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Report No. : |
311674 |
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Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF METAL FOUNDRY
LLC |
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Registered Office : |
Plot No. 447B, Sheikh
Zayed Road, Al Quoz Industrial Area, P O Box 325 & 48839, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.08.1993 |
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Com. Reg. No.: |
40724, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in the manufacture of steel, steel alloys, stainless steel and heat resistant steel castings for the petrochemical and engineering industries. · Subject specialises in the manufacture of valve component castings, gate valves, check valves, globe valves, ball valves, butterfly valves, pressure seal valves, well head equipment and other applications in the pressure range of 150 PSI to 10,000 PSI. · Subject also manufactures castings for wear resistant applications in high chromium iron and manganese steel for use in cement plants, quarries and crushers. |
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No of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab Emirates |
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 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.
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Source
: CIA |
Company Name : GULF METAL FOUNDRY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th August 1993
Commercial Registration Number : 40724, Dubai
Trade Licence Number : 300723
Chamber Membership Number : 27956
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Total Workforce : 150
Activities : Manufacturers of steel, steel alloys, stainless steel and heat resistant
steel castings.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Faras Mohamed, Financial Controller
GULF METAL FOUNDRY LLC
Registered &
Physical Address
Location : Plot No. 447B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 325 & 48839
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3470561 / 3470581 / 2279666
Facsimile : (971-4) 3470354 / 3470854
Mobile : (971-55) 9140030
/ 5068425 / 9135192
Email : foundry@emirates.net.ae / mail@foundry.ae / raj@foundry.ae
Premises
Subject operates
from a large suite of offices factory that are rented and located in the
Industrial Area of Dubai.
Name Nationality Position
·
Maryam
Easa Saleh Al Gurg Emirati Managing
Director
·
Mona
Easa Saleh Al Gurg Emirati Director
·
Raja
Easa Saleh Al Gurg Emirati Director
·
Hamed
Saleh Easa Saleh Al Gurg Emirati Director
·
Dana
Saleh Easa Saleh Al Gurg Emirati Director
·
Reem
Saleh Easa Saleh Al Gurg Emirati Director
·
Dilip Kumar - General
Manager
·
Dhan Raj - Finance
Manager
·
Faras Mohamed - Financial
Controller
·
Gauri Shalan - Accountant
Date of Establishment : 30th
August 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40724, Dubai
Trade Licence No. : 300723
(Expires 09/04/2016)
Chamber Member No. : 27956
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Name of Shareholder
(s) Percentage
·
Easa
Saleh Al Gurg Group LLC 99.9%
PO Box: 325
Dubai
Tel: (971-4) 2279666
Fax: (971-4) 2278620
·
Easa
Saleh Al Gurg LLC 0.1%
PO Box: 325
Dubai
Tel: (971-4) 2258900
Fax: (971-4) 3522518
Subject is a member of the Easa Saleh Al Gurg Group which consists of
the following concerns:
·
Al Gurg
Stationery
Oud Metha Road
Dubai
Tel: (971-4) 3348708
Fax: (971-4) 3351894
·
Interiors
Umm Hurair Road
PO Box: 325
Dubai
Tel: (971-4) 3370116
Fax: (971-4) 3367657
Email: intrs@emirates.net.ae
·
Al Gurg
Building Services Ltd Co LLC
Al Ramool Area
Rashidiya
Dubai
Tel: (971-4) 2857770
Fax: (971-4) 2858713
·
Al Gurg
Communications
Khalid Bin Walid Street
Dubai
Tel: (971-4) 3512173
Fax: (971-4) 3512121
·
Al
Mashrabia Furniture Industry
Al Awir Industrial Area
PO Box: 325
Dubai
Tel: (971-4) 3330883 / 3338379
Fax: (971-4) 3522518
·
Al Gurg
Fosroc Co LLC
Umm Ramool, Plot No. 202
PO Box: 657
Dubai
Tel: (971-4) 2858606 / 2858787
Fax: (971-4) 2859649 / 2852023
Email: agfdxb@emirates.net.ae
Activities: Engaged in the manufacture of steel, steel alloys, stainless steel and heat resistant steel castings for the petrochemical and engineering industries. Subject specialises in the manufacture of valve component castings, gate valves, check valves, globe valves, ball valves, butterfly valves, pressure seal valves, well head equipment and other applications in the pressure range of 150 PSI to 10,000 PSI. Subject also manufactures castings for wear resistant applications in high chromium iron and manganese steel for use in cement plants, quarries and crushers.
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
Delmon Co Ltd Saudi Arabia
·
Vesivius Emirate FZE Dubai
·
Gulf Engineering Industry Dubai
·
Scientech Group Dubai
·
Al Gurg Building Material Dubai
Operating Trend: Steady
Subject has a
workforce of 150 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 Revenue UAE Dh 36,244,000 UAE Dh 35,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Faras Mohamed, Financial Controller
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints
regarding subject’s payments have been reported.
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.62.57 |
|
UK Pound |
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.