MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARAB CO FOR POULTRY PRODUCTION |
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Registered Office : |
Bank of Oman
Building, 3rd Floor, PO Box 780, Fujairah |
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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 : |
1981 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Production of Poultry Meat and Table Eggs |
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$ 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 : ARAB CO FOR POULTRY PRODUCTION
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1981
Issued Capital : UAE Dh 95,850,000
Paid up Capital : UAE Dh 95,850,000
Total Workforce : 220
Activities : Production of poultry meat and table eggs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
ARAB CO FOR POULTRY
PRODUCTION
ADDRESS
Registered & Physical Address
Location : Bank of Oman Building, 3rd
Floor
PO Box : 780
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2568257 / 2568258 / 2568259
Facsimile : (971-9) 2568249
Email : farouj@emirates.net.ae
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Fujairah.
Branch Office (s)
Location Description
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Fujairah –
Sharjah Highway Owned
poultry farm covering an
Fujairah area
of 600 square hectares
KEY PRINCIPALS
Name Position
·
Dr Abdullah T
Al Thenayan Managing
Director
·
Dr Shebl M Al
Nady General
Manager
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Adel El Salam
O Juma Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1981
Legal Form :
Limited Liability Company -
LLC
Issued Capital : UAE Dh 95,850,000
Paid up Capital : UAE Dh 95,850,000
Name of Shareholder (s) Percentage
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Arabian Co for
Livestock Development (ACOLID) 76.53%
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Fujairah
Government 23.47%
AFFILIATED COMPANIES
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Arab Saudi Co
For Poultry Production
Al Khobaib Street
Al Asiyah Area
PO Box: 1842
Buraidah
Tel: (966-6) 3230074 / 3238689
Fax: (966-6) 3243996
Email: ascopp@matoob.com
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Arab Qatari Co
for Dairy Production
PO Box : 3606
Doha
Qatar
Tel : (974) 4729568
Fax : (974) 4729028
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Arab Co for
Animal Production
PO Box : 1131
Ras Al Khaimah
Tel : (971-7) 463333
Fax : (971-7) 461165
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Arab Qatari Co
for Poultry Production
PO Box : 3606
Doha
Qatar
Tel : (974) 4729568
Fax : (974) 4729028
·
Arab Takamul
Co for Poultry Production
Hail Road
Buraidah
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Arab Iraqi Co
for Livestock Development
Baghdad
Iraq
·
Marib Poultry
Co
Sana’a
Yemen
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Arab Poultry
Breeding & Production Co
Sharjah
United Arab Emirates
OPERATIONS
Activities: The company is engaged in the production of
poultry meat and table eggs with an annual capacity of 3.9 million broiler and 12
million table eggs.
Import
Countries: Europe and GCC
countries.
Brand Names: FARROUJ AL WADI poultry products
Operating Trend: Steady
Subject has a
workforce of approximately 220 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
65,900,000 UAE Dh
67,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Fujairah
PO Box 887
Fujairah
Tel : (971-9) 2224518 / 2224513
Fax : (971-9) 2224516 / 2229470
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Union National
Bank (UNB)
PO Box: 268
Fujairah
Tel: (971-9) 2222747
Fax: (971-9) 2224851
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2005
Credit amount 34,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
1981, subject is involved in the production of poultry meat and table eggs.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
above credit figure is considered to be 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%)