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Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
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Name : |
AL BUHEIRA LACNOR DAIRIES CO LTD |
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Registered Office : |
Green Belt Street,
Sharjah Industrial Area No. 4, P O Box 5983, Sharjah |
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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 : |
25.01.1978 |
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Com. Reg. No.: |
2742, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Production and marketing of dairy products as well as fruit juices and drinks |
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No. of Employees : |
650 |
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 |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
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 |
|
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 |
Company Name : AL BUHEIRA LACNOR DAIRIES CO LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 25th January 1978
Commercial Registration Number : 2742, Sharjah
Trade Licence Number : 10358
Chamber Membership Number : 4054
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 650
Activities : Production and marketing of dairy products as well as fruit juices and
drinks
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Upal Gunnwarandan, Financial Controller
AL BUHEIRA LACNOR
DAIRIES CO LTD
Registered &
Physical Address
Street : Green Belt Street
Area : Sharjah Industrial Area No. 4
PO Box : 5983
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5331551
Facsimile : (971-6) 5336102 / 5394109
Email : lacnor@emirates.net.ae / aneel.kumar@nfpc.net / dennis.mathew@nfpc.net
Premises
Subject operates
from a large suite of offices, a factory and distribution facilities that are
owned and located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
·
Mussafah
Industrial Area, M1 Distribution
centre
Abu Dhabi
Tel: (971-2) 5582808
·
Ajman Distribution
centre
·
Al Ain Distribution
centre
·
Dubai Distribution
centre
Tel: (971-4) 8845588
Fax: (971-4) 8845566
Name Nationality Position
·
Fady
Gargas Antonious Lebanese Managing
Director
·
Farag
Ali Bin Hamoodah Emirati Director
·
M K
Pardeep - Accountant
·
Azmi
Yagi - Administration
Manager
·
Nabil
Jaber - Commercial
Manager
·
Fleming
Brikmos - Factory
Manager
·
Upal Gunnwarandan - Financial
Controller
·
Dennis
Mathew - Finance
Manager (Sharjah)
·
Anil
Kumar - Finance
Manager (Al Ain)
Date of Establishment : 25th
January 1978
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2742, Sharjah
Trade Licence No. : 10358
Chamber Member No. : 4054
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of Shareholder
(s) Percentage
·
Farag
Ali Bin Hamoodah 51%
·
Fady Gargas
Antonious 49%
·
Bin
Hamoodah Trading & General Services Co (Bin Hamoodah Automotive)
Bin Hamoodah Building
Old Airport Road
PO Box: 203
Abu Dhabi
Tel: (971-2) 4448888
Fax: (971-2) 4449073
·
Alpha
Data LLC
Alpha Data Megastore
Airport Road
PO Box: 45384
Abu Dhabi
Tel: (971-2) 6333644
Fax: (971-2) 6211924 / 6392192
Email: vijay@alpha.co.ae
·
Gulf
Automation Services & Oil Field Supplies (GASCO)
·
National
Food Products
·
Sahara
Transport & Contracting Co
·
Tareef
Trading Co
·
Howard
Al Geemi & Partners
Activities: Engaged in the production and marketing of
dairy products as well as fruit juices and drinks.
Import
Countries: Germany, the
United Kingdom and Australia.
Brand Names: BUHEIRA LACNOR
Operating Trend: Steady
Subject has a
workforce of approximately 650 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 Revenue UAE Dh 674,165,000 UAE Dh 699,513,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Upal Gunnwarandan, Financial Controller
·
National
Bank of Abu Dhabi
Al Hajar Street
Al Quoz Area
PO Box: 282227
Dubai
Tel: (971-4) 4050940
Fax: (971-4) 3285094
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
·
Arab
Bank Plc
PO Box: 130
Sharjah
Tel: (971-6) 5353994
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters
of Credit Letters of
Credit
Paying record No
Complaints No
Complaints
Currency Euros US
Dollars
Al Buheira Lacnor
Dairies Co Ltd is very well established in the local market with operations dating
back to 1978. It is engaged in the production and marketing of dairy products
as well as fruit juices and drinks, operating branches in Sharjah, Abu Dhabi,
Ajman and Al Ain.
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.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.