MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABU DHABI CO OPERATIVE SOCIETY |
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Registered Office : |
Co-Op Society Building, Buteen Road, P O Box 833, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31st December 1980 |
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Com. Reg. No.: |
16491, Abu Dhabi |
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Legal Form : |
Public Joint Stock Co |
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Line of Business : |
Specialising in the
retail of general consumer goods. |
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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABU DHABI CO OPERATIVE SOCIETY
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Public Joint Stock Co
Registration Date : 31st December 1980
Commercial Registration Number : 16491, Abu Dhabi
Economic Department Number : 1002107
Membership Number : 7289
Issued Capital : UAE Dh 84,088,400
Paid up Capital : UAE Dh 84,088,400
Total Workforce : 2,200
Line of Business : Retail of general consumer goods.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABU DHABI CO OPERATIVE SOCIETY
ADDRESS
Registered & Physical Address
Building : Co-Op Society Building
Street : Buteen Road
PO Box : 833
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6440808 / 6730517
Facsimile : (971-2) 6441212
/ 6730941
Email : adcoops@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Branch Office (s)
Location Description
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Abu Dhabi Mall Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6459777
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Meena Center Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6734848
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Buteen Road Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6664600
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Hamdan Street Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6766766
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Khalifa Street Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6264900
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Zayed Second Street Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6781999
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Dana Plaza Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6651123
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Khalidiya Garden Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6679222
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Madinat Zayed Rented
Supermarket
Abu Dhabi
Tel: (971-2) 6324500
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Abu Al Abiyad Island Rented
Supermarket
Abu Dhabi
Tel: (971-2) 8839705
KEY PRINCIPALS
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Mohamed Saeed Al Qassimi Chairman
& Managing Director
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Georges Mojica General
Manager
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Faisal Al Arshi Assistant General Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
December 1980
Legal Form :
Public Joint Stock Co
Commercial Reg. No. : 16491, Abu
Dhabi
Economic Dept. No. : 1002107
Membership No. : 7289
Issued Capital : UAE Dh 84,088,400
Paid up Capital : UAE Dh 84,088,400
Name of Shareholder (s)
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Mohamed Saeed Al Qassimi
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Members of the
general public
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Employees of
the Co-operative
LINE OF BUSINESS
Operations: Subject operates a chain of 10 supermarkets
located throughout Abu Dhabi, specialising in the retail of general consumer
goods.
Import
Countries: Europe, Asia and
the United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 2,200 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 725,000,000 UAE Dh 750,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Bank of
Sharjah
Al Mina Street
PO Box 27391
Abu Dhabi
Tel: (971-2) 6795555
Fax: (971-2) 6795843
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Subject operates 10 supermarkets in Abu Dhabi with an annual
turnover of UAE Dh 750 million, making Abu Dhabi Co-operative Society the No. 1
retail chain in Abu Dhabi commanding 43% share of the retail market. Abu Dhabi
Co-operative Society has retail operations spanning through 1.5 million sqft.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
Maximum suggested
credit figure: US$ 2,500,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)