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Report No. : |
356477 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ABU DHABI FARMERS
SERVICES CENTER |
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Registered Office : |
Abu Dhabi Farmers Service Center, Ground Floor, Delma Street, P O Box: 62532, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.08.2010 |
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Com. Reg. No.: |
282712 |
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Legal Form : |
Government Corporation |
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Line of Business : |
Subject works
with local farmers to improve farming practices, resulting in higher
production levels and better quality crops while conserving the country’s
environmental resources. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. The
country's free trade zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis of 2008,
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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : ABU DHABI
FARMERS SERVICES CENTER
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Government Corporation
Registration Date : 2nd
August 2010
Commercial
Registration Number : 282712
Trade Licence
Number : 118808
Chamber Membership
Number : 559861
Issued Capital : UAE Dh
1,500,000
Paid up Capital : UAE Dh
1,500,000
Total Workforce : 200
Activities :
Providers of services to farmers
Financial Condition : Undetermined
Payments :
Regular
ABU DHABI FARMERS
SERVICES CENTER
Building : Abu Dhabi Farmers Service Center,
Ground Floor
Street : Delma Street
PO Box : 62532
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 8138888 / 8138480
Facsimile : (971-2) 8138480 / 8139999
Email : info@adfsc.ae
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Agricultural
Affairs Department Building Office
premises
Mezaira’a
·
Jimi
Area Office
premises
Al Ain
Name Position
·
Rashed Khalfan
Al Shariqi Chairman
·
Khalifa
Ahmed Khalfan Al Ali Vice
Chairman
·
Mubarak
Ali Al Mansouri Director
·
Mohamed
Hamad Azzan Al Mazrouei Director
·
Hamood
Humaid Al Mansoori Director
·
Mohamed
Sultan Qarran Al Mansoori Director
·
Rakkan
Al Qubaisi Director
·
Christopher
Hirst Chief
Executive Officer
Date of Establishment : 2nd
August 2010
Legal Form :
Government Corporation
Commercial
Reg. No. : 282712
Trade Licence No. : 118808
Chamber Mem. No. : 559861
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
·
Government
of Abu Dhabi 100%
Activities: Subject works with local farmers to improve
farming practices, resulting in higher production levels and
better quality crops while
conserving the country’s environmental resources.
Services to Farmers include:
Enhanced on-farm livestock management, improvements to date palm care,
nutrition and harvesting, improved irrigation systems and scheduling, Advice to
improve crop production, Access to best-practice demonstration farms,
Distribution of research findings and improved agricultural techniques,
Assistance in improving farm planning, technology and management,
Subject also
operates a network of convenience stores throughout the Abu Dhabi Emirate supplying
fresh, local fruit and vegetables and small grocery items to customers and a
network of stores selling a wide range of agricultural products (such as
fertilizer, animal feed, irrigation equipment) directly to farmers.
Subject has a
workforce of approximately 200 employees.
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
Regular
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
UAE Dh |
1 |
Rs.17.95 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
NIT |
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 |
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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 |
|
|
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 |
|
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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 |
|
|
-- |
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.