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Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
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Name : |
GULF EXTRUSIONS
CO LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.11.1980 |
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Com. Reg. No.: |
40372, |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject operates one of the largest aluminium extrusion plants The plant is designed to produce aluminium sections in mill, silver and
colour anodized (spectrum colours), gold dyed and powder coated finishes. |
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No of Employees : |
750 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
|
Source
: CIA |
Company Name : GULF EXTRUSIONS CO LLC
Country of Origin :
Legal Form : Limited
Liability Company - LLC
Registration Date : 2nd
November 1980
Commercial
Registration Number : 40372,
Trade Licence
Number : 300218
Chamber Membership
Number : 141
Issued Capital : UAE Dh
62,000,000
Paid up Capital : UAE Dh 62,000,000
Total Workforce : 750
Activities :
Aluminium extrusion
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Marwan Al Zaubi,
Finance Manager
GULF EXTRUSIONS CO LLC
Street :
Area : Jebel Ali
Industrial Area
PO Box : 5598
Town :
Country :
Telephone : (971-4) 8846146
/ 8031339
Facsimile : (971-4)
8846830
Email : mail@gulfex.com
/ mzuabi@gulfex.com
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Dubai.
Name Nationality Position
· Saif Ahmad Al
Ghurair Emirati Managing
Director
· Abdul Rahman Saif
Ahmad Al Ghurair Emirati Director
· Majid Saif Ahmad
Al Ghurair Emirati Director
· Modar Al Mekdad - General
Manager
· Ihab Mouallem - Sales
Manager
· Marwan Al Zaubi - Finance
Manager
· Khalid Rasheed - Engineering
Manager
· Naseem Al Kindi - Human
Resources Manager
· Kamran Raja - Accountant
Date of
Establishment : 2nd
November 1980
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 40372,
Trade Licence No. : 300218 (Expires 21/06/2016)
Chamber Member No. : 141
Issued Capital : UAE Dh 62,000,000
Paid up Capital : UAE Dh 62,000,000
· Metal Industry LLC 99%
· Al Ghurair Private Co LLC 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 it operates
today in the
The Al Ghurair Group is active in
The Al Ghurair Group comprises the following
concerns:
· Al Ghurair
Holdings (Private) Ltd
· Arabian Aluminium
Company
· Al Ghurair
Publishing & Printing House
· Union Mosaic &
Marble Company
· Emirates Trading
Agency LLC (ETA)
· Arabian Mix
· Al Khaleej Sugar
Co LLC
· 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
· Masafi Mineral
Water Co LLC
· Associated
Construction & Investment Co LLC (ASCON)
· Al Ghurair Fieness
Perry & Partners
· Pak Arab Traders
· Al Ghurair Real
Estate
· Al Ghurair Centre
LLC
· 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
· Porcellan Co LLC
PO Box: 74684
Tel: (971-2)
5503336
Fax: (971-2)
5500407
· Gypsemna Co LLC
Al
Al Garhoud Area
PO Box: 14424
Tel: (971-4) 2947959 / 2952226 / 2949083
Fax: (971-4) 2947604 / 2956677 / 2664782 /
2947959
Activities: Subject operates one of the largest aluminium extrusion plants in the
The plant is designed to produce aluminium
sections in mill, silver and colour anodized (spectrum colours), gold dyed and
powder coated finishes. The modern processing equipment and techniques permit the
company to produce a range of over 10,000 profiles. These vary from
architectural sections to components for household items, AC grills and
customized products.
Production
Capacity: 60,000 tonnes per annum
Import Countries:
Principal Suppliers:
· Dubai Aluminium
Company Ltd
Export Countries: Subject exports approximately 30% of its products,
mainly to South East Asia, The GCC countries, Europe and
Operating Trend: Steady
Subject has a workforce of approximately 750 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 519,500,000 UAE Dh
536,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Marwan Al Zaubi,
Finance Manager
·
Commercial Bank of
Jebel Ali Branch
PO Box: 2668
Tel:
(971-4) 8818882
Fax:
(971-4) 8812252
·
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Tel: (971-4) 8856600
Regular
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.61.43 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
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 |
-- |
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.