|
Report No. : |
342066 |
|
Report Date : |
23.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DUBAI REFRESHMENTS PJSC |
|
|
|
|
Registered Office : |
Plot No. 354-388, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box
420, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.01.1959 |
|
|
|
|
Com. Reg. No.: |
42823 |
|
|
|
|
Legal Form : |
Public Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the production of soft drinks and the import and distribution
of general foodstuffs, beverages, heavy duty equipment and machinery. |
|
|
|
|
No. of Employees : |
500 |
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 |
|
Payment Behaviour : |
Regular |
|
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 :
DUBAI REFRESHMENTS PJSC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Public Joint Stock Company
Start Date :
1st January 1959
Registration Date :
16th September 1970
Commercial Registration Number :
42823, Dubai
Trade Licence Number :
300025
Chamber Membership Number :
856
Issued Capital :
UAE Dh 90,000,000
Paid up Capital :
UAE Dh 90,000,000
Total Workforce :
500
Activities :
Producers of soft drinks and the import and distribution of general
foodstuffs, beverages, heavy duty equipment
and machinery.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
DUBAI REFRESHMENTS PJSC
Registered &
Physical Address
Location : Plot No.
354-388
Street : Sheikh Zayed
Road
Area : Al Quoz
Industrial Area
PO Box : 420
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3385386
/ 3393000
Facsimile : (971-4)
3381684
Email : dubairef@emirates.net.ae
/ pepsidrc@pepsidrc.ae
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Dubai.
Branch Offices
Location Description
Dibba Factory
premises
Fujairah
Tel: (971-9) 2442221
Fax: (971-9) 2442226
Industrial Area No. 13 Warehouse
premises
Sharjah
Tel: (971-6) 5441900
Airport Road Warehouse
premises
PO Box: 5694
Ras Al Khaimah
Tel: (971-7) 2442516
Fax: (971-7) 2442517
Name Position
Ahmed Bin Eisa Bin Nasser Alserkal Chairman
Ali Humaid Ali Abdulla Alowais Vice
Chairman
Mana Mohammed Saeed Al Mulla Managing
Director
Ibrahim Abdulrazak Ustadi Director
Mohanad Saif Abdulrahman Al Ashram Director
Mohammed Hadi Ahmad Abdullah Al Husaini Director
Mohamed Abdulaziz Ali Abdalla Alowais Director
Tarek El Sakka Chief
Executive Officer
Date of Establishment : 1st
January 1959, however subject was registered on 16th September 1970
Legal Form : Public Joint Stock
Company
Commercial Reg. No. : 42823, Dubai
Trade Licence No. : 300025
Chamber Member No. : 856
Issued Capital : UAE Dh 90,000,000
Paid up Capital : UAE Dh 90,000,000
Name of
Shareholder (s) Percentage
Sheikh Ahmed Bin Rashed Al Maktoum 20.00%
Mohammed Obaid Al Mulla 9.96%
Omar Khalfan Al Qaz and Brothers 5.92%
Juma Al Majid Abdullah 5.92%
Local businessmen and private investors 58.20%
Activities: Engaged in the production of soft drinks and the import and
distribution of general foodstuffs, beverages, heavy duty equipment and
machinery.
In 1962 the subject was appointed as the sole franchisee and distributor
for Pepsi Cola International. Subject also holds the 7Up and Aquafina bottling
and selling rights for the whole of the UAE.
Import Countries: Europe and the United States of America.
Brand Names: PEPSI COLA, 7UP and AQUAFINA
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh 000’s)
Balance Sheet 31/12/14 31/12/13
Non-currents assets
Property, plant and equipment 564,387 405,814
Intangible assets 45,664 52,451
Available for sale investments 165,626 176,467
775,677 634,732
Current assets
Inventories 70,867 75,286
Trade and other receivables 104,644 92,235
Cash at bank and in hand 188,004 208,799
Advances to Greenfield contractors 40,456 92,326
403,971 468,646
Total assets 1,179,648 1,103,378
Current liabilities
Trade and other payables 149,418 186,179
Short term portion of term loans 47,204 33,281
Bank overdrafts - 9,843
196,622 229,303
Net current assets
Non-current portion of term loans 150,013 116,966
Provision for staff terminal benefits 19,687 16,679
169,700 133,645
Total liabilities 366,322 362,948
Share capital 90,000 90,000
Statutory reserve 45,000 45,000
General reserve 407,665 342,182
Fair value reserve 134,543 145,384
Cash flow hedge reserve (719) (1,619)
Retained earnings 136,837 119,483
Total equity 813,326 740,430
Total equity and liabilities 1,179,648 1,103,378
Income Statement
Revenue 985,099 891,906
Cost of sales (630,173) (589,456)
Gross profit 354,926 302,450
Other operating income 1,617 10,392
Selling and distribution expenses (158,208) (135,722)
Administrative and general expenses (60,125) (57,647)
Amortisation of intangibles (7,377) (4,343)
Results from operating activities 130,833 115,130
Finance income 1,004 2,290
Finance expense (466) (1,127)
Dividend income 6,780 6,770
Other income 1,618 (1,961)
Gain on sale of available for sale investments 568 1,881
Profit for the year 140,337 122,983
Local sources consider subject’s financial condition to be Good.
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints regarding subject’s payments have been reported.
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.65.63 |
|
|
1 |
Rs.101.73 |
|
Euro |
1 |
Rs.73.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.