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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL FOAH LLC |
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Registered Office : |
Industrial Area, 18454, Al Ain |
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|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.07.2005 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Processing and distribution of dates, nuts, chocolate, date syrup and date paste. |
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No. of Employees : |
820 |
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 |
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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 – 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 |
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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 : AL FOAH LLC
Country of Origin : Abu Dhabi, United Arab
Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 20th July
2005
Trade Licence
Number : 1075266
Chamber Membership
Number : 114686
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 820
Activities :
Processing and distribution of dates, nuts, chocolate, date syrup and date
paste.
Financial Condition : Undetermined
Payments : Nothing detrimental
uncovered
AL FOAH LLC
Registered &
Physical Address
Location : Industrial
Area
PO Box : 18454
Town : Al Ain
Country : United Arab
Emirates
Telephone : (971-3) 7815111
/ 7832020 / 4170461 / 4170400
Facsimile : (971-3)
7815959 / 4170511 / 4170500
Email : info@alfoah.ae
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Al Ain.
Name Position
Rashid Mubarak Al Hajeri Chairman
Abu Baker Seddiq Al Khouri Vice