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Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED KAIPARA DAIRIES COMPANY (PSC) |
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|
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Registered Office : |
Sheikh Zayed
Road, Opposite Safa Park at Bridge 2, Al Quoz Industrial Area P.O.Box 6424,
Dubai |
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|
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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 : |
11.04.1977 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacturer of dairy, juice and ice cream products, as well as the importer of various kinds of food products for distribution throughout the Gulf markets and other countries |
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No. of Employees : |
1,582 |
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 |
|
Status : |
Satisfactory |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
United Arab Emirates 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 |
United Kaipara Dairies
Company (PSC)
Sheikh Zayed Road
Opposite Safa
Park at Bridge 2
Al Quoz Industrial
Area P.O.Box 6424
Dubai,
United Arab
Emirates
Tel: 971-4-3382133
Fax: 971-4-3383099
Web: www.unikaifoods.com
Employees:
1,582
Company Type:
Public Subsidiary
Corporate Family: 3
Companies
Ultimate Parent: United
Foods Company (psc)
Traded: Dubai
Stock Exchange: UNIKAI
Incorporation Date: 11-Apr-1977
Auditor:
PKF
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2012
Reporting Currency: UAE
Dirham
Annual Sales: 79.4 1
Net Income: (5.9)
Total Assets:
49.9 2
Market Value:
24.5 (26-Nov-2012)
United Kaipara Dairies Co PSC is a United Arab Emirates-based
public shareholding company engaged in the manufacture of dairy, juice and ice
cream products, as well as the import of various kinds of food products for
distribution throughout the Gulf markets and other countries. The Company
carries out its trading activities under the name, Unikai International. It has
an Oman-based wholly owned subsidiary, Unikai and Company LLC, which operates
in the same sector. The Company’s products include fresh fruit juice, fresh
milk, milk powder, yogurt, butter, cheese, cream, rice and dairy desserts. It
manufactures and distributes its products under the brand names UNIKAI, Royal
Treat and Mumtaz, among others. The Company's products are sold in the domestic
as well as international markets. For the six months ended 30 June 2013, United
Kaipara Dairies Company (PSC) revenues increased 1% to AED145.4M. Net loss
increased 34% to AED11.5M. Revenues reflect an increase in demand for the
Company's products and services due to favorable market conditions. Higher net loss
reflects Staff Costs increase of 18% to AED29.2M (expense), Other Income
decrease of 62% to AED835K (income), Finance Charge increase from AED0K to
AED212K (expense).
Industry
Industry Food Manufacturing
ANZSIC 2006:
1131 - Milk and Cream Processing
ISIC Rev 4:
1050 - Manufacture of dairy products
NACE Rev 2:
1051 - Operation of dairies and cheese making
NAICS 2012:
311511 - Fluid Milk Manufacturing
UK SIC 2007:
10511 - Liquid milk and cream production
US SIC 1987:
2026 - Fluid Milk
|
Name |
Title |
|
Chief Executive Officer |
|
|
Chief Financial Officer, Secretary |
|
|
Factory Manager |
|
|
Director of Human Resources |
|
|
Mostafa Kamel Mohamed Sidki |
Chief Executive Officer |
|
* number of significant developments within the last 12 months
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = AED 3.673069
2 - Balance Sheet
Item Exchange Rate: USD 1 = AED 3.6729
Location
Sheikh Zayed Road
Opposite Safa
Park at Bridge 2
Al Quoz Industrial
Area P.O.Box 6424
Dubai, United
Arab Emirates
Tel: 971-4-3382133
Fax: 971-4-3383099
Web: www.unikaifoods.com
Quote Symbol -
Exchange
UNIKAI - Dubai Stock Exchange
Sales AED(mil): 291.6
Assets AED(mil): 183.2
Employees: 1,582
Fiscal Year End: 31-Dec-2012
Industry: Food Processing
Incorporation
Date: 11-Apr-1977
Company Type: Public Subsidiary
Quoted Status: Quoted
Chief Executive Officer:
Nabil Abdul Latif
Mohammed Abu Al Oyoun
Industry Codes
ANZSIC 2006
Codes:
1131 - Milk
and Cream Processing
1132 - Ice
Cream Manufacturing
1140 - Fruit
and Vegetable Processing
3603 - Dairy
Produce Wholesaling
1133 - Cheese
and Other Dairy Product Manufacturing
ISIC Rev 4 Codes:
1050 - Manufacture
of dairy products
4630 - Wholesale
of food, beverages and tobacco
1030 - Processing
and preserving of fruit and vegetables
NACE Rev 2 Codes:
1051 - Operation
of dairies and cheese making
1052 - Manufacture
of ice cream
4633 - Wholesale
of dairy products, eggs and edible oils and fats
1039 - Other
processing and preserving of fruit and vegetables
NAICS 2012 Codes:
311511 - Fluid
Milk Manufacturing
311520 - Ice
Cream and Frozen Dessert Manufacturing
424430 - Dairy
Product (except Dried or Canned) Merchant Wholesalers
311411 - Frozen
Fruit, Juice, and Vegetable Manufacturing
311512 - Creamery
Butter Manufacturing
311513 - Cheese
Manufacturing
US SIC 1987:
2026 - Fluid
Milk
2024 - Ice
Cream and Frozen Desserts
5143 - Dairy
Products, Except Dried or Canned
2021 - Creamery
Butter
2037 - Frozen
Fruits, Fruit Juices, and Vegetables
2022 - Natural,
Processed, and Imitation Cheese
UK SIC 2007:
10511 - Liquid
milk and cream production
1052 - Manufacture
of ice cream
1039 - Other
processing and preserving of fruit and vegetables
10512 - Butter
and cheese production
4633 - Wholesale
of dairy products, eggs and edible oils and fats
Business Description
United Kaipara
Dairies Co PSC is a United Arab Emirates-based public shareholding company
engaged in the manufacture of dairy, juice and ice cream products, as well as
the import of various kinds of food products for distribution throughout the
Gulf markets and other countries. The Company carries out its trading
activities under the name, Unikai International. It has an Oman-based wholly
owned subsidiary, Unikai and Company LLC, which operates in the same sector.
The Company’s products include fresh fruit juice, fresh milk, milk powder,
yogurt, butter, cheese, cream, rice and dairy desserts. It manufactures and
distributes its products under the brand names UNIKAI, Royal Treat and Mumtaz,
among others. The Company's products are sold in the domestic as well as international
markets. For the six months ended 30 June 2013, United Kaipara Dairies Company
(PSC) revenues increased 1% to AED145.4M. Net loss increased 34% to AED11.5M.
Revenues reflect an increase in demand for the Company's products and services
due to favorable market conditions. Higher net loss reflects Staff Costs
increase of 18% to AED29.2M (expense), Other Income decrease of 62% to AED835K
(income), Finance Charge increase from AED0K to AED212K (expense).
More Business Descriptions
Manufacture of and
wholesale trade in dairy, ice cream and long life juice products and import of
and trade in frozen foods, oils, sauces and tinned food
Dairy Products
Mfr
Dairy Product
(except Frozen) Manufacturing
Brand/Trade Names
UNIKAI