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Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ALLIED GULF FOOD INDUSTRIES FZ LLC |
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Registered Office : |
Al Jazira Al Hamra PO Box 54575 Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.05.2009 |
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Com. Reg. No.: |
34116, Ras Al Khaimah |
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Legal Form : |
Free Zone Limited Liability Company – FZ LLC |
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Line of Business : |
Manufacturers of chilled and frozen meat products |
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No. of Employees : |
120 |
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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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - 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 based on
oil and gas output to 25%. Since the discovery of oil in the UAE more than 30
years ago, the UAE 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. In
April 2004, the UAE signed a Trade and Investment Framework Agreement with
Washington and in November 2004 agreed to undertake negotiations toward a Free
Trade Agreement with the US, however, those talks have not moved forward. The
country's Free Trade Zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis, 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.
The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on
oil, a large expatriate workforce, and growing inflation pressures are
significant long-term challenges. The UAE's strategic plan for the next few
years focuses on diversification and creating more opportunities for nationals
through improved education and increased private sector employment.
Source : CIA
Company Name : ALLIED GULF FOOD INDUSTRIES FZ LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Limited Liability Company – FZ LLC
Registration Date : 27th May 2009
Commercial Registration Number : 34116, Ras Al Khaimah
Trade Licence Number : RAKIA 15FZ30591871
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
Total Workforce : 120
Activities : Manufacturers of chilled and frozen meat products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ALLIED GULF FOOD INDUSTRIES FZ LLC
Location : Al Jazira Al
Hamra
PO Box : 54575
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2433274
Facsimile : (971-7)
2433275
Email : martitar@gmail.com
/ info@alliedgulf.net
/ agfi@eim.ae
Subject operates from a suite of offices and a warehouse covering 20,912
square metres that are rented and located in the Central Business Area of Ras
Al Khaimah.
Name Position
· Dr Ayad Falah
Hassan Al Azzawi Chairman
· Neda Yassin
Abdulreza Managing
Director
· Ahmed Samir Production
Manager
· Samer Nafa Financial
and Plant Manager
Date of
Establishment : 27th
May 2009
Legal Form : Free Zone Limited
Liability Company – FZ LLC
Commercial Reg.
No. : 34116, Ras Al Khaimah
Trade Licence No. : RAKIA 15FZ30591871
Issued Capital : UAE Dh 45,000,000
Paid up Capital : UAE Dh 45,000,000
· Dr Ayad Falah
Hassan Al Azzawi
· Neda Yassin
Abdulreza
· Universal Islamic
Meat
Jebel Ali Free
Zone
Dubai
Activities: Engaged in the manufacture of chilled and frozen meat products such as
chicken, burgers, sausages,
meatballs and mortadella.
Import Countries: Europe and the Far East.
Brand Names: AYAD and RANDA
Subject has a workforce of 120 employees.
Companies registered in Ras Al Khaimah, 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.
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business 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 |
Rs.55.08 |
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1 |
Rs.89.09 |
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Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.