MIRA INFORM REPORT
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Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
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Name : |
UNITED KAIPARA
DAIRIES CO PSC (UNIKAI) |
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Formerly Known as : |
United Kaipara Dairies Limited |
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Registered Office : |
Plot No. 16B,
Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 6424, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 (Consolidated) |
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Date of Incorporation : |
10.04.1977 |
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Com. Reg. No.: |
42497, Dubai |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Subject’s activities are performed through
the following divisions: Unikai Dairy division Under this division, subject is engaged in the production and processing of dairy products, such as re-constituted milk, yoghurt, cream, buttermilk, cheese, ice cream and juices. Production began in October 1979 and currently stands at 30 million litres per annum. Unikai Foods
International Division Engaged as distributors of frozen, chilled and dry food – operating a fleet of over 350 vans and delivering to more than 14,500 customers. |
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No of Employees : |
1,580 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
SUMMARY
Company Name : UNITED KAIPARA DAIRIES CO PSC (UNIKAI)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Public Shareholding Company - PSC
Registration Date : 10th April 1977
Commercial Registration Number : 42497, Dubai
Trade Licence Number : 300236
Chamber Membership Number : 3691
Issued Capital : UAE Dh 30,250,000
Paid up Capital : UAE Dh 30,250,000
Total Workforce : 1,580
Activities : Production and processing of dairy products, as well as the distribution
of frozen, chilled and dry food
Financial Condition : Poor
Payments : Nothing detrimental uncovered
COMPANY
NAME
UNITED KAIPARA
DAIRIES CO PSC (UNIKAI)
company
ADDRESS
Registered &
Physical Address
Building : Plot No. 16B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 6424
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3382133 / 3380831
Facsimile : (971-4) 3383099 / 3386484
Email : unikai@emirates.net.ae / info@unikaifoods.com
Premises
Subject operates
from a large suite of offices, a warehouse and a factory covering an area of
475,000 square feet that are owned and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
·
PO Box:
71363
/ 424 Distribution
centre
Abu Dhabi
Tel: (971-2) 5556003
Fax: (971-2) 5556729
·
PO Box: 17977 Distribution centre
Al Ain
Tel: (971-3) 7825704
Fax: (971-3)
7825706
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PO Box: 10540 Distribution centre
Khor Fakkan
Tel:
(971-9) 2386727
Fax:
(971-9) 2382350
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PO Box: 1664 Distribution centre
Ras Al Khaimah
Tel:
(971-7) 2221962
Fax:
(971-7) 2221961
KEY
PRINCIPALS
Name Position
·
Obaid Saeed
Al Mulla Chairman
·
Yousef
Mohamed Al Mulla Vice
Chairman
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Sajjad
Ahmed Sheikh Anwar Ghani Managing
Director
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Butty
Obaid Al Mulla Director
·
Ali Bin
Humaid Al Owais Director
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Malik
Mohamed Siddique Finance
& Administration Manager
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Jacob
Mammen Production
Manager
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Nabeel
Abu Ayoun Marketing
Manager
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Mazhar
Kazi Purchasing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 10th
April 1977
History : Subject was incorporated on 10th
April 1977 as a Limited Liability Company
under the name of “United Kaipara Dairies
Limited”.
However, on 28th June 1997, the
company was re-registered as a Public
Shareholding Company under the
current style of “United Kaipara Dairies Co
PSC”.
Legal Form :
Public Shareholding Company
- PSC
Commercial Reg. No. : 42497, Dubai
Trade Licence No. : 300236
Chamber Member No. : 3691
Issued Capital : UAE Dh 30,250,000
Paid up Capital : UAE Dh 30,250,000
Name of Shareholder
(s) Percentage
·
Mohammad
& Obaid Al Mulla 29.06%
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Mohammad
S Al Mulla & Sons 11.62%
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Humaid
A Al Owais 8.17%
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Arab
Emirates Investment Bank 8.04%
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Fatima
A A Al Owais 5.45%
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Mozah S
Saeed 5.45%
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Local
businessmen and private investors 32.21%
AFFILIATED
COMPANIES
Name Percentage Held
·
Unikai
and Company LLC 100%
Dubai
OPERATIONS
Activities: Subject’s activities are performed through
the following divisions:
· Unikai Dairy Division
Under
this division, subject is engaged in the production and processing of dairy
products, such as re-constituted milk, yoghurt, cream, buttermilk, cheese, ice
cream and juices. Production began in October 1979 and currently stands at 30
million litres per annum.
· Unikai Foods International Division
Engaged
as distributors of frozen, chilled and dry food – operating a fleet of over 350
vans and delivering to more than 14,500 customers.
Clients:
·
Oman
Marketing Center Oman
Import
Countries: Europe, United States
of America, India and New Zealand
International
Suppliers:
·
New
Zealand Dairy Board New
Zealand
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Dat-Schaub
A.M.B.A Denmark
Export
Countries: Subject exports
to neighbouring Gulf States, particularly Oman
Brand Names: UNIKAI, AL MOROUJ, ROYAL TREAT, PREMIUM ICE
CREAM, MUMTAZ RICE, SHAN SPICES, WALKERS, FALAK RICE, SHEZAN, EURO CAKES, UNO
FROZEN PRODUCTS, FAIRCO and DAT SCHAUB
Subject has a
workforce of approximately 1,580 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh 000’s)
Consolidated Balance Sheet 31/12/12 31/12/13
Assets
Non-current assets
Property, plant and
equipment 62,925 55,659
Intangible assets 2,113 1,562
Available-for-sale
investments 5,841 6,208
70,879 63,429
Current assets
Inventories 65,336 56,479
Trade receivables 44,745 47,778
Cash 2,191 1,682
112,272
105,939
Total assets 183,151
169,368
Equity and
Liabilities
Equity
Share capital 30,250 30,250
Reserves 85,266 51,162
115,516 81,412
Non-current
liabilities
Employee end-of-service
benefits 8,751 8,340
Current liabilities
Bank borrowings 19,909 38,079
Trade payables 38,696 41,030
Provision for
taxation 279 507
58,884 79,616
Total liabilities 67,635 87,956
Total equity and
liabilities 183,151
169,368
Consolidated Statement of Income 31/12/12 31/12/13
%20-%20271422%2014-Jun-2014_files/image001.gif)
Local sources
consider subject’s financial condition to be Poor.
BANKERS
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
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Arab
Emirates Investment Bank
Deira
PO Box: 5503
Dubai
Tel: (971-4) 2222191
Fax: (971-4) 2274351
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United
Bank Ltd
Murshid Bazar Branch
PO Box: 1000
Dubai
Tel: (971-4) 2282025 / 2223191
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HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
PAYMENT
HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction April
2003 May 2004 June 2005
Amount overdue 0 0 0
Payment terms 60
days 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record Prompt Prompt Prompt
Currency US
Dollars Canadian
Dollars Canadian Dollars
GENERAL
COMMENTS
United Kaipara
Dairies Co PSC (UNIKAI) has operations dating back to 1977 and is engaged in
the production and processing of dairy products, as well as the distribution of
frozen, chilled and dry food through its fleet of 350 vans. The company deals
with a number of leading international suppliers and enjoys an excellent
reputation for the quality of its products.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.48 |
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1 |
Rs.100.93 |
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Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
MNL |
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.