MIRA INFORM REPORT

 

 

Report No. :

329222

Report Date :

01.07.2015

 

IDENTIFICATION DETAILS

 

Name :

AL TAYEB MEAT EST

 

 

Registered Office :

Mussafah Industrial Area, ICAD 4048 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.08.1986

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of fresh and frozen meat and poultry.

 

 

No. of Employees :

40

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

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. 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 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 diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL TAYEB MEAT EST

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 27th August 1986

Trade Licence Number                           : 1014308

Chamber Membership Number               : 4537

Invested Capital                                    : UAE Dh 100,000

Total Workforce                                     : 40

Activities                                               : Distributors of fresh and frozen meat and poultry.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : K L Glaison, Chief Financial Officer

 
Company name

 

AL TAYEB MEAT EST

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Mussafah Industrial Area, ICAD

 

PO Box            : 4048

 

Town                : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 4949149 / 4949191

Facsimile          : (971-2) 5506098

Email                : altayebs@emirates.net.ae / gliasink@altayebintl.com

 

Please note that subject’s previous address was, MK Group Building, Muroor Road, Abu Dhabi.

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Abu Dhabi.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                Position

 

·       Yousef Ali M A                                             Indian                                       Proprietor & General Manager

 

·       Hamd Rashid Hamd Al Mutifi Al Zahri            Emirati                                      Local Sponsor

 

·       Riyad Jabar                                                       -                                          General Manager

 

·       K L Glaison                                                       -                                          Chief Financial Officer

 

·       Sayed Tajeddine                                                -                                          Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th August 1986

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.        : 1014308

 

Chamber Member No.  : 4537

 

Invested Capital           : UAE Dh 100,000

 

Mr Yousef Ali M A is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Lulu Hypermarket

Abu Dhabi

 

·       Al Fala Plaza

Abu Dhabi

 

·       Emirates General Markets

Abu Dhabi

 

·       Al Mathaq Al Tayeb Meat and Foodstuff

Industrial Area No. 8

PO Box : 37372

Sharjah

Tel : (971-6) 5319067 / 5319068

Fax : (971-6) 5319068

 

·       EMKE General Trading

Al Qusais

PO Box: 60188

Dubai

Tel: (971-4) 2670077

Fax: (971-4) 2670088

 

·       Al Tayeb Cold Stores LLC

Mina Free Port

     PO Box: 4048

     Abu Dhabi

     Tel: (971-2) 6731831 / 6730393

     Fax: (971-2) 6731124

     Email: altcs@emirates.net.ae

 

·       Gulf Star Est

PO Box: 27608

Abu Dhabi

Tel: (971-2) 4481200

Fax: (971-2) 4481718

 

·       Huda Shipping International

     Mina Zayed

     PO Box: 4048

     Abu Dhabi

     Tel: (971-2) 6224226

     Fax: (971-2) 6224244

 

·       Syscoms Information Technology

     Liwa Street

     PO Box: 4048

     Abu Dhabi

     Tel: (971-2) 6224226

     Fax: (971-2) 6224244

 

·       Asif Jewellery

       Hamdan Street
PO Box: 4048
Abu Dhabi
Tel: (971-2) 6331366 
Fax: (971-2) 6334466

 

·       EMKE Stores

Mina

     PO Box: 4048

     Abu Dhabi

     Tel: (971-2) 6732131

     Fax: (971-2) 6732151

 

·       Emke Commodities (Kenya) Ltd

PO Box: 1556

Mombasa

Kenya

Tel: (254-11) 434463

Fax: (254-11) 432390

 

·       EMKE Tanzania Ltd

PO Box: 40652

Dar Ed Salaam

Tanzania

 

·       EMKE Garments (Kenya) Ltd

PO Box: 1556

Mombasa

Kenya

Tel: (254-11) 432585

Fax: (254-11) 432390

 

·       Fair Exports (India) Pvt. Ltd

     501 Madhava Bandra Kurla Complex

     Bandra (East)

     Mumbai 400051

     India

 

·       E K Prima Exports Thailand Ltd

     64/16 Sukhumvil Soi-20

     Bangkok 10110

     Thailand

 

·       E K Prima Exports HongKong Ltd

     Yu Cheong Ind Centre, Room 5K

     1 Wong Chuk Yeung Street

     Fotan

     Hong Kong

 

·       P.T.E.K. Prima Ekspor Indonesia

     J1, Mangga Dua Raya

     Block C 12

     Jakarta 14430

     Indonesia

     Tel: (62-21) 6128791/ 6128792

     Fax: (62-21) 6019438

 

·       Y Tex Fashions

     San Joaquin, 99-101 

     Bajos 1, 08922

     Santa Coloma Degramnet

     Barcelona

     Spain

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fresh and frozen meat and poultry.

 

Import Countries: India, Pakistan and Brazil.

 

International Suppliers:

 

·       AMRON Food                      India

·       M K Export                          India

·       Al Nafees Food                    India

·       ALANA Food                        India

·       Al Shaheer Corporation         Pakistan

·       GBS                                                Brazil

 

Operating Trend: Steady

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

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 178,200,000                 UAE Dh 185,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr K L Glaison, Chief Financial Officer

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.75

UK Pound

1

Rs. 100.12

Euro

1

Rs. 71.20

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.