MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MASAFI MINERAL WATER CO LLC |
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Registered Office : |
Business Centre Building,
Khalid
Bin Walid Street, PO Box 5603, 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 : |
11.07.1978 |
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Com. Reg. No.: |
4760, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Bottling and
Distribution of Natural Mineral Water. |
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 : |
EUR 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 : MASAFI MINERAL WATER CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th July 1978
Commercial Registration Number : 4760, Dubai
Trade Licence Number : 201644
Chamber Membership Number : 54
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 1,000
Activities : Bottling and distribution of natural mineral water.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : EUR 1,500,000
COMPANY NAME
MASAFI MINERAL
WATER CO LLC
ADDRESS
Registered & Physical Address
Building : Business Centre Building
Street : Khalid Bin Walid Street
PO Box : 5603
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3970855 / 3201647
Facsimile : (971-4) 3971130
Email : masafi@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
·
Dibba Road Owned
factory
Masafi
PO Box: 11035
Fujairah
Tel: (971-9) 2564331
Fax: (971-9) 2564491
Email: factory@masafi.co.ae
·
PO Box: 5603 Distribution
centre
Ras Al Khaimah
Tel:
(971-7) 2210616
Fax:
(971-7) 2210617
·
PO Box: 26395 Distribution
centre
Sharjah
Tel: (971-6) 5420225
Fax: (971-6) 5420227
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PO Box: 8672 Distribution
centre
Abu Dhabi
Tel: (971-2) 6732929
Fax: (971-2) 6732930
·
Al Ain Distribution
centre
Tel: (971-3) 7825929
Fax: (971-3) 7825828
KEY PRINCIPALS
Name Position
·
Abdulrahman Saif Al Ghurair Managing
Director
·
Saif Ahmed
Majed Al Ghurair Director
·
Jamal Saif Al
Ghurair Director
·
Abdullah Ahmed
Rafia Majed Al Ghurair Director
·
Abdulaziz Saif
Al Ghurair Director
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Ashraf Abushady General
Manager
·
George
Batmaya Finance
Manager
·
Natasha
Adelmann Commercial
Manager
·
Suheil Andraos Export
Manager
·
Hamdy Sheriff IT
Manager
LEGAL FORM & OWNERS
Date of Establishment : 11th
July 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 4760, Dubai
Trade Licence No. : 201644
Chamber Member No. : 54
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Name of Shareholder (s)
·
Abdulrahman Saif Al Ghurair
·
Saif Ahmed
Majed Al Ghurair
·
Jamal Saif Al
Ghurair
·
Abdullah Ahmed
Rafia Majed Al Ghurair
·
Abdulaziz Saif
Al Ghurair
AFFILIATED COMPANIES
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified
range of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles, Arabian Packaging Co and Al Ghurair Publishing and Printing. In
the banking sector, the Ghurairs are owners of the UAE’s largest private bank,
the Dubai-based Mashreq Bank, which is one of the Group’s most successful
ventures and operates from branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair Group comprises the following concerns:
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Al Ghurair
Holdings (Private) Ltd
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Gulf
Extrusions Ltd
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Arabian
Aluminium Company
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Al Ghurair
Publishing & Printing House
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Union Mosaic
& Marble Company
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Al Ghurair
Centre
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Arabian Mix
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National
Cement Company Ltd
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Arabian
Packing Company
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Gulf Utensils
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Gulf Import
& Export Co
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House of
Perfume
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Computer
Intelligence and Communications Ltd
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Gulf
Confectionery & Biscuit Company
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Oman Insurance
Co Limited
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Mashreq Bank
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Al Ghurair
Enterprises
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Al Ghurair
Exchange
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National Flour
Mills Company Ltd
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National
Concrete Company Ltd
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E.T.A P.C.S
Switchgear Manufacturing LLC
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Associated
Construction & Investment Co LLC (ASCON)
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Al Ghurair
Fieness Perry & Partners
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Pak Arab
Traders
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Al Ghurair
Real Estate
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Al Khaleej
Sugar Co WLL
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Central
Electric Equipment Co LLC (CEEC)
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National Oman
Marble Company
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Rawda Quarries
Ltd
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Ghurair Tarmac
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Oman Finance
Company
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Ghurair Crown
(Engineering) Ltd
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Al Ghurair
Industries (Pvt) Ltd
OPERATIONS
Activities: Engaged in the bottling and distribution of
natural mineral water.
It
operates a well equipped PET bottling plant, which can produce 34,000 bottles
per hour.
Masafi was the first recipient of the ISO
9002 certification in the region and awarded the ISO 9001:2000 certification
for developing and maintaining a high standard Quality Management System.
Import
Countries: Germany, France,
United Kingdom and the United States of America.
Export
Countries: Pakistan, Japan,
Djibouti, and Jordan.
Brand Names: MASAFI
Operating Trend: Steady
Subject has a
workforce of approximately 1,000 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
272,000,000 UAE Dh
300,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
·
National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May 2005 May 2006
Credit amount 68,000 68,000
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Pounds
Sterling
GENERAL COMMENTS
Masafi Mineral
Water Co LLC has been in business since 1978 and has gained an excellent
reputation for the quality of its product. The company is run in a professional
manner and is a member of the well known and financially strong Al Ghurair
Group.
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.
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%)