MIRA INFORM REPORT

 

 

Report Date :

25.11.2014

 

IDENTIFICATION DETAILS

 

Name :

AL AIN DAIRY

 

 

Registered Office :

Al Ain Dairy Farm Building Al Ain Dubai Road Al Foah PO Box      15571 Al Ain

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

22.02.1992

 

 

Com. Reg. No.:

9937, Al Ain

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates three farms with over 1000 milking cows and 230 camels specialising in the production of milk, yoghurt and dairy products

 

 

No. of Employees :

1,700

 

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

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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.

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                     : AL AIN DAIRY

Country of Origin                                    : Al Ain, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 22nd February 1992

Commercial Registration Number                        : 9937, Al Ain

Trade Licence Number                            : 16207

Chamber Membership Number                : 3761

Issued Capital                                        : UAE Dh 140,000,000

Paid up Capital                                      : UAE Dh 140,000,000

Total Workforce                                     : 1,700

Activities                                               : Production of milk, yoghurt and dairy products

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Noufal Arkal, Assistant Finance Manager

 

 

 

 

COMPANY NAME

 

AL AIN DAIRY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Ain Dairy Farm Building

Street               : Al Ain Dubai Road

Area                 : Al Foah

PO Box             : 15571

Town                 : Al Ain

Country             : United Arab Emirates

 

Telephone         : (971-3) 7832111 / 7832929 / 7114600

Facsimile          : (971-3) 7832535

Email                : dairyfarm@emirates.net.ae / jaleel@alaindairy.ae / bava@alaindairy.com

 

Premises

 

Subject operates from a large suite of offices and a showroom that are owned and located on the outskirts of Al Ain.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 31642                                                                                 Farm

Jebel Ali Industrial Area No. 2

Dubai

Tel: (971-4) 8804123

Fax: (971-4) 8804124

 

·       PO Box: 7269                                                                                   Farm

Abu Dhabi

Tel: (971-2) 5516460

Fax: (971-2) 5516461

 

·       Sharjah                                                                                            Farm

Tel: (971-6) 5353861

Fax: (971-6) 5353862

 

·       Fish Market                                                                                      Showroom premises

Al Ain

Tel: (971-3) 7514495

 

·       Al Yahar                                                                                           Showroom premises

Al Ain

Tel: (971-3) 7826009

 

·       Al Maqam                                                                                         Showroom premises

Al Ain

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Saif Al Suwaidi                                                                  General Manager

 

·       Shashi Kumar Menon                                                                                    Operations Manager

 

·       Rami Burhan Areef Abdo                                                                    Finance Manager

 

·       Noufal Arkal                                                                                      Assistant Finance Manager

 

·       Mohamed Mostafa                                                                             Purchasing Manager

 

·       Sayyad Ghouse                                                                                Factory Manager

 

·       Kingston Fernandez                                                                          Sales Manager

 

·       Pat O’Dwyer                                                                                     Cow Farm Manager

 

·       Mubarak Al Hameli                                                                            Camel Farm Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd February 1992

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 9937, Al Ain

 

Trade Licence No.       : 16207 (Expires 07/05/2015)

 

Chamber Member No. : 3761

 

Issued Capital             : UAE Dh 140,000,000

 

Paid up Capital            : UAE Dh 140,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Abu Dhabi for Development Fund                                100%

Abu Dhabi

 

 

OPERATIONS

 

Activities: Subject operates three farms with over 1000 milking cows and 230 camels specialising in the production of milk, yoghurt and dairy products.

 

Import Countries: India, France and the United Kingdom

 

Subject has a workforce of approximately 1,700 employees.

 

 

FINANCIAL DATA

 

Companies registered in Al Ain are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Abu Dhabi Commercial Bank

PO Box: 15180

Al Ain

Tel: (971-3) 7660000

Fax: (971-3) 7511455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2012

Credit amount                                        120,000

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

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.61.78

UK Pound

1

Rs.96.78

Euro

1

Rs.76.59

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.