|
Report No. : |
356464 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PORCELLAN COMPANY
LLC |
|
|
|
|
Registered Office : |
Mussafah Industrial Area, ICAD 2, Plot No. MR2 - 49 & 50 74684 Abu Dhabi |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
14.11.2006 |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
Line of Business : |
Subject is engaged
in the production of porcelain tiles. |
|
|
|
|
No. of Employee : |
650 |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : PORCELLAN
COMPANY LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 14th
November 2006
Chamber Membership
Number : 197852
Industrial Licence
Number : 1316
Issued Capital : UAE Dh
70,000,000
Paid up Capital : UAE Dh
70,000,000
Total Workforce : 650
Activities :
Production of porcelain tiles.
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Andalib Zubairi, Finance Manager
PORCELLAN COMPANY
LLC
Location : Mussafah Industrial Area, ICAD 2,
Plot No. MR2 - 49 & 50
PO Box : 74684
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5503336 / 5500405 / 5502024 /
5502028
Facsimile : (971-2) 5500407 / 5503337
Mobile : (971-50) 4305505
Email : info@porcellan.com / taha@porcellan.com / mujahid@porecllan.com / zuberi@porecllan.com
Subject operates
from a suite of offices and a factory covering an area of 765,000 square metres
that are rented and located in the Industrial Area of Abu Dhabi.
Name Nationality Position
·
Jamal Majid Ahmed Al Ghurair Emirati Chairman
·
Khalil
Jamal Majid Ahmed Al Ghurair Emirati Managing Director
·
Raganathan Sunder - Chief
Financial Officer
·
Andalib Zubairi - Finance
Manager
·
Atacil Bokurat - Operations
Manager
Date of Establishment : 14th
November 2006 (Production began in January 2009)
Legal Form :
Limited Liability Company –
LLC
Chamber
Member No. : 197852
Industrial
Licence No. : 1316 (Expires 07/09/2016)
Issued Capital : UAE Dh 70,000,000
Paid up Capital : UAE Dh 70,000,000
·
Jamal Majid Ahmed Al Ghurair 75%
·
Khalil
Jamal Majid Ahmed Al Ghurair 25%
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 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.
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
·
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
Activities: Engaged in the production of porcelain
tiles.
Production
Capacity: 18 million square
metres
Import
Countries: Spain and Italy
Operating Trend: Steady
Subject has a
workforce of approximately 650 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
190,385,000 UAE Dh
194,960,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Andalib Zubairi, 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
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
UAE Dh |
1 |
Rs.18.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.