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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
UNIPEX DAIRY PRODUCTS CO LTD |
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Registered Office : |
Industrial Area No. 2, 5646 Sharjah |
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Country : |
United Arab Emirates |
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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 - 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. |
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No of Employees : |
280 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
UAE |
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 |
UAE - 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 |
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 : Krishna Daz, Finance Manager
UNIPEX DAIRY
PRODUCTS CO LTD
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
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 (Expires 23/06/2014)
Chamber Member No. : 169
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
·
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
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. Krishna Daz, Finance Manager
·
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.
Please note that
the contact details provided belong to the subject’s sister company “Emirates
Grain Products Co Ltd”.
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. 59.07 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.