MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABU DHABI VEGETABLE OIL COMPANY LLC |
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Registered Office : |
Mina
Zayed Port, PO Box 7125, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.08.1996 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Edible Vegetable Oils |
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$ 400,000 |
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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 VEGETABLE OIL COMPANY LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 20th August 1996
Chamber Membership Number : 72101
Issued Capital : UAE Dh 4,100,000
Paid up Capital : UAE Dh 4,100,000
Total Workforce : 120
Activities : Manufacture of edible vegetable oils
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 400,000
COMPANY NAME
ABU DHABI VEGETABLE
OIL COMPANY LLC
ADDRESS
Registered & Physical Address
Location : Mina
Zayed Port
PO Box : 7125
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6730400
Facsimile : (971-2) 6732401
Mobile : (971-50)
Email : info@advocuae.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located in
the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Position
·
Sulaiman
Naeem Managing
Director
·
Colin Smith General
Manager
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Osama Wadi Finance
Manager
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Ibrahim
Hamouda Production
Manager
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Abdul Ghaffar
Oamhieh Human Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th
August 1996
Legal Form :
Limited Liability Company -
LLC
Chamber Member No. : 72101
Issued Capital : UAE Dh 4,100,000
Paid up Capital : UAE Dh 4,100,000
Name of Shareholder (s)
·
Sheikh
Nahayan Bin Mubarak Al Nahayan
·
Middle
East Industrial Enterprises
OPERATIONS
Activities: Engaged in the manufacture of edible
vegetable oils, including sunflower, corn, palm and soya bean oil.
Subject’s production
capacity is around 80,000 tonnes per year (tpy)
The Company acquired HACCP and ISO certification in 2006
Import
Countries: India and South
East Asia
Export
Countries: Approximately 80%
of its production is exported. Its largest market is Saudi Arabia, as well as
the Iraqi and Libyan markets
Brand Names: COROLI & SO-LO BLEND OIL
Subject has a
workforce of 120 employees.
FINANCIAL DATA
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.
BANKERS
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Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.34 |
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UK Pound |
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.54 |
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%)