MIRA INFORM REPORT

 

 

Report Date :

29.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AL GHURAIR RESOURCES OIL & PROTEINS LLC

 

 

Registered Office :

Al Shindagha Street PO Box 5326 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

20.03.2006

 

 

Com. Reg. No.:

1011968, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Operators of an oilseeds processing factory

 

 

No. of Employees :

275

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 20,000,000

Status :

Good

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

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                                     : AL GHURAIR RESOURCES OIL & PROTEINS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th March 2006

Commercial Registration Number                        : 1011968, Dubai

Trade Licence Number                            : 558989

Chamber Membership Number                : 98543

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 275

Activities                                               : Operators of an oilseeds processing factory

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 20,000,000

 

COMPANY NAME

 

AL GHURAIR RESOURCES OIL & PROTEINS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Shindagha Street

 

PO Box             : 5326

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3939633

Facsimile          : (971-4) 3939655

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Jebel Ali Free Zone                                                                            Rented factory

     Dubai

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Amer Abdullah Ahmed Al Ghurair                     Emirati                        Managing Director

 

·       Essa Abdullah Ahmed Al Ghurair                      Emirati                        Director

 

·       Ibrahim Abdullah Ahmad Al Ghurair                   Emirati                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th March 2006

 

History                         : Subject was originally established in 2006 under the name of “Dubai Oil Mills Co LLC”.

  However, on 2nd May 2011 the company was re-registered under the current style of “Al

  Ghurair Resources Oil & Proteins LLC”

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1011968, Dubai

 

Trade Licence No.       : 558989 (Expires 29/06/2012)

 

Chamber Member No. : 98543

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Al Ghurair Investment LLC

Dubai

     United Arab Emirates

 

·       Amer Abdullah Ahmed Al Ghurair

 

·       Essa Abdullah Ahmed Al Ghurair

 

·       Ibrahim Abdullah Ahmad 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 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:

 

·       Al Ghurair Holdings (Private) Ltd

·       Gulf Extrusions Ltd

·       Arabian Aluminium Company

·       Al Ghurair Publishing & Printing House

·       Union Mosaic & Marble Company

·       Al Ghurair Centre

·       Arabian Mix

·       National Cement Company Ltd

·       Emirates Trading Agency LLC (ETA)

·       Gulf Utensils

·       Al Ghurair Resources LLC

·       House of Perfume

·       Computer Intelligence and Communications Ltd

·       Gulf Confectionery & Biscuit Company

·       Oman Insurance Co Limited

·       Mashreq Bank

·       Al Ghurair Enterprises

·       Al Ghurair Exchange

·       Arabian Packaging Company LLC (APC)

·       National Concrete Company Ltd

·       Masafi Mineral Water Co LLC

·       Associated Construction & Investment Co LLC (ASCON)

·       Al Ghurair Fieness Perry & Partners

·       Pak Arab Traders

·       Al Ghurair Real Estate

·       Al Khaleej Sugar Co WLL

·       Central Electric Equipment Co LLC (CEEC)

·       National Oman Marble Company

·       Rawda Quarries Ltd

·       Ghurair Tarmac

·       Oman Finance Company

·       Ghurair Crown (Engineering) Ltd

·       Al Ghurair Industries (Pvt) Ltd

 

 

OPERATIONS

 

Activities: Subject is one of the largest and most modern oilseeds processing unit in the Middle East, equipped with a capacity to crush 4,000 metric tonnes of soybeans or 2,800 metric tonnes of canola seeds daily. The plant was established with an investment of Dh250 million.

 

Import Countries: United States of America, Australia, Canada, Argentina, Brazil, and Paraguay

 

Subject has a workforce of approximately 275 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2006, subject is one of the largest and most modern oilseeds processing unit in the Middle East.

 

The company is part of the very well known and financially strong Al Ghurair Group that has a diversified range of interests spanning real estate, finance and industry, with specialist operations in banking, trading and shipping.

 

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.49.14

UK Pound

1

Rs.77.86

Euro

1

Rs.66.06

 

 

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.