MIRA INFORM REPORT

 

 

Report No. :

324795

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GULF STEEL INDUSTRIES CO LTD

 

 

Registered Office :

Mussafah Industrial Area MW4, PO Box : 9054 & 44902 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

17.10.1991

 

 

Com. Reg. No.:

20630, Abu Dhabi

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacture of reinforced steel for construction work

 

 

No. of Employee :

220

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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. 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 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 diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : GULF STEEL INDUSTRIES CO LTD

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 17th October 1991

Commercial Registration Number           : 20630, Abu Dhabi

Trade Licence Number                           : 35564

Chamber Membership Number               : 13899

Issued Capital                                       : UAE Dh 2,500,000

Paid up Capital                                     : UAE Dh 2,500,000

Total Workforce                                     : 220

Activities                                               : Manufacture of reinforced steel for construction work

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Mohamed Ismail, Sales Executive

 

 

 

COMPANY NAME

 

GULF STEEL INDUSTRIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Mussafah Industrial Area MW4

PO Box            : 9054 & 44902

Town                : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 5510098 / 5059160

Facsimile          : (971-2) 5510301

Email                : glfsteel@emirates.net.ae

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Abu Dhabi.

 

Branch Office (s)

 

Location                                                                                               Description

 

Capital Centre, 5th Floor                                                             Rented office premises

Adnic Area

Abu Dhabi

Tel: (971-2)  5059160

Fax: (971-2) 6318007

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdullah Nasser Bin Howailil Al Mansouri                                   Chairman

 

Paradeep Balachandran                                                             Deputy General Manager

 

Tarun Tantinath                                                                          Factory Manager

 

Mukesh Kumar                                                                          Finance Manager

 

Mohamed Ismail                                                                        Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th October 1991

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 20630, Abu Dhabi

 

Trade Licence No.        : 35564 (Expires 02/11/2015)

 

Chamber Member No.  : 13899

 

Issued Capital              : UAE Dh 2,500,000

 

Paid up Capital            : UAE Dh 2,500,000

 

Name of Shareholder (s)                                               Percentage

 

Al Nasser Industrial Enterprises LLC                                   100%

Falcon Tower, 11th Floor

Al Nasr Street

PO Box 44903

Abu Dhabi

Tel: (971-2) 6318044 / 6154351

Fax: (971-2) 6318007

Email: m.jamal@anholdings.com

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Nasser Group of Companies, which comprises the following concerns:

 

Al Nasser Holdings

 

Emirates Steel Establishment

 

Euro Gulf Steel

 

Federal Transformers Company LLC

 

Polycon Gulf Ltd

 

Gulf Polymers LLC

 

Gulf Environmental Company LLC (GENCO)

 

Emirates Buildmat Trading

 

Darwish Polycon LLC

 

Polycon Bahrain WLL

 

Geyad for Commerce and Import Co Ltd

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of reinforced steel for construction work.

 

                 Subject is ISO 9001/2000 accredited.

 

Import Countries: India and the Far East

 

International Suppliers:

 

Modern Steel    Oman

Sea Shore Co   Qatar

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Companies registered in Abu Dhabi, 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.

 

 

BANKERS

 

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

 

 

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.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.