MIRA INFORM REPORT

 

 

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

UNION COPPER ROD LLC

 

 

Registered Office :

Industrial City of Abu Dhabi (ICAD), Mussafah Industrial Area, P O Box 112231, Abu Dhabi

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.05.2005

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

manufacturer of copper rods.

 

 

No. of Employees

53

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

SUMMARY

 

Company Name                                    : UNION COPPER ROD LLC

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 1st May 2005

Industrial Licence Number                      : 1216

Chamber Membership Number               : 111757

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                         : 53

Activities                                               : Manufacturers of copper rods

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Salman, Accountant

COMPANY NAME

 

UNION COPPER ROD LLC

 

 

COMPANY ADDRESS

 

Registered & Physical Address

Location           : Industrial City of Abu Dhabi (ICAD), Mussafah Industrial Area

PO Box            : 112231

Town                : Abu Dhabi

Country : United Arab Emirates

Telephone         : (971-2) 5503240

Facsimile          : (971-2) 5503241

Mobile              : (971-50) 4445792

Email                : info@unioncopper.ae / lmahmood@unioncopper.ae / msalman@unioncopper.ae

 

Premises

Subject operates from a suite of offices and a factory covering 30,000 square metres that are rented and located in the Industrial Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdullah Al Khateeb                                                                         General Manager

 

·       Michael Philips                                                                                 Plant Manager

 

·       Rahul Rahmani                                                                                 Purchasing Manager

 

·       Allam Iqbal                                                                                       Sales Manager

 

·       Khalid Azzam                                                                                   Human Resources Manager

 

·       Akram Nour                                                                                      Finance Manager

 

·       Mohamed Salman                                                                             Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st May 2005

 

Legal Form                  : Limited Liability Company – LLC

 

Industrial Licence No.  : 1216

 

Chamber Mem. No.      : 111757

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Al Ittihad International Investment LLC                                    99%

Abu Dhabi

Tel: (971-2) 6581888

 

·       Juaan Awaidha Al Khaili                                                          1%

 

 

AFFILIATED COMPANIES

 

·       Union River Factory LLC

Abu Dhabi

 

·       Union Factory LLC

Abu Dhabi

 

·       Emirates Solution Building LLC

Abu Dhabi

 

·       Emirate Link Mattaro LLC

Abu Dhabi

 

·       Ashater Decor LLC

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of copper rods.

 

Production Capacity: 200,000 metric tonnes per year.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 53 employees.

 

 

FINANCIAL DATA

 

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 250,000,000                 UAE Dh 261,700,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr. Mohamed Salman, Accountant

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.55

UK Pound

1

Rs.97.52

Euro

1

Rs.76.48

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

               

 

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