|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL FOOD INDUSTRIES |
|
|
|
|
Registered Office : |
Wasit Street, off Caterpilar Road, Industrial Area No. 2, P O Box 23726, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.06.1993 |
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|
|
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Com. Reg. No.: |
10466, Sharjah |
|
|
|
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Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
manufacturing
and processing of foodstuff,
including burgers, chicken nuggets, shrimps, mutton, vegetables, sweets and
biscuits. |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates 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 country 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. 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 : GLOBAL FOOD INDUSTRIES
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th June 1993
Commercial Registration Number : 10466, Sharjah
Trade Licence Number : 10466
Chamber Membership Number : 32538
Invested Capital : UAE Dh 20,000,000
Total Workforce : 250
Activities : Manufacture and processing of foodstuff, sweets and biscuits
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Niten K Varma, Chief Financial Officer
GLOBAL FOOD
INDUSTRIES
Registered &
Physical Address
Street : Wasit Street, off Caterpilar
Road
Area : Industrial Area
No. 2
PO Box : 23726
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5394762 / 5332655
Facsimile : (971-6) 5321798 / 5322566
Email : email@global-food.ae / purchase@global-food.com
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
Name Position
·
Sheikh Ahmed Bin Mohamed
Al Qassimi Proprietor
·
Asitha Samaraweet General
Manager
·
Rajesh Nair Technical Manager
·
Shahid Quriashi Production
Manager
·
Zia Al Rahman Marketing
Manager
·
Firoz Sheikh Finance
Manager
·
Niten K Varma Chief
Financial Officer
·
Irafan Hussain Sayed Export
Manager
Date of Establishment : 26th
June 1993
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 10466, Sharjah
Trade Licence No. : 10466 (Expires
23/06/2014)
Chamber Member No. : 32538
Invested Capital
: UAE Dh 20,000,000
Sheikh Ahmed Bin Mohamed Al Qassimi is the sole proprietor of the business.
Subject is a member of the Al Batha Group of Companies, which includes
the following concerns:
·
Al
Batha Trading & Industrial Co
PO Box: 1145
Sharjah
Tel: (971-6) 5354378
·
Al
Oufouk Co
Geco Building, Flat No. 16
Al Arooba Street
PO Box: 2097
Sharjah
Tel: (971-6) 5373488
Fax: (971-6) 5362545
·
Modern
Pharmaceutical Co
Al Garhoud Road
Al Garhoud
PO Box: 1586
Dubai
Tel: (971-4) 2824144
Fax: (971-4) 2246011
·
Detergent
Industrial & Trading Co Ltd (DITRA)
PO Box: 5079
Tel:
(971-6) 5339595
Fax:
(971-6) 5339050
·
Gulf International
Dubai
Tel: (971-4) 2824824
·
Arabian
Gulf Mechanical Centre
·
Al Abir
Consulting & Engineering
·
Al
Batha Real Estate
·
Autostar
Trading
·
Best
Harvest
·
E-City
·
Geco
Chemical Company Ltd
·
Geco
Engineering
·
Geco M
& E Ltd
·
General
Enterprises Company
·
International
Beverage & Filling Industries
·
Malila
Trading
·
Medad
Printing & Packaging
·
Pan
Arabian Establishment
·
Super
General Company
·
Tecon
Ltd
·
Vienna
Trading
·
Wesgreen
International School
Activities: Engaged in the manufacture and processing of
foodstuff, including burgers, chicken nuggets, shrimps,
mutton, vegetables, sweets and biscuits.
Subject has ISO 9000:2002
certification.
Import
Countries: Brazil, Belgium
and Vietnam
Brand Names: AL AREESH, ARCTIC GOLD and AL AMEER
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue UAE Dh 127,645,000 UAE Dh 135,480,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Niten K Varma,
Chief Financial Officer
·
Habib
Bank Ltd
PO Box: 300
Sharjah
Tel: (971-6) 5356116
Fax: (971-6) 5526473
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
UK Pound |
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.