.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.03.2006 |
|
|
|
|
Com. Reg. No.: |
1011968, |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Operator 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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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 100,000,000
Paid up Capital :
UAE Dh 100,000,000
Total Workforce :
275
Activities :
Operators of an oilseeds processing factory.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ahsan Rathore, Finance Manager
AL GHURAIR
RESOURCES OIL & PROTEINS LLC
Location : Al Shindagha
Street
PO Box : 5326
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3939633
/ 3120153 / 3120261 / 3120202
Facsimile : (971-4)
3939655
Mobile : (971-50)
2561494
Email : resources@al-ghurair.com
/ ahsan.rathore@al-ghurair.com
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
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
·
Rajev Nigudkar - General
Manager
·
Ahsan
Rathore - Finance
Manager
·
Sajil Mojeeb - Financial
Controller
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 29/06/2015)
Chamber Member No. : 98543
Issued Capital : UAE Dh
100,000,000
Paid up Capital : UAE Dh 100,000,000
·
Al Ghurair Investment LLC
Dubai
United
Arab Emirates
·
Amer Abdullah Ahmed Al Ghurair
·
Essa Abdullah Ahmed Al Ghurair
·
Ibrahim Abdullah Ahmad Al Ghurair
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
Activities: Subject is one of the largest and most modern oilseeds processing unit in
the Middle East, equipped with a capacity to crush 4,500 metric tonnes of
soybeans or 3,200 metric tonnes of canola seeds daily. The plant was
established with an investment of Dh250 million. Subject supplies vegetable oils to the biodiesel industry in Europe as well cater
to the demands for human consumption in the Middle East and South East Asia.
Subject’s refinery is strategically located in the
Jebel Ali Port and has an annual refining capacity of 96,000 MT. Subject
refines and packs Canola, Corn, Sunflower oils.
Import Countries: United States of America, Australia, Canada,
Argentina, Brazil and Paraguay.
Operating Trend: Steady
Subject has a workforce of approximately 275 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 2,365,000,000 UAE Dh
2,500,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ahsan Rathore, Finance Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
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. 62.98 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.