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Report No. : |
356476 |
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Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL BUHEIRA LACNOR
DAIRIES CO LTD |
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|
|
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Registered Office : |
Green Belt Street, Sharjah Industrial Area No. 4, P O Box: 5983, Sharjah |
|
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
|
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Date of Incorporation : |
25.01.1978 |
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|
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Com. Reg. No.: |
2742, Sharjah |
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|
|
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Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Subject is
engaged in the production and marketing of dairy products as well as fruit
juices and drinks. |
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|
|
|
No. of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : AL BUHEIRA
LACNOR DAIRIES CO LTD
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 25th
January 1978
Commercial
Registration Number : 2742,
Sharjah
Trade Licence
Number : 10358
Chamber Membership
Number : 4054
Issued Capital : UAE Dh
2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce : 650
Activities :
Production and marketing of dairy products as well as fruit juices
and
drinks
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Dennis Mathew,
Finance Manager
AL BUHEIRA LACNOR
DAIRIES CO LTD
Street : Green Belt Street
Area : Sharjah Industrial Area No. 4
PO Box : 5983
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5331551
Facsimile : (971-6) 5336102 / 5394109
Email : lacnor@emirates.net.ae / aneel.kumar@nfpc.net / dennis.mathew@nfpc.net
Subject operates
from a large suite of offices, a factory and distribution facilities that are
owned and located in the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
Mussafah
Industrial Area, M1 Distribution
centre
Abu Dhabi
Tel: (971-2) 5582808
·
Ajman Distribution
centre
·
Al Ain Distribution
centre
·
Dubai Distribution
centre
Tel: (971-4) 8845588
Fax: (971-4)
8845566
Name Nationality Position
·
Fady
Gargas Antonious Lebanese Managing
Director
·
Farag
Ali Bin Hamoodah Emirati Director
·
M K
Pardeep - Accountant
·
Azmi
Yagi - Administration
Manager
·
Fleming
Brikmos - Factory
Manager
·
Dennis
Mathew - Finance
Manager
Date of Establishment : 25th
January 1978
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2742,
Sharjah
Trade Licence No. : 10358
Chamber Member No. : 4054
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
·
Farag
Ali Bin Hamoodah
51%
·
Fady
Gargas Antonious 49%
·
Bin
Hamoodah Trading & General Services Co (Bin Hamoodah Automotive)
Bin Hamoodah Building
Old Airport Road
PO Box: 203
Abu Dhabi
Tel: (971-2) 4448888
Fax: (971-2) 4449073
·
Alpha Data
LLC
Alpha Data Megastore
Airport Road
PO Box: 45384
Abu Dhabi
Tel: (971-2) 6333644
Fax: (971-2) 6211924 / 6392192
Email: vijay@alpha.co.ae
·
Gulf
Automation Services & Oil Field Supplies (GASCO)
·
National
Food Products
·
Sahara
Transport & Contracting Co
·
Tareef
Trading Co
·
Howard
Al Geemi & Partners
Activities: Engaged in the production and marketing of
dairy products as well as fruit juices and drinks.
Import
Countries: Germany, the United
Kingdom and Australia.
Brand Names: BUHEIRA LACNOR
Operating Trend: Steady
Subject has a
workforce of approximately 650 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
350,000,000 UAE Dh
400,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Dennis Mathew, Finance Manager
·
National
Bank of Abu Dhabi
Al Hajar Street
Al Quoz Area
PO Box: 282227
Dubai
Tel: (971-4) 4050940
Fax: (971-4) 3285094
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
·
Arab
Bank Plc
PO Box: 130
Sharjah
Tel: (971-6) 5353994
Regular
Please note that
subject’s registration number is 2742 and not 48414.
Al Buheira Lacnor
Dairies Co Ltd is very well established in the local market with operations dating
back to 1978. It is engaged in the production and marketing of dairy products
as well as fruit juices and drinks, operating branches in Sharjah, Abu Dhabi,
Ajman and Al Ain.
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 |
|
|
|
|
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 |
|
|
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.