Director
·
Maurizio
La Noce Director
·
Mohamed
E Nagib Director
·
Tim
Breen Director
·
Geraldo
Aguiar Director
·
Saeed
Fadhel Al Mazrooei Chief
Executive Officer
·
Yousef
Bastaki Projects
Manager
·
Dilip
Koshi Contracts
Manager
·
Mohammed
Sharaf Chief
Financial Officer
·
Salman
Dawood Abdulla Operations
Manager
·
Walid
Al Attar Sales
Manager
·
Yousuf
Bastaki Project
Manager
Date of Establishment : 3rd
July 2007
Legal Form :
Private Joint Stock Company
– PJSC
Membership No. :
259973
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Name of Shareholder
(s) Percentage
·
Mubadala Development Company 50%
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6160099
Fax: (971-2) 6160098
·
Dubai
Aluminium Company (Dubal) 50%
Dubai
United Arab Emirates
Tel: (971-4) 8846666
Fax: (971-4) 8846496
EMAL is a state of
the art aluminium smelter complex supplying the world with high quality metal.
The advanced smelter in Al Taweelah currently uses DX Reduction Cell Technology
to produce 750,000 tonnes of aluminium annually.
This will increase
to 1.3 metric million tonnes by the end of 2014 upon completion of Phase II and
the installation of the new generation DX+ Reduction Technology, making it the
largest single site smelter in the world. Approval of a $4.5bn investment for
Phase II, combined with the original $5.7bn Phase I joint venture between Dubai
Aluminium and Mubadala Investment Company, makes EMAL one of the largest
industrial projects in the UAE outside of the oil and gas sector and one of the
key projects leading the diversification of the UAE’s economy.
EMAL currently
supplies 150 customers in 36 countries with high quality aluminium which is
available as sow, standard ingots, sheet ingots and extrusion billets.
The site currently
includes a 2000 MW power plant, which will increase to 3,000MW by 2014, carbon
plant and flexible casthouse with a wide variety of world class products. A
purpose-built wharf at Khalifa Port shortens the supply chain of raw materials
direct from sea to smelter.
Financing Source
On 16 December 2007, EMAL announced that it has closed its USD4.9 billion limited recourse bank financing for its first phase construction.
EMAL received over USD15 billion of commitments for the facilities, which consist of a USD1.8 billion, sixteen year term loan, a USD270 million letter of credit facility and a USD2.8 billion six year equity bridge loan.
Further financing for EMAL of up to USD2 billion is expected to be launched
into the credit markets during the construction of the smelter, bringing the
total financing to almost USD7 billion.
The investment is being arranged by a syndicate of international and regional banks led by Abu Dhabi Commercial Bank, BNP Paribas, Calyon, Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corporation, Citigroup, Emirates Bank International, Export Development Canada, Export Finance and Insurance Corporation, Goldman Sachs Credit Partners, Mashreqbank and National Bank of Abu Dhabi.
EMAL was advised by Citigroup and Sullivan and Cromwell LLP
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.
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
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.60.23 |
|
UK Pound |
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.