MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL GHURAIR FOODS LLC |
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Registered Office : |
National Flour Mills Building, Al Shindagha Street, Al Shandgha, PO
Box 780, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
23.03.2005 |
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Com. Reg. No.: |
72891, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General Foodstuff Products |
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$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GHURAIR FOODS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 23rd March 2005
Commercial Registration Number : 72891, Dubai
Trade Licence Number : 567076
Chamber Membership Number : 95790
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 100
Activities : Import and distribution of general foodstuff products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 600,000
COMPANY NAME
AL GHURAIR FOODS LLC
ADDRESS
Registered & Physical Address
Building : National
Flour Mills Building
Street : Al Shindagha
Street
Area : Al Shandgha
PO Box : 780
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3939633
/ 8803636
Facsimile : (971-4)
3939655 / 8801779
Mobile : (971-50)
Email : giexmgmt@alghurairgroup.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Essa Abdullah
Ahmed Al Ghurair Emirati Managing
Director
· Asif
Kalim - Finance
Manager
· Muraad
Tarazi - Commercial
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 23rd
March 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 72891, Dubai
Trade Licence No. : 567076
Chamber Member No. : 95790
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Al Ghurair
Investment LLC 99%
Dubai
United
Arab Emirates
· Essa Abdullah
Ahmed Al Ghurair 1%
AFFILIATED COMPANIES
Subject is a member of the Al Ghurair Group, which
has a turnover over in excess of UAE Dh 3 billion (US$ 850 million). The group
has a diversified range of interests spanning real estate, finance and
industry, with specialist operations in banking, trading and shipping.
Some of the very successful industries that it
operates today in the United Arab Emirates, include the National Flour Mills Co
Ltd, National Cement Company, Gulf Extrusions at Jebel Ali, Masafi Mineral
Water Co LLC, National Mosaic Tiles, Arabian Packaging Co and Al Ghurair
Publishing and Printing. In the banking sector, the Ghurairs are owners of the
UAE’s largest private bank, the Dubai-based Mashreq Bank, which is one of the
Group’s most successful ventures and operates from branches both within and
outside the UAE.
The Al Ghurair Group is active in London, New York,
Cairo, Khartoum, Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a
prominent landmark in Dubai. It was built at a cost of more than US $ 150
million and is now home to most of the city’s top retailers.
The Al Ghurair Group comprises the following
concerns :
· Emirates Trading
Agency LLC (ETA)
· Al Ghurair
Holdings (Private) Ltd
· Gulf Extrusions
Ltd
· Arabian Aluminium
Company
· ETA Melco Elevator
Co LLC
· Union Mosaic &
Marble Company
· Al Ghurair Centre
· Arabian Mix
· National Cement
Company Ltd
· Arabian Packing
Company
· Gulf Utensils
· Gulf Import &
Export Co
· House of Perfume
· Computer
Intelligence and Communications Ltd
· Gulf Confectionery
& Biscuit Company
· Oman Insurance Co
Limited
· Mashreq Bank
· Al Ghurair
Enterprises
· Al Ghurair Exchange
· National Flour
Mills Company Ltd
· National Concrete
Company Ltd
· Masafi Mineral
Water Co LLC
· Associated
Construction & Investment Co LLC (ASCON)
· Al Ghurair Fieness
Perry & Partners
· Pak Arab Traders
· Al Ghurair Real
Estate
· Al Khaleej Sugar
Co WLL
· Central Electric
Equipment Co LLC (CEEC)
· National Oman
Marble Company
· Rawda Quarries Ltd
· Ghurair Tarmac
· Oman Finance
Company
· Ghurair Crown
(Engineering) Ltd
· Al Ghurair
Industries (Pvt) Ltd
· Al Ghurair
Printing & Publishing House Co LLC
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products
including flour, edible oils, pasta,
pulses, rice, eggs, maize, soya and animal feed.
Import Countries: India and Europe
Brand Names: BUSTAN, PASTADORA, TALA, LACASA, and LA MACARONA
Subject has a workforce of approximately 100 employees.
FINANCIAL DATA
Companies registered in Dubai, 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
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Fax : (971-4)
2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
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%)