|
Report No. : |
308723 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL GHURAIR RESOURCES LLC |
|
|
|
|
Formerly Known As : |
GULF IMPORT &
EXPORT CO LLC (GIEX) |
|
|
|
|
Registered Office : |
Al Ghobayebah Street, Bur Dubai, P O Box: 5326 & 780, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.02.1984 |
|
|
|
|
Com. Reg. No.: |
9809, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and
Distribution of General Foodstuff Products, Including Beans, Pulses, Barley,
Grain, Flour, Rice, Sugar and Animal Feeds. |
|
|
|
|
No. of Employees : |
320 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Company Name : AL GHURAIR
RESOURCES LLC
Previously Known As : GULF IMPORT &
EXPORT CO LLC (GIEX)
Country of Origin : Dubai, United
Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 22nd
February 1984
Commercial
Registration Number : 9809,
Dubai
Trade Licence
Number : 201744
Chamber Membership
Number : 1651
Issued Capital : UAE Dh
30,000,000
Paid up Capital : UAE Dh
30,000,000
Total Workforce : 320
Activities :
Import and distribution of general foodstuff products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Ahsan Jameel Rathore , Finance Manager
AL GHURAIR RESOURCES LLC
Street : Al Ghobayebah Street
Area : Bur Dubai
PO Box : 5326 & 780
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3939633 / 3472153 / 3120153 / 3120331 / 3120480 / 3120250 / 3120202
Facsimile : (971-4) 3939191 / 3939655 / 2223299
Mobile : (971-50) 2651494
Email : giexmgmt@giexdubai.co.ae / ahsan.rathore@al-ghurair.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
PO Box:
16808 Warehouse
premises
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8816800
Fax: (971-4) 8816519
Name Nationality Position
·
Essa
Abdullah Ahmed Al Ghurair Emirati Managing
Director
·
Mohamed
Essa Abdullah Ahmed Al Ghurair Emirati Director
·
Abdullah
Ahmed Al Ghurair Emirati Director
·
D’jamal D’Jourey - General
Manager
·
Moghis Ahmed - Commercial
Manager
·
Abdulmana Hamid - Logistics
Manager
·
Ahsan Jameel Rathore - Finance
Manager
·
Abdul Jabar Mojahid - Legal
Affairs Manager
Date of Establishment : 22nd
February 1984
History : Subject was originally established in 1984
under the name of “Gulf Import & Export Co LLC
(GIEX)”. However, on 2nd May 2011 the company was
re-registered under the current style
of “Al Ghurair
Resources LLC”
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 9809, Dubai
Trade Licence No. : 201744
(Expires 11/02/2018)
Chamber Member No. : 1651
Issued Capital : UAE Dh 30,000,000
Paid up Capital : UAE Dh 30,000,000
·
Al Ghurair Investment LLC 73.58%
·
Essa
Abdullah Ahmed Al Ghurair 13.21%
·
Mohamed
Essa Abdullah Ahmed Al Ghurair 13.21%
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 that 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.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US$ 150 million and is now home to
most of the city’s top retailers.
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
·
Al
Ghurair Centre
·
Arabian
Mix
·
National
Cement Company Ltd
·
Arabian
Packing Company
·
Gulf
Utensils
·
E.T.A
P.C.S. Switchgear Manufacturing LLC
·
House
of Perfume
·
Computer
Intelligence and Communications Ltd
·
Gulf
Confectionery & Biscuit Company
·
Oman
Insurance Co Limited
·
Mashreq
Bank
·
Al
Ghurair Enterprises
·
Al
Ghurair Exchange
·
Al Ghurair Food LLC
·
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
Khaleej Sugar Co WLL
·
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
·
Al Ghurair Resources Oil & Proteins LLC
Activities: Engaged in the import and distribution of
general foodstuff products, including beans, pulses, barley, grain, flour,
rice, sugar and animal feeds.
Import
Countries: Europe and the
Far East.
International
Suppliers:
·
Richardson Canada
·
Bunge United States of America
·
Cargil United States of America
Brand Names: BUSTAN
Subject has a workforce
of approximately 320 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
6,882,000,000 USE Dh
7,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ahsan Jameel
Rathore, Finance Manager
·
Mashreq
Bank Plc
PO Box: 9271
Dubai
Tel: (971-4) 2229131 / 2221134
Acc
No. 0493114260
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000 25,000
Amount overdue 0 0
Payment terms 60
days 120
days
Payment Method Letters of Credit Letters of
Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
Established in
1984, subject is involved in the import and distribution of general foodstuff
products and belongs to the Al Ghurair Group.
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.62.28 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.