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MIRA INFORM REPORT
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Report No. : |
487841 |
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Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ELITE AGRO LLC |
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Registered Office : |
Mussafah
Industrial Area, P O Box: 126836 &
5254, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.04.2010 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Import and
Distribution of Agricultural Products. |
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : ELITE AGRO
LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 27th
April 2010
Trade Licence
Number :
CN-1183441
Membership Number : 542553
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce :
200
Activities :
Distributors of agricultural products
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
ELITE AGRO LLC
ADDRESS
Registered & Physical
Address
Location : Mussafah Industrial Area
PO Box : 126836 & 5254
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5577350 / 6421133 / 5105000
Facsimile : (971-2) 5577305 / 6581705
Mobile : (971-50) 4580457 / (971-56)
4108701
Email : mohammed.abdulla@eai.ae / amir.khalaf@eag.ae / waheed.arai@eag.ae /
mohammed.abdullah@globalhr.com
Premises
Subject operates from
a large suite of offices and a warehouse that are rented and located in the
Industrial Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
·
Murshid
Al Rudaini Chief
Executive Officer
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Waheed
Arai Accounting
Manager
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Amir
Khalaf Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 27th
April 2010
Legal Form :
Limited Liability Company –
LLC
Trade Licence No. :
CN-1183441 (Expires 18/03/2018)
Membership
No. : 542553
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Emirates
Advances Investment Group 100%
Abu Dhabi
AFFILIATED
COMPANIES
·
Global
Aerospace Logistics LLC
·
Thales
Advanced Solutions
·
Emirates
Response Services LLC
·
Global
Medical Solutions Hospital Management LLC
·
Maidis
International LLC
·
Al
Shaheen LLC
·
Elite
Deign & Engineering Consultancy LLC
·
Knowledge
Point
·
Emirates
Advanced Research and Technology Holding LLC
·
Best
Foods Factory LLC
·
Itqan
Al Khaleej Computers LLC
·
Technology
Expertise LLC
·
C4
Advanced Solutions LLC
·
Naval
Advanced Solutions
·
Elite
International Travel Center LLC
OPERATIONS
Activities: Engaged in the import and distribution of
agricultural products.
Currently
200 skilled staff employed in two independent operational divisions in UAE:
• Open field farming – responsible for production of cereals.
• Fruits & Vegetable farming -responsible for the production of several
international varieties of fruits & vegetables, distribution and marketing
which are graded, sorted and packaged at in-house facilities. Products include,
Strawberry, Tomato, Pepper, Egg Plant.
Elite
Agro farms are operating complying to international certifications viz. BRC,
Global GAP, HACCP, and ISO2200.
EAG’s
Scope of business and operation activities:
•
Planning and execution of world proven technologies in Agriculture
• Growing cereals commercially under open fields
• Growing vegetables and other crops commercially in controlled environment
viz. greenhouses and net houses, Hydroponics
• Livestock production
• Providing farm management, land dev. for agriculture use, crop planning,
mechanization, operation, logistics, and consultancy.
• Irrigation design & development
• Overseas ventures
• Precision agriculture, controlled traffic farming
• R&D for improved farming, monitoring, and controlling plant diseases
Import
Countries: Europe and the
Far East
Brand Names: ELITE HARVEST and EMIRATES WHEAT
Subject has a
workforce of approximately 200 employees.
FINANCIAL
DATA
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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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
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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UAE Dh |
1 |
INR 17.31 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.