MIRA INFORM
REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ANCHOR ALLIED FACTORY LTD |
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Registered Office : |
Industrial Area No. 15, P.O. Box 21152, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
20.07.1993 |
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Com. Reg. No.: |
24179 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of self-adhesive tapes, silicon ceilings and paints |
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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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting
report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company NAME
Anchor Allied Factory Ltd
company ADDRESS
Area : Industrial Area No. 15
P.O. Box : 21152
Town : Sharjah
Country : United Arab Emirates
Telephone : (971 6) 534 2091 / Mobile (971 50) 697 6547 (K.P. Unnikrishnan)
Fax : (971 6) 534 2107
E-Mail : anchor1@emirates.net.ae / sm@anchorallied.com
SENIOR COMPANY PERSONNEL
Name Position
1. Hussain Nawala Chairman
2. Ammed Ali Nawala General Manager
3. Arshad Mirza Financial Manager
4. Denis C. Exports Manager
5. K.P. Unnikrishnan Marketing Manager
Total Employees : 300
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
Subject is a subsidiary of M Sharie LLC, which in turn is owned by
Dubai Investments PJSC, which is 45% owned by the Government of
Dubai, local banks and companies and private individuals; the
remaining 55% stake is held by the general public. Dubai Investments
PJSC was incorporated in 1995 and since that date it has has
established 46 subsidiary companies encompassing a diverse range of
sectors. The group's revenues reached Dh 1.2 billion (2010).
Associations inspire added confidence and we consider it is
acceptable to deal with subject for LARGE amounts.
Trade risk assessment : Normal
PRINCIPAL BANKERS
NAME : STANDARD CHARTERED BANK
Branch : Al Boorj Avenue
P.O. Box : 5
Town : Sharjah
Telephone : (971 6) 335 7788
Fax : (971 6) 354 3604
The company also has an account with the following banks:
1. National Bank of Fujairah
Al Buheira Corniche
P.O. Box : 1416
Sharjah
Telephone: (971 6) 556 1100
Fax : (971 6) 556 1010
2. HSBC Bank Middle East
King Faisal Road
P.O. Box 25
Town Sharjah
Telephone : (971 6) 553 7222
Fax : (971 6) 553 7880
FINANCIAL INFORMATION
Private companies in United Arab Emirates are not required to
publish or disclose balance sheets. However, the subject
interviewed offered the following information :
Sales Turnover : Dh 155,000,000 - 2005 - exact
: Dh 190,000,000 - 2006 - exact
: Dh 211,000,000 - 2007 - exact
: Dh 220,000,000 - 2008 - exact
: Dh 233,000,000 - 2009 – exact
: Dh 210,000,000 – 2010 – exact
: Dh 110,000,000 – 2011 – exact *
: Dh 220,000,000 – 2011 – projected
Net Profit : not given but stated to be profitable
* 9 months results (January-September).
Financial year ends 31 December.
Consolidated
Balance Sheet of Dubai Investments PJSC as at 31
December
2010 showed :
31/12/2010 31/12/2009 31/12/2008
(in
thousands of Dh)
Assets
Non-current
assets
Property,
plant and
equipment
and biological
assets 2,741,711 2,676,198 2,355,714
Intangible
assets
including
goodwill 214,488 213,752 196,456
Investment
properties 3,571,315 2,860,359 1,720,787
Development
properties 175,112 272,563 435,526
Investments
at fair value
through
other
comprehensive income 546,880 - -
Investments
in associates 2,576 10,047 9,760
Long
term rent receivable 36,554 159,520 174,570
Long
term finance lease
receivable 25,766 201,238 329,871
Inventories 1,597,273 1,650,617 2,263,739
Trade
receivables 277,712 213,925
Other
receivables 61,965 56,854 80,455
Total
non-current assets 9,351,352 8,315,073 7,566,878
Current
assets
Inventories 1,087,665 1,031,106 1,217,330
Investments
at fair value
through
profit or loss 1,211,653 919,410 662,337
Available
for sale
investments - 992,868 953,806
