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Report No. : |
342599 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES NATIONAL
COPPER FACTORY LLC |
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Registered Office : |
Factory No 7, ICAD 3, Musaffah, P O Box: 91400, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17th
January 2012, However production started January 2015 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of copper
based electrical power transmission products factory catering to the
switchgear, transformer and power cables industries. |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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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 of 2008, 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : EMIRATES
NATIONAL COPPER FACTORY LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 17th
January 2012
Trade Licence
Number : 2182
Chamber Membership
Number : 570942
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
100
Activities :
Manufacturers of copper based electrical power transmission products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
EMIRATES NATIONAL
COPPER FACTORY LLC
Location : Factory No 7, ICAD 3, Musaffah
PO Box : 91400
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6395357
Facsimile : (971-2) 6395602
Mobile : (971-56) 2001419 / 2001417
Email : info@nuhas.ae
Subject operates
from a suite of offices and a factory covering 30,000 m2 that are
rented and located in the Industrial Area of Abu Dhabi.
Name Nationality Position
·
Hamza
Al Joohi Emirati Managing
Director
·
Hesham Al
Joohi Emirati Director
·
Sameer
Al Haj Yousef - Chief
Executive Officer
·
Ali
Satawi - Production
Manager
·
Mohamed
Imtiaz - Accounts
Manager
Date of Establishment : 17th
January 2012, However production started January 2015
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 2182
Chamber Member No. : 570942
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Hamza
Al Joohi
·
Hesham
Al Joohi
Activities: Engaged in the manufacture of copper based
electrical power transmission products factory catering to the switchgear,
transformer and power cables industries.
Subject is ISO 9000
Accredited
Production Capacity: 20,000 Metric Tons of Copper Busbar, Enamelled
round & Rectangular Wires (Magnet Wires), Paper Insulated Copper Conductors
and Bare Copper Wires.
Import
Countries: Europe and the
Far East
Brand Names: NUHAS
Subject has a
workforce of 100 employees.
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.
·
HSBC
Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
No complaints
regarding subject’s payments have been reported.
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.08 |
|
|
1 |
Rs.100.32 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.