MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FUJAIRAH FEED
FACTORY |
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Registered Office : |
Industrial Area,
Fujairah Free Zone, P O Box 1281, Fujairah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
1706/94, Fujairah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the production,
processing and marketing of various types of animal feeds. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FUJAIRAH FEED FACTORY
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1993
Commercial Registration Number : 1706/94, Fujairah
Trade Licence Number : 1143
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Total Workforce : 150
Line of Business : Production, processing and marketing of animal feed.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FUJAIRAH FEED
FACTORY
ADDRESS
Registered & Physical Address
Location : Industrial Area, Fujairah Free
Zone
PO Box : 1281
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2228199
Facsimile : (971-9) 2228198
Email : fujifeed@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a factory that are owned
and located in the Industrial Area of Fujairah.
KEY PRINCIPALS
·
Abdulrahman Al
Ghanem Managing Director
·
Eng. Issa
Mohamed Al Azzm Director
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Saeed Mohamed
Al Azzm Director
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Khaled Awad Commercial
Manager
·
Madhavan
Ashokan Finance
Manager
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Abdulrahim
Mansour Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1993
History :
Subject was originally
incorporated in Abu Dhabi under the name of “Technical
Commercial Services Agency”, however in
October 1994 subject moved to the
above address and re-registered
with its current legal style under the
name of “Fujairah Feed
Factory”.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1706/94,
Fujairah
Trade Licence No. : 1143
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Name of Shareholder (s)
·
Abdulrahman Al
Ghanem
·
Eng. Issa
Mohamed Al Azzm
·
Saeed Mohamed
Al Azzm
LINE OF BUSINESS
Operations : Engaged in the production, processing and
marketing of various types of animal feeds.
Import Countries
: Germany, the United
Kingdom and the Far East.
Operating Trend
: Steady
Subject has a
workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 51,490,000 UAE Dh 52,780,000
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
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Emirates Bank
International
Musalla Towers, 13th Floor
Khalid Bin Al Waleed Road
PO Box: 46046
Dubai
Tel: (971-4) 3966767
Fax: (971-4) 3977900
A/C No. 0075 250064001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Fujairah Feed
Factory was established in Fujairah in 1994 and is engaged in the production,
processing and marketing of animal feed. It has made steady progress in the
local market and enjoys a good reputation for the quality of its products.
The operating
history is clear and local sources report that the financial position is
satisfactory. Payment obligations are met in a timely manner and as such the
company is deemed a fair trade risk.
Maximum suggested
credit: US$ 350,000
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. |
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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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%)