Trade
receivables 1,176,137 1,040,234 995,275
Other
receivables 05,848 899,483 681,146
Cash at
bank and in hand 399,217 622,796 1,395,016
Total
current assets 4,780,520 5,505,897 5,904,910
Total
assets 14,131,872 13,820,970 13,471,788
EQUITY
Share
capital 3,570,395 3,570,395 3,245,814
Share
premium 46 46 46
Legal
reserve 492,700 457,50 415,344
Capital
reserve 25,50 2 25,502 25,502
General
reserve 810,564 687,695 557,138
Revaluation
reserve 67,000 67,000 67,000
Fair
value reserve (45,000) 16,995 (21,672)
Proposed
dividend 214,224 214,224 324,581
Proposed
directors’ fees 5,000 5,000 9,000
Retained
earnings 3,310,500 2,887,980 2,632,036
Equity
attributable to
owners
of the Company 8,450,931 7,932,346 7,254,789
Non-controlling
interests 736,492 708,131 690,153
Total
equity 9,187,423 8,640,477 7,944,942
LIABILITIES
Non-current
liabilities
Long-term
borrowings
and
payables 1,395,352 1,549,943 1,834,644
Total
non-current
Liabilities 1,395,352 1,549,943 1,834,644
Current
liabilities
Bank
borrowings 1,733,235 1,707,055 1,607,786
Trade
and other payables 1,815,862 1,923,495 2,084,416
Total
current liabilities 3,549,097 3,630,550 3,692,202
Total
liabilities 4,944,449 5,180,493 5,526,846
Total
equity and
liabilities 14,131,872 13,820,970 13,471,788
CONSOLIDATED
INCOME STATEMENT
31/12/2010 31/12/2009
(in thousands of
Dh)
Sale of
goods and services 1,268,221 1,164,577
Contract
revenue 837,131 866,072
Sale of
properties (including
development
properties) 195,833 348,460
Rental
income 477,353 560,549
Gain on
fair valuation of
investment
properties 618,898 709,459
Gain on
fair valuation of
investments 2,243 41,387
Gain on
sale of investments
-
(net) 40,296 38,363
Dividend
income 16,952 17,308
Total
income 3,456,927 3,746,175
Direct
operating costs (2,026,382) (2,158,731)
Administrative
and general
expenses (509,932) (537,845)
Finance
expenses (172,221) (234,842)
Finance
income 37,528 70,976
Share of
profit from associates 1,007 319
Other
income 58,890 148,501
Profit
for the year 845,817 1,034,553
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 20 July 1993
C.R. No. : 24179
SCCI Membership No.: 32329 (issue date: 20 July 1993)
Trade License No.: 3617 (expiry date: 19 July 2012)
Authorised Capital : Dh 500,000 (increased from Dh 150,000 in 2008)
Paid up Capital : Dh 500,000 (increased from Dh 150,000 in 2008)
Limited Liability
Company with the following shareholders :
Percentage
1. Masharie
(M’Sharie LLC) 51%
Festival Tower
25th Floor
Dubai Festival City
PO Box 3045
Dubai
Telephone : (971 4) 232 8222
Fax
: (971 4) 232 8266
E-mail
: info@msharie.com
2. Nalwala Ahmed Ali Hussain 25%
(Indian national)
3. Hussain Ahmed Ali Nalwala 24%
(Indian national)
* A limited liability company incorporated in Dubai and invests in
the equity of existing businesses in the manufacturing, trading and
service sectors. Current portfolio of M'sharie includes Emirates
Extrusion Factory (aluminium profiles manufacturing), Lite Tech
Industries (lighting fixtures), Gulf Dynamic Switchgears (LV
switchgears), Gulf Metal Craft (steel and aluminium fabrication,
Metrofile (document management services), Labtec (laboratory
furniture), Gulf Dynamic Services (interior decoration), Emirates
Explosives (explosives for mining and quarries), Emicool (district
cooling), Syscom Emirates (telecommunication system integration
services), Thermoset Technologies (FRP panels), National Insulite
(insulated construction blocks and panels) and Thermostone (aerated
concrete blocks).
Ultimate parent company :
Dubai Investments PJSC
PO Box 28171
Dubai
Telephone: (971 4) 337 9333
Fax : (971 4) 334 6547
Chairman : Anis Abdullah Al Jallaf
MD & CEO : Khalid Jassim Kalban
Founded in 1995 with the aim of promoting business opportunities,
principally in the UAE. Invest in joint ventures with investment
partners and assist local companies. Dubai Investments PJSC holds 60%
in Masharie LLC.
