MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AWAFI FOODSTUFF
INDUSTRIES CO LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.03.1999 |
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Com. Reg. No.: |
33926, Sharjah |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the production of sweets, potato crisps and nuts
such as cashew, almonds, pistachios and peanuts. |
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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Maximum Credit Limit : |
US$ 900,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AWAFI FOODSTUFF
INDUSTRIES CO LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date : 15th
March 1999
Commercial Registration
Number : 33926, Sharjah
Trade Licence Number : 10692
Membership Number : 44481
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 200
Line of Business : Production
of sweets, potato crisps and nuts.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AWAFI FOODSTUFF
INDUSTRIES CO LLC
ADDRESS
Registered &
Physical Address
Street :
Area : Sharjah Industrial Area No.
10
PO Box : 41165
Town : Sharjah
Country :
Telephone : (971-6) 5343436
Facsimile : (971-6) 5340396
Email : jamfi@emirates.net.ae
Premises
Subject operates from a
large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
Khalid Juma Al Majid Managing
Director
Khalid Rashid Al Majid Director
Mohamed Wafiq Bahlawan General
Manager
Kayad Kamal Ahmed Sales
Manager
Nedal Shaheen Finance
Manager
Imran Abu Hamdi Production
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 15th March 1999
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 33926, Sharjah
Trade Licence No. : 10692 (Valid until 13/03/2008)
Membership No. : 44481
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
Khalid Juma Al Majid
Khalid Rashid Al Majid
Juma Al Majid Est
Juma Al Majid Building
Rashidiya
PO Box: 156
Tel: (971-4) 2690893 /
2665210 / 2660640
Fax: (971-4) 2690784 /
2695867
Email: jhyundai@emirates.net.ae
Note to the Legal
Form
A Limited Liability
Company (LLC) is defined in the Company Law as a company incorporated with not
less than two and not more than fifty shareholders, each responsible only for
the liabilities of the company to the extent of their share participation in
the capital of the company.
The Company Law
provides that the capital of a Limited Liability Company (LLC) should not be
less than UAE Dh 150,000, which should be divided into equal shares of a value
not less than
UAE Dh 100 each.
This type of company
may engage in any form of legitimate business, with the exception of insurance,
banking and investment of funds.
AFFILIATED COMPANIES
Subject is a member of the
well known Juma Al Majid Group of Companies, which consists of the following
concerns:
ACSYS Control Systems
Trading LLC
Al Khaleej Metal Coat
LLC
Al Maarifa Mech.,
Elect. & Building Maintenance
Al Majid Contracting
Al Majid Express Lift
Co.
Al Majid Industries LLC
Al Majid Information
Technology LLC
Al Majid Motors Co LLC
Al Majid Property Est.
Al Majid Travel Agency
Ashraf & Partners
LLC
Barber
General Navigation
& Commerce Co. LLC (Genavco)
Green Emirates Shipping
& Travel
Gulf Intertrade Co. LLC
Gulf Trading &
Refrigerating Ltd. (Gulfco)
Hammam Trading
Intermarkets U.A.E
Juma Al Majid Concrete
Products Plants
Juma Al Majid Culture
& Heritage Centre
Khalid Al Majid &
Partners
Leader Furniture &
Joinery Craftsmen LLC
National Refreshments
Co. LLC
Skyline Travel Agency
(Sharjah)
Stalco
Triangle Shipping
Agencies LLC
LINE OF BUSINESS
Operations: Engaged in the production of sweets, potato crisps
and nuts such as cashew, almonds,
pistachios and peanuts.
Subject is ISO 9002
certified.
Import Countries:
Brand Names: CRUNCHOS
Operating Trend: Steady
Subject has a workforce
of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency :
Year Ending 31/12/05: Year Ending 31/12/06:
Total Revenue UAE Dh 41,860,000 UAE Dh 42,590,000
Local sources consider
subject’s financial condition to be Good.
BANKERS
National Bank of
Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
Commercial Bank of
PO Box : 677
Sharjah
Tel : (971-6) 5740666
Fax : (971-6) 5740044
Arab Bank Plc
PO Box : 17
Tel : (971-6) 7422431
Fax : (971-6) 7426871
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction May 2006
Credit amount 34,000
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:
Awafi Foodstuff
Industries Co LLC was established in 1999 and has made excellent progress in
the local market producing sweets, potato crisps and nuts under the brand name
of “Crunchos”.
The company is a member
of the Juma Al Majid Group of Companies, which consists of a host of diversified
entities located throughout the UAE.
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 admissible.
Maximum suggested
credit figure: US$ 900,000
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%)