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Report No. : |
322419 |
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Report Date : |
21.05.2015 |
IDENTIFICATION DETAILS
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Name : |
DUBAI ALUMINIUM PJSC |
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Formerly Known As : |
DUBAI ALUMINIUM CO LTD (DUBAL) |
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Registered Office : |
Industrial Port Street, Jebel Ali Free Zone, PO Box 3627, 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 : |
01.02.1979 |
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Com. Reg. No.: |
417 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Manufacturer of Aluminium. |
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No. of Employees : |
4,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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. 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 |
Company Name :
DUBAI ALUMINIUM PJSC
Previously Known As :
DUBAI ALUMINIUM CO LTD (DUBAL)
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Private Joint Stock Company - PJSC
Registration Date :
1st February 1979
Commercial Registration Number :
417, Dubai
Trade Licence Number :
300191
Chamber Membership Number :
4001
Issued Capital :
UAE Dh 3,000,000,000
Paid up Capital :
UAE Dh 3,000,000,000
Total Workforce :
4,000
Activities :
Manufacturers of aluminium
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Suresh Kumar Mittal, Legal Officer
DUBAI ALUMINIUM PJSC
DUBAI ALUMINIUM CO LTD (DUBAL)
Registered &
Physical Address
Street : Industrial
Port Street
Area : Jebel Ali
Free Zone
PO Box : 3627
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8846666
/ 8846668 / 8023449 / 8846282
Facsimile : (971-4) 8846919
/ 8846292 / 8846646 / 8846645
Email : info@dubal.ae
Premises
Subject operates from a suite of offices and manufacturing facilities on
a 480-hectare site that is rented and located in the Jebel Ali Free Zone.
Name Position
Abdullah Kalban Managing Director & Chief Executive Officer
Walid Al Attar Marketing
Manager
Raja Gopalan Financial
Manager
Gouri Gopala Assistant
Finance Manager
Suresh Kumar Mittal Legal
Officer
Date of Establishment : 1st
February 1979
Legal Form : Private Joint
Stock Company - PJSC
Commercial Reg. No. : 417, Dubai
Trade Licence No. : 300191
Chamber Member No. : 4001
Issued Capital : UAE Dh
3,000,000,000
Paid up Capital : UAE Dh
3,000,000,000
Name of
Shareholder (s) Percentage
Emirate Global Aluminium PJSC 100%
Dubai
Emirates Aluminium Co Ltd
Dubai
Companhia de Alumina do Pará
Brazil
Guinea Alumina Corporation
Republic of Guinea
Cameroon Alumina Limited
Cameroon
Raykal
India
Activities: Subject owns and operates one of the world's largest
aluminium smelters. Built on a 480-hectare site in Jebel Ali, the complex's
major facilities comprise a one million metric tonne per annum primary
aluminium smelter, a 2,350 megawatt power station (at 30°C), a large carbon
plant, casting operations with a capability of more than 1,161,000 metric
tonnes per annum, a 30 million gallon per day seawater desalination plant,
laboratories, port and storage facilities.
The Jebel Ali site has the capacity to
produce more than one million metric tonnes of high quality finished aluminium products a year, in three main
forms: foundry alloy for automotive applications; extrusion billet for
construction, industrial, forging and transportation purposes; and high purity
aluminium for the electronics and aerospace industries. More than 300 customers
are served in at least 45 countries predominantly in the Far East, Europe, the
ASEAN region, the Middle East and Mediterranean region, and North America.
Subject holds ISO 9001, ISO/TS 16949, ISO/IEC 27001, ISO/IEC 20000, ISO
14001 and OHSAS 18001 certification.
Export Countries : Subject exports to over 45 countries worldwide,
including Europe, Japan, Taiwan, Thailand, Korea and the United States of
America. Nearly 35% of our total production goes to the Far
East, 11% to South-East Asia, 25% to the Middle East, 20% to Europe and 10% to
North America.
Operating Trend: Steady
Subject has a workforce of approximately 4,000 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 10,350,000,000 UAE Dh 11,100,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Emirates National Bank of Dubai Ltd
Baniyas Street Branch
PO Box: 777
Dubai
Tel: (971-4) 2222241
Abu Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
No complaints regarding subject’s payments have been reported.
Date of transaction June
2005 June 2007 June 2008
Credit amount 167,000 475,000 700,000
Amount overdue 0 0 0
Payment terms 60
days 30 days 60
days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt No Complaints
Currency Pounds
Sterling Pounds Sterling Euros
Extrusion billets, a mainstay of the construction industry, account for
around half of Dubal’s output, while foundry alloys, supplied in ingots of
various sizes, account for nearly 45% of the smelter’s production. Dubal is the
world’s largest supplier of foundry alloys to the automobile industry.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.87 |
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|
1 |
Rs.98.89 |
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Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.