Affiliated companies of Anchor Allied Factory Ltd :
Associates
1. Al Marmum Dairy Farm LLC
Dubai
Tel: (971 4) 832 6233
Fax: (971 4) 832 6432
2. Emirates Glass LLC
Dubai
Tel: (971 4) 347 1515
Fax: (971 4) 347 1440
3. Emirates Building Systems LLC
Dubai
Tel: (971 4) 881 4040
Fax: (971 4) 881 4043
4. Dubai Investments Park Development Company LLC
Dubai
Tel: (971 4) 337 9333
Fax: (971 4) 334 6547
5. Globalpharma LLC
Dubai
Tel: (971 4) 337 9333
Fax: (971 4) 334 6547
6. Lite Tech Industries LLC
Dubai
Tel: (971 4) 333 1387
Fax: (971 4) 333 1212
7. Emirates Extrusion Factory LLC
Sharjah
Tel: (971 6) 743 4163
Fax: (971 6) 743 4625
8. Edible Oil Company (Dubai) LLC
Dubai
Tel: (971 4) 337 9333
Fax: (971 4) 334 6547
9. United Sales Partners LLC
Dubai
Tel: (971 4) 334 1155
Fax: (971 4) 334 0372
10. Dubai Mobil Shipping Company LLC (DUMOCO)
Dubai
Tel: (971 4) 337 9333
Fax: (971 4) 334 6547
Registered in Cayman Islands.
Dubai Investments PJSC and Mobil Corporation set up a Joint
Venture, which acquired the VLCC Eagle for US$82.5 million.
11. Thuraya Satellite Telecommunications Co.
P.O. Box 33344
Abu Dhabi
12. Oasis International Leasing
Abu Dhabi
13. Takaful RE Ltd.
Bahrain
14. Al Jubail Chemical Industries Company (JANA)
Saudi Arabia
15. Saudi International Petrochemical Company (SIPC)
Saudi Arabia
16. Islamic Bank of Asia
Singapore
17. Gulf Float Glass
PO Box 8869
Abu Dhabi
Telephone: (971 2) 555 3964
Fax : (971 2) 555 3965
18. Lumiglass Industries
PO BOX 113744
Dubai
Telephone: (971 4) 340 3919
Fax : (971 4) 340 4515
19. Saudi American Glass Company
Telephone: (966) 1265 1212
Fax : (966) 1265 1738
20. Emirates Extruded Polystyrene
PO Box 28807
Dubai
Telephone: (971 4) 885 0471
Fax : (971 4) 885 3920
21. Dubaicranes & Technical Services Ltd
PO Box 113744
Dubai
Telephone: (971 4) 345 2940
Fax : (971 4) 345 2950
22. International Rubber Co. LLC
PO Box 27140
Dubai
Telephone: (971 4) 333 9090
Fax : (971 4) 333 8665
23. National Insulated Blocks Industry (Insulite)
PO Box 62869
Dubai
Telephone: (971 4) 885 1112
Fax : (971 4) 885 1017
24. Dubai International Driving Center (DIDC)
PO BOX 28171 Dubai
Telephone: (971 4) 285 4444
Fax : (971 4) 286 1494
25. Emirates District Cooling LLC
PO Box 9152
Dubai
Telephone: (971 4) 885 2452
Fax : (971 4) 885 2453
26. Emirates Thermostone Co. LLC
Dubai Investments Park
PO Box 114197
Dubai
Telephone: (971 4) 885 4977 / 880 2788
Fax : (971 4) 880 2588
27. Folcra Beach Industrial Company LLC
PO Box 46536
Abu Dhabi
Telephone: (971 2) 551 0888
Fax : (971 2) 551 1512
28. Folcra Beach Industrial Company LLC
PO Box 46536
Abu Dhabi
Telephone: (971 2) 551 0888
Fax : (971 2) 551 1512
29. Syscom Emirates LLC
PO Box 49700
Dubai
Telephone: (971 4) 393 4788
Fax : (971 4) 393 6988
30. Al Arif Contracting LLC
PO Box 6170
Dubai
Telephone: (971 4) 397 9555
Fax : (971 4) 397 9666
31. White Aluminium Extrusion LLC
PO Box 30665
Abu Dhabi
32. Taweeq Investments
Saudi Arabia
33. Stromek Emirates Foundations LLC
Al Mussalla Area, Bur Dubai
PO Box 62124
Dubai
Telephone: (971 4) 397 9505
Fax : (971 4) 397 9506
E-Mail : stromek@emirates.com
ACTIVITIES
The Company is involved in the following activities :
Manufacturers of self-adhesive tapes, silicon ceilings and paints.
Imports from USA, UK, Sweden, The Netherlands, Germany and Asian
countries.
Exports worldwide to 55 countries within GCC, the Far East, Indian
subcontinent, Africa, East Europe and Russia.
The export activities represent 60% from the Sales Turnover.
FACILITIES
The Company has the following facilities :
Administrative offices and a factory with integrated storage
facilities located at the heading address, and three manufacturing
plants in the industrial area of Sharjah.
Subject also has representative offices in Saudi Arabia, Iran, South Africa, India, Egypt and Kyrgyzstan.
SPECIAL NOTE
Interviewed: Arshad Mirza (Financial Manager)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.16 |
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UK Pound |
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.