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Report No. : |
323587 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
AL GHURAIR RESOURCES OIL & PROTEINS LLC |
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Formerly Known As : |
DUBAI OIL MILLS CO LLC |
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Registered Office : |
Al Qubaiba Street, Al Shindagha, PO Box 5326 & 54320, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.03.2006 |
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Com. Reg. No.: |
1011968 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject Operators of an Oilseeds Processing factory. |
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No. of Employees : |
275 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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, 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 |
Company Name :
AL GHURAIR RESOURCES OIL & PROTEINS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
20th March 2006
Commercial Registration Number :
1011968, Dubai
Trade Licence Number :
558989
Chamber Membership Number :
98543
Issued Capital :
UAE Dh 100,000,000
Paid up Capital :
UAE Dh 100,000,000
Total Workforce : 275
Activities :
Operators of an oilseeds processing factory.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sijili Mujeeb, Financial Controller
AL GHURAIR RESOURCES OIL & PROTEINS LLC
Registered &
Physical Address
Street : Al Qubaiba
Street
Area : Al Shindagha
PO Box : 5326 &
54320
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3939633
/ 3120153 / 3120261 / 3120202
Facsimile : (971-4)
3939655
Mobile : (971-50)
2561494
Email : resources@al-ghurair.com
/ ahsan.rathore@al-ghurair.com
/ sijali.mujeeb@al-ghurair.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Jebel Ali Free Zone Rented
factory
Dubai
Name Nationality Position
Amer Abdullah Ahmed Al Ghurair Emirati Managing
Director
Essa Abdullah Ahmed Al Ghurair Emirati Director
Ibrahim Abdullah Ahmad Al Ghurair Emirati Director
Rajev Nigudkar - General
Manager
Ahsan Rathore - Finance
Manager
Sijili Mujeeb - Financial
Controller
Date of Establishment : 20th
March 2006
History : Subject was originally established in 2006
under the name of “Dubai Oil Mills Co LLC”.
However, on 2nd May 2011 the company was re-registered under
the current style of “Al Ghurair
Resources Oil & Proteins LLC”
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 1011968, Dubai
Trade Licence No. : 558989 (Expires
29/06/2015)
Chamber Member No. : 98543
Issued Capital : UAE Dh
100,000,000
Paid up Capital : UAE Dh 100,000,000
Name of Shareholder
(s)
Al Ghurair Investment LLC
Dubai
United Arab Emirates
Amer Abdullah Ahmed Al Ghurair
Essa Abdullah Ahmed Al Ghurair
Ibrahim Abdullah Ahmad Al Ghurair
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified
range of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles and Al Ghurair Publishing and Printing. In the banking sector, the
Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq
Bank, which is one of the Group’s most successful ventures and operates from
branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair
Group comprises the following concerns:
Al Ghurair Holdings (Private) Ltd
Gulf Extrusions Ltd
Arabian Aluminium Company
Al Ghurair Publishing & Printing House
Union Mosaic & Marble Company
Al Ghurair Centre
Arabian Mix
National Cement Company Ltd
Emirates Trading Agency LLC (ETA)
Gulf Utensils
Al Ghurair Resources LLC
House of Perfume
Computer Intelligence and Communications Ltd
Gulf Confectionery & Biscuit Company
Oman Insurance Co Limited
Mashreq Bank
Al Ghurair Enterprises
Al Ghurair Exchange
Arabian Packaging Company LLC (APC)
National Concrete Company Ltd
Masafi Mineral Water Co LLC
Associated Construction & Investment Co LLC (ASCON)
Al Ghurair Fieness Perry & Partners
Pak Arab Traders
Al Ghurair Real Estate
Al Khaleej Sugar Co WLL
Central Electric Equipment Co LLC (CEEC)
National Oman Marble Company
Rawda Quarries Ltd
Ghurair Tarmac
Oman Finance Company
Ghurair Crown (Engineering) Ltd
Al Ghurair Industries (Pvt) Ltd
Activities: Subject is one of the largest and most modern oilseeds processing unit
in the Middle East, equipped with a capacity to crush 4,500 metric tonnes of
soybeans or 3,200 metric tonnes of canola seeds daily. The plant was established
with an investment of Dh250 million. Subject supplies vegetable oils to the biodiesel industry in Europe as well cater
to the demands for human consumption in the Middle East and South East Asia.
Subject’s refinery is strategically located in the
Jebel Ali Port and has an annual refining capacity of 96,000 MT. Subject
refines and packs Canola, Corn, Sunflower oils.
Import Countries: United States of America, Australia, Canada,
Argentina, Brazil and Paraguay.
International
Suppliers:
Canadian Wheat Board Canada
Richardson International Canada
Cargil United
States of America
Operating Trend: Steady
Subject has a workforce of approximately 275 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 2,712,000,000 UAE Dh
2,952,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Ms Sijili Mujeeb, Financial Controller
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints regarding subject’s payments have been reported.
Established in 2006, subject is one of the largest and most modern
oilseeds processing unit in the Middle East.
The company is part of the very well known and financially strong Al
Ghurair Group that has a diversified range of interests spanning real estate,
finance and industry, with specialist operations in banking, trading and
shipping.
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.63.70 |
|
|
1 |
Rs.98.91 |
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Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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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 |
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-- |
NB |
New Business |
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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.