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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AHLIA GULF
LINE GENERAL TRADING COMPANY (PVT) LTD |
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|
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Registered Office : |
Mezzyad Area, P O
Box 15339, Al Ain |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
production and marketing of beverages, carbonated drinks and mineral water. |
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No of Employees : |
1,000 (Approximately) |
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 |
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Status : |
Satisfactory |
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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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company Name : AL AHLIA GULF LINE GENERAL TRADING COMPANY (PVT) LTD
Country of Origin : Al Ain, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1988
Registration Date : 23rd December 2009
Chamber Membership Number : 322568
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 1,000
Activities : Production and marketing of beverages, carbonated drinks and mineral
water
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jetan Seth, Financial Manager
AL AHLIA GULF LINE GENERAL TRADING COMPANY (PVT) LTD
Registered &
Physical Address
Location : Mezzyad Area
PO Box : 15339
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7825633
Facsimile : (971-3) 7825806 / 7825659
Email : jseth@coca-cola.co.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Depaak
Kaul Managing
Director
·
Tawfiq
Safi Marketing
Manager
·
Jetan
Seth Financial
Manager
·
George
Joseph Procurement
Manager
Date of Establishment : 1988, however
subject was registered on 23rd December 2009
Legal Form :
Limited Liability Company -
LLC
Chamber Member No. : 322568
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of Shareholder
(s) Percentage
·
Al
Ahlia General Trading Ltd (AGTC) 51%
Abu Dhabi
·
Atlantic
Industries 25%
United States of America
·
Gulf
Line 24%
Oman
·
Al Ahlia
Gulf Line General Trading Co Ltd
Al Khalifah Building
Baniyas Street
PO Box: 44339
Abu Dhabi
Tel: (971-2) 6732191
Fax: (971-2) 6732189
·
Al
Ahlia Oilfields Development Company
PO Box : 4033
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6813309
Fax: (971-2) 6813354
·
Al
Ahlia Gulf Line General Trading Co LLC
PO Box: 3024
Ruwi 112
Oman
Tel: (968) 24590588
Fax: (968) 24592646
·
Arab
Stores & Commercial Centre
Amman
Jordan
Activities: Engaged in the production and marketing of
beverages, carbonated drinks and mineral water.
Export
Countries: United Arab
Emirates, Oman and other GCC countries
Brand Names: COCA COLA, FANTA, SPRITE, ARWA and
SCHWEPPES
Operating Trend: Steady
Subject has a
workforce of approximately 1,000 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 Revenue UAE Dh 524,000,000 UAE Dh 530,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Jetan Seth, Financial Manager
·
Citibank
Sheikh Zayed Street
PO Box: 1430
Al Ain
Tel: (971-3) 7641090
Fax: (971-3) 7663887
No complaints regarding
subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.