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Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
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Name : |
UNIPEX DAIRY PRODUCTS CO LTD |
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Registered Office : |
Industrial Area No. 2, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.03.1978 |
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Com. Reg. No.: |
3140 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s operations
are performed through the following divisions: ·
Dairy Division ·
Dry Grain Division |
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No of Employees : |
280 |
RATING & COMMENTS
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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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
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 :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Piyush Jain, Financial Controller
UNIPEX DAIRY PRODUCTS CO LTD
Registered &
Physical Address
Location : Industrial
Area No. 2
PO Box : 5646
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5337434
/ 5337864 / 5326339 / 5321146 / 5035142
Facsimile : (971-6)
5336312
Mobile : (971-55) 9855179
Email : unipex@iffco.com
/ unipex@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Sharjah.
Name Position
Sheikh Faisal Bin Khalid Al Qassimi Managing
Director
Luis Rezo Chief
Executive Officer
Sudhir Chavan General
Manager
Manu Batra Commercial
Manager
Krishna Daz Finance
Manager
Piyush Jain Financial
Controller
Munjam Sajjad Human
Resources Manager
Date of Establishment : 27th
March 1978
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 3140, Sharjah
Trade Licence No. : 364
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
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: 24275
Port Khalid
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
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
Fontera
Norse Dairy System United States of America
Allana & Sons India
Brand Names: IGLOO, LONDON DAIRY and ALANA DAIRY
Operating Trend: Steady
Subject has a workforce of approximately 280 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 258,078,000 UAE Dh 261,547,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Piyush Jain, Financial Controller
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.96.70 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.