|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
FRESH & MORE SUPER MARKET |
|
|
|
|
Registered Office : |
Mussafah City, P
O Box 8984, Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
22.02.2010 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
operators of a
chain of 8 supermarkets |
|
|
|
|
No. of Employees : |
95 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
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 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 : FRESH & MORE SUPER MARKET
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 22nd February 2010
Trade Licence Number : 1180109
Chamber Membership Number : 522773
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 95
Activities : Operators of a chain of 8 supermarkets
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
FRESH & MORE
SUPER MARKET
Registered &
Physical Address
Location : Mussafah City
PO Box : 8984
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5538448 / 5575445
Facsimile : (971-2) 5575393
Email : info@freshnmore.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Industrial Area of Abu Dhabi.
Name Nationality Position
·
Khalil Al Rahman Indian Managing
Director
·
Adnan
Mohamed Al Jabri Emirati Director
·
Altaf
Mohamed - Administration
Manager
·
Mohamed
Afazal - Sales
Manager
Date of Establishment : 22nd
February 2010
Legal Form :
Limited
Liability Company – LLC
Trade Licence No. : 1180109
(Expires 22/05/2014)
Chamber Mem. No. : 522773
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Adnan
Mohamed Al Jabri 51%
·
Khalil
Al Rahman 49%
Activities: Engaged as operators of a chain of 8
supermarkets.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 95 employees.
Companies
registered in Abu Dhabi, 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 Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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.