MIRA INFORM REPORT

 

 

Report No. :

326135

Report Date :

18.06.2015

 

IDENTIFICATION DETAILS

 

Name :

AL ABBAR ALUMINUM LLC

 

 

Registered Office :

Plot No. 23B, Ras Al Khor Road, Ras Al Khor Industrial Area 1st, PO Box 1626, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

07.07.1986

 

 

Com. Reg. No.:

43683

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of metal building products.

 

 

No. of Employees :

150

 

 

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 – 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, 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                                    : AL ABBAR ALUMINUM LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 7th July 1986

Commercial Registration Number           : 43683, Dubai

Trade Licence Number                           : 301206

Chamber Membership Number               : 13763

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of metal building products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

AL ABBAR ALUMINUM LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Plot No. 23B

Street               : Ras Al Khor Road

Area                 : Ras Al Khor Industrial Area 1st

PO Box            : 1626

Town                : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3331362

Email                : abbarhr@eim.ae

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                                Position

 

Khalid Hassan Rashid Al Abbar                          Emirati                                      Managing Director

 

Jameilah Hassan                                               Emirati                                      Director

 

Khalidah Hassan                                               Emirati                                      Director

 

Klaithem Hassan Rashid Al Abbar                      Emirati                                      Director

 

Reem Hassan Rashid Al Abbar                          Emirati                                      Director

 

Aishah Hassan Rashid Al Abbar                         Emirati                                      Director

 

Moaza Salem                                                    Emirati                                      Director

 

Abdul Aziz Hassan Rashid Al Abbar                   Emirati                                      Director

 

Ahmad Hassan Rashid Al Abbar                        Emirati                                      Director

 

Mansoor Hassan Rashid Al Abbar                      Emirati                                      Director

 

Fatima Hassan Rashid Al Abbar                         Emirati                                      Director

 

Noora Hassan Rashid Al Abbar                          Emirati                                      Director

 

Rashid Hassan Rashid Al Abbar                         Emirati                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th July 1986

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 43683, Dubai

 

Trade Licence No.        : 301206 (Expires 07/07/2015)

 

Chamber Member No.  : 13763

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                    

 

Khalid Hassan Rashid Al Abbar                         

 

Jameilah Hassan                                                          

 

Khalidah Hassan                                                          

 

Klaithem Hassan Rashid Al Abbar                                 

 

Reem Hassan Rashid Al Abbar                         

 

Aishah Hassan Rashid Al Abbar                        

 

Moaza Salem                                                   

 

Abdul Aziz Hassan Rashid Al Abbar                              

 

Ahmad Hassan Rashid Al Abbar                                   

 

Mansoor Hassan Rashid Al Abbar                                 

 

Fatima Hassan Rashid Al Abbar                        

 

Noora Hassan Rashid Al Abbar                         

 

Rashid Hassan Rashid Al Abbar

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of metal building products.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Emirates National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.11

UK Pound

1

Rs.100.31

Euro

1

Rs.72.17

 

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

Report Prepared by :

TPT

 

               

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.