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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ABU DHABI FERTILIZER INDUSTRIES COMPANY LLC (ADFERT) |
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Registered Office : |
Adfert Building M42, Plot No. 607269, Mussafah Industrial Area PO Box 71871 Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.06.1996 |
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Com. Reg. No.: |
32372, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of chemical fertilizers |
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No. of Employees : |
420 |
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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic diversification
have reduced the portion of GDP based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the country has undergone a
profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with Washington and in
November 2004 agreed to undertake negotiations toward a Free Trade Agreement
with the US; however, those talks have not moved forward. The country's Free
Trade Zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis, tight international
credit, and deflated asset prices constricted the economy in 2009. UAE
authorities tried to blunt the crisis by increasing spending and boosting
liquidity in the banking sector. The crisis hit Dubai hardest, as it was
heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
Source
: CIA
Company Name : ABU DHABI FERTILIZER INDUSTRIES COMPANY LLC (ADFERT)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th June 1996
Commercial Registration Number : 32372, Abu Dhabi
Trade Licence Number : 1028126
Industrial Licence Number : 49149
Chamber Membership Number : 71640
Issued Capital : UAE Dh 5,300,000
Paid up Capital : UAE Dh 5,300,000
Total Workforce : 420
Activities : Manufacture of chemical fertilizers
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABU DHABI FERTILIZER INDUSTRIES COMPANY LLC (ADFERT)
Location : Adfert Building
M42, Plot No. 607269, Mussafah Industrial Area
PO Box : 71871
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5511700
Facsimile : (971-2)
5511702
Email : adfert@emirates.net.ae
/ info@adfert.ae
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Abu Dhabi.
Branch Office (s)
Location Description
· Al Ain Office
premises
Tel: (971-3)
5515889
Fax: (971-3)
5516890
· Shop No. 33,
Iranian Market Showroom
premises
Al Mina Road
Abu Dhabi
Tel:
(971-2) 6734929
Name Nationality Position
· Yousef Al Asy Ebrahem
Al Taweel Palestinian Managing Director
· Patrick Bandan Chilean Director
· Khalifa Mohamed
Obaid Al Muhairi Emirati Director
· Yousef Al Taweel - General Manager
· Mahmoud Baker - Sales Manager
· Syed Hasan Mansoor - Finance Manager
· Ahmed Al Masry - Business Development
Manager
· Nadeer Yaseen - Public Relations Manager
· Faisal Rauf - IT Manager
· Hussain Hamza - Export Manager
· Rita Vijash - Chief Financial Officer
Date of Establishment : 6th June 1996
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 32372, Abu Dhabi
Trade Licence No. : 1028126
Industrial Licence
No. : 49149
Chamber Member No. : 71640
Issued Capital : UAE Dh 5,300,000
Paid up Capital : UAE Dh 5,300,000
· Khalifa Mohamed
Obaid Al Muhairi 51%
· Sociedad
Quimica & Minera SA 37%
Chile
· Heirs Of Sami Al
Asy Ebrahim Al Taweel 12%
Activities: Engaged in the manufacture of chemical fertilizers, including water
soluble, and granular NPK compound
fertilizers. Production began in August 1997.
Subject is an ISO 9001 certified company.
Production Capacity: NPK Water Soluble Fertilizer 48,000MT
NPK Granular Fertilizer 40,000MT
Liquid and Suspension
7,000MT
Trace Element and Foliar
1,000MT
Import Countries: United States of America, India and Belgium
Export Countries: Saudi Arabia, Qatar, Oman, Kuwait, Jordan,
Lebanon, Syria, Egypt, Sudan, Yemen, Turkey,
Greece, and India
Brand Names: FORT
Operating Trend: Steady
Subject has a workforce of approximately 420 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 94,200,000 UAE Dh
96,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Abu Dhabi Commercial Bank
Corniche Street
PO Box: 2054
Abu Dhabi
Tel: (971-2) 6275500
Fax: (971-2) 6275400
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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1 |
Rs.82.45 |
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Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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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.