MIRA INFORM REPORT

 

 

Report Date :           

12.07.2011

 

IDENTIFICATION DETAILS

 

Name :

UNIPEX DAIRY PRODUCTS CO LTD

 

 

Registered Office :

Industrial Area No. 2, P O Box 5646, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.03.1978

 

 

Com. Reg. No.:

3140, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates through several divisions Dairy Division and Dry Grain Division

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 750,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : UNIPEX DAIRY PRODUCTS CO LTD

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 27th March 1978

Commercial Registration Number            : 3140, Sharjah

Trade Licence Number                            : 364

Chamber Membership Number                : 169

Issued Capital                                        : UAE Dh 2,000,000

Paid up Capital                                      : UAE Dh 2,000,000

Total Workforce                                     : 280

Activities                                               : Subject operates several divisions (see below for details).

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

Person Interviewed                                 : Parithosh Jain, Finance Manager

 

COMPANY NAME

 

UNIPEX DAIRY PRODUCTS CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area No. 2

PO Box             : 5646

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5337434 / 5337864 / 5326339 / 5321146

Facsimile          : (971-6) 5336312

Email                : unipex@iffco.com / unipex@emirates.net.ae

 

Please note that you gave PO Box number 5645 but the correct PO Box number is 5646.

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sheikh Faisal Bin Khalid Al Qassimi                                                   Managing Director

 

·       Sudhir Chavan                                                                                   General Manager

 

·       Manu Batra                                                                                       Commercial Manager

 

·       Parithosh Jain                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th March 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 3140, Sharjah

 

Trade Licence No.       : 364 (Expires 23/06/2012)

 

Chamber Member No. : 169

 

Issued Capital              : UAE Dh 2,000,000

 

Paid up Capital            : UAE Dh 2,000,000

 

Name of Shareholder (s)

 

·       IFFCO Limited

PO Box: 4115

Sharjah

     United Arab Emirates

     Tel: (971-6) 5334969

     Fax: (971-6) 5333180

     Email: iffco@iffco.com

 

·       Sheikh Faisal Bin Khalid Al Qassimi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the IFFCO Group of Companies, which consists of the following concerns:

 

·       Emirates Industrial & Trading Co Ltd (EITCO)

     Sharjah Port

     PO Box: 4115 / 6906

     Sharjah

     United Arab Emirates

     Tel: (971-6) 5334696

     Fax: (971-6) 5333180

 

·       Emirates Refining Co Ltd (ERCO)

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5357966

 

·       Intergulf Services Ltd

     PO Box: 6131

     Sharjah

     United Arab Emirates

     Tel: (971-6) 2281391

 

·       Emirates Grain Products Co Ltd

     PO Box: 4115

     Sharjah

     United Arab Emirates

     Tel: (971-6) 3357966

 

·       Tiffany Foods Ltd

     PO Box: 4115

     Sharjah

     United Arab Emirates

     Tel: (971-6) 3365195

 

·       Allana International Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 2816120

 

·       Delmon Products Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 2816504

 

·       Seville Products Ltd (LLC)

Al Ramool Industrial Area

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 2850066

Fax: (971-4) 2850066 / 2855724

 

·       Allana & Sons Pvt Ltd

Bombay

     India

 

·       Woodhouse Drake and Carey Limited

London

United Kingdom

 

·       Kupak SDN

Kuala Lumpur

Malaysia

 

·       Al Ain National Juice & Refreshment Co

 

·       Dubai Meat Packers Ltd

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Dairy Division

 

     Subject is engaged in the production and processing of dairy products, specialising in ice cream.

 

·       Dry Grain Division

 

     Engaged in the production of dry grain and other food ingredients.

 

Import Countries: Switzerland

 

International Suppliers:

 

·       Givaoudan                            Switzerland

 

Brand Names: IGLOO, LONDON DAIRY and ALANA DAIRY

 

Operating Trend: Steady

 

Subject has a workforce of approximately 280 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 83,600,000                   UAE Dh 87,000,000

 

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 Sharjah

Al Boorj Avenue

     PO Box: 4

     Sharjah

     Tel: (971-6) 5547747

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.70.84

Euro

1

Rs.62.96

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.