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Report No. : |
356465 |
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Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
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Name : |
NESTLE DUBAI
MANUFACTURING LLC |
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Registered Office : |
The Factory at
Technology Park, Jebel Ali Free Zone, P O Box: 119857, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.06.2007 |
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Com. Reg. No.: |
1011973, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture and
Repackaging of Dairy, Sweets, Soup and Baby Foodstuff. |
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No. of Employees : |
400 |
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 |
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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 |
|
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 $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. Dependence on oil,
a large expatriate workforce, and growing inflation pressures are significant
long-term challenges. The UAE's strategic plan for the next few years focuses
on economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : NESTLE DUBAI
MANUFACTURING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 19th
June 2007
Commercial
Registration Number : 1011973,
Dubai
Trade Licence
Number : 596950
Chamber Membership
Number : 133914
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 400
Activities :
Manufacture and repackaging of dairy, sweets, soup and baby foodstuff
Financial Condition : Undetermined
Payments : Regular
NESTLE DUBAI
MANUFACTURING LLC
Location : The Factory at Technology Park,
Jebel Ali Free Zone
PO Box : 119857
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8867575 / 8838000 / 8839000
Facsimile : (971-4) 8867320 / 8142167
Email : nasser.moopan@ae.nestle.com
Subject operates from
a suite of offices and a manufacturing plant covering 175,000 m2
that are owned an located in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Yves
Manghardt Chairman
·
Lynn
Alkhatib Media
Relations Manager
Date of Establishment : 19th
June 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1011973,
Dubai
Trade Licence No. : 596950
(Expires 31/07/2016)
Chamber Member No. : 133914
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Dubai
Enterprises World LLC 51%
United Arab Emirates
·
Nestle
S A 49%
Switzerland
Activities: Engaged
in the manufacture and repackaging of dairy, sweets, soup and baby foodstuff.
In
June 2015 it was announced that Nestlé is investing US$ 120 million in a new
manufacturing facility in Dubai to produce coffee and culinary products and cater
for rising demand throughout the Middle East. The new facility will be built on
a 175,000 square meter plot and will provide employment for 400 people.
Nestlé
is building the new factory to provide fresher products for consumers in the
Middle East and better cater for local tastes.
The
new Dubai factory will create synergies in warehousing and logistics that will
allow Nestlé to better serve the Middle Eastern region as a whole. The facility
will start producing culinary products at the end of 2015, and coffee products
in early 2016.
Import
Countries: Europe and the
Far East
Subject has a
workforce of approximately 400 employees.
Companies
registered in Dubai are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.66.37 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.72.85 |
|
UAE Dh |
1 |
Rs.18.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
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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 |
|
|
<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.