MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF & SAFA DAIRIES CO LLC |
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Registered Office : |
Plot No. 6B,
Airport Road, Umm Ramool, PO Box 1759, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1964 |
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Com. Reg. No.: |
40602, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Processing and Production of Milk, Cheese, Yoghurt, Cream,
other Dairy Products and Fruit Juices |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF & SAFA DAIRIES CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1964
Registration Date : 20th December 1982
Commercial Registration Number : 40602, Dubai
Trade Licence Number : 300208
Chamber Membership Number : 491
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 250
Activities : Processing and production of milk, cheese, yoghurt, cream, other dairy
products and fruit juices
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
GULF & SAFA
DAIRIES CO LLC
ADDRESS
Registered & Physical Address
Location : Plot No. 6B
Street : Airport Road
Area : Umm Ramool
PO Box : 1759
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2857313 / 2858004
Facsimile : (971-4) 2858392
Email : dairy@emirates.net.ae
Premises
Subject operates
from a large dairy that is owned and located on the outskirts of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali Hussain
Safa Lebanese Managing Director
·
Mohamed Arif
Sawamiya Indian Director
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Mohamed Abdul
Razzaq Abdul Jalil Emirati Director
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Qassim Mohamed
Yousuf Aqil Bastaki Emirati Director
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Nimer Khawaja - General
Manager
·
Firas Khawaja - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject was
established in 1964, however it was officially registered on 20th
December 1982
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40602, Dubai
Trade Licence No. : 300208
Chamber Member No. : 491
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of Shareholder (s) Percentage
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Allied
Holdings International Ltd 29%
Isle of Man
United Kingdom
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Mohamed Abdul
Razzaq Abdul Jalil 26%
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Ali Hussain
Safa 15%
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Galadari
Investment Pvt Ltd 15%
United Arab Emirates
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Qassim Mohamed
Yousuf Aqil Bastaki 10%
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Mohamed Arif
Sawamiya 5%
AFFILIATED COMPANIES
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Gulf &
Safa Dairies (Abu Dhabi) Co LLC
Mussafah Industrial Area M1
PO Box : 2422
Abu Dhabi
Tel : (971-2) 5582441
Fax : (971-2) 5582635
Email : gulfsafa@emirates.net.ae
·
Gulf & Safa
Dairies (Fujairah) Co LLC
PO Box : 686
Khor Fakkan
Fujairah
Tel : (971-9) 2228982
OPERATIONS
Activities: Engaged in the processing and production of
milk, cheese, yoghurt, cream, other dairy products and fruit juices.
Import
Countries: Europe and GCC
countries
Brand Names: LABAN UP, SAFA & STERILAC
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
95,290,000 UAE Dh
103,200,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel
: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction February 2002 June 2004
Credit amount 100,000 342,250
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Canadian
Dollars
GENERAL COMMENTS
Subject’s
operations date back to 1964 and it is engaged in the processing and production
of milk, cheese, yoghurt, cream and other dairy products.
According to local
sources subject’s finances are in a satisfactory condition and payment
obligations are fulfilled in a timely manner. As such the company is deemed a
sound trade risk.
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%)