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MIRA INFORM REPORT
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Report No. : |
507050 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
UNION COPPER ROD LLC |
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Registered Office : |
7th Street, Industrial City of Abu Dhabi (ICAD-1), Mussafah
Industrial Area, PO Box 112231, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
01.05.2005 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of copper rods. |
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No. of Employees : |
53 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced
in March 2014.
The UAE’s dependence on oil is a significant long-term challenge,
although the UAE is one of the most diversified countries in the Gulf
Cooperation Council. Low oil prices have prompted the UAE to cut expenditures,
including on some social programs, but the UAE has sufficient assets in its
sovereign investment funds to cover its deficits. The government reduced fuel
subsidies in August 2015, and has announced plans to introduce excise and
value-added taxes by January 1, 2018. The UAE's strategic plan for the next few
years focuses on economic diversification, promoting the UAE as a global trade
and tourism hub, developing industry, and creating more job opportunities for
nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
UNION COPPER ROD LLC
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
1st May 2005
Industrial Licence Number :
1216
Chamber Membership Number :
111757
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
53
Activities :
Manufacturers of copper rods
Financial Condition :
Good
Payments :
Regular
Person Interviewed :
Akram Nour, Finance Manager
COMPANY
NAME
UNION COPPER ROD LLC
ADDRESS
Registered &
Physical Address
Location : 7th
Street, Industrial City of Abu Dhabi (ICAD-1), Mussafah Industrial Area
PO Box :
112231
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5503240
Facsimile : (971-2)
5503241
Mobile : (971-50)
4445792
Email : info@unioncopper.ae
/ lmahmood@unioncopper.ae
/ msalman@unioncopper.ae
Premises
Subject operates from a suite of offices and a factory covering 30,000
square metres that are rented and located in the Industrial Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
Abdullah Al Khateeb General
Manager
Iyad Al Nazer Purchasing
Manager
Allam Iqbal Sales
Manager
Khalid Azzam Human
Resources Manager
Akram Nour Finance
Manager
Mohamed Salman Commercial
Manager
Tareq Jradat Purchasing
Officer
Zaher Abbass Senior
Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 1st
May 2005
Legal Form : Limited Liability
Company – LLC
Industrial Licence No. : 1216 (Expires
20/02/2019)
Chamber Mem. No. : 111757
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ittihad International Investment LLC 99%
Abu Dhabi
Tel: (971-2) 6581888
Juaan Awaidha Al Khaili 1%
AFFILIATED
COMPANIES
Union River Factory LLC
Abu Dhabi
Union Factory LLC
Abu Dhabi
Emirates Solution Building LLC
Abu Dhabi
Emirate Link Mattaro LLC
Abu Dhabi
Ashater Decor LLC
Dubai
OPERATIONS
Activities: Engaged in the manufacture of copper rods.
Production Capacity: 200,000 metric tonnes per year.
Import Countries: Switzerland and the Far East
International
Suppliers:
Glencore Switzerland
Gerald Metal Switzerland
Glencore International SA Switzerland
Trafigura Switzerland
Subject has a workforce of 53 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE Dh 100,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Akram Nour, Finance Manager
BANKERS
National Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
HSBC Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.61 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.85 |
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UAE Dh |
1 |
INR 18.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.