MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL AHLI GENERAL TRADING CO LTD |
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Registered Office : |
Nasser Kamas Building Sheikh Zayed Road, 206 Fujairah, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
1045, Fujairah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of foodstuff; operators of
supermarkets. |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL AHLI GENERAL TRADING CO LTD |
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Country of Origin |
Fujairah, United Arab Emirates |
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Legal Form |
Limited Liability Company |
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Start Date |
1977 |
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Registration Date |
9th March 1982 |
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Commercial Registration Number |
1045, Fujairah |
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Trade Licence Number |
121 |
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Membership No. |
50035 |
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Issued Capital |
UAE Dh 5,000,000 |
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Paid up Capital |
UAE Dh 5,000,000 |
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Total Workforce |
350 |
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Line of Business |
Distributors of foodstuff; operators of supermarkets. |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL AHLI GENERAL TRADING CO LTD
ADDRESS
Registered & Physical Address
Building : Nasser Kamas Building
Location : Sheikh Zayed Road
PO Box : 206
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2226663
Facsimile : (971-9) 2226950
Email : agtcfuj@emirates.net.ae
Premises
Subject operates from a large suite of offices that are owned and located in the Central Business Area of Fujairah.
Branch Office (s)
Location Description
Al Riqqa Street Office premises
Near Al Ghurair Centre
Abu Dhabi
Tel : (971-2) 6351161
Fax : (971-2) 6351151
Mussafah Industrial Area Warehouse premises
Abu Dhabi
Tel : (971-2) 5510443
KEY PRINCIPALS
Nasser Ali Mohamed Kamas Managing Director
Saeed Ali Mohamed Kamas Director
Mohamed Nasser Ali Mohamed Kamas Director
Ayub Khan General Manager
Khalfan Mohamed Khalfan Administration Manager
R. M. Shyam Sales Manager
Roy Wargis Financial Controller
Note : Mr Saeed Ali Mohamed Kamas was formerly the Chairman for the Federation of Chamber of Commerce & Industries, and also the Chairman of the Fujairah Chamber of Commerce & Industry.
LEGAL FORM & OWNERS
Date of Establishment : Subject’s operations date back to 1977, however it was registered on 9th March
1982.
Legal Form : Limited Liability Company
Commercial Reg. No. : 1045, Fujairah
Trade Licence No. : 121
Membership No. : 50035
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Name of Shareholder (s)
Nasser Ali Mohamed Kamas
Saeed Ali Mohamed Kamas
Mohamed Nasser Ali Mohamed Kamas
AFFILIATED COMPANIES
Emirates Construction Co
Fujairah
Al Aiza Trading
Fujairah
Dana Plaza Shopping Complex
Fujairah
LINE OF BUSINESS
Operations : Engaged in the import and distribution of general foodstuff, including fresh and frozen food,
baby food, bread, cakes and pastries, processed rice and rice products, nuts and sugar confectionery items.
Subject also operates five retail
supermarkets, three located in Fujairah and two in Sharjah.
Import Countries : Germany, France and Denmark.
International Suppliers :
Nordmilch Germany
Doux France
Struer Denmark
Datshub Denmark
Operating Trend : Steady
Subject has a workforce of approximately 350 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 Year Ending 31/12/05
Total Revenue UAE Dh 132,500,000 UAE Dh 137,950,000
Local sources consider subject’s financial condition to be Good.
BANKERS
National Bank of Fujairah
PO Box 887
Fujairah
Tel : (971-9) 2224518 / 2224513
Fax : (971-9) 2224516 / 2229470
HSBC Bank Middle East
Hamad Bin Abdullah Street
PO Box 21
Fujairah
Tel: (971-9) 2222221
Fax: (971-9) 2227150
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction June 2005
Credit amount 201,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters of Credit
Paying record No Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1981, subject is involved in the import and distribution of fresh and frozen foodstuff as well as the operation of five supermarkets.
During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 1,500,000
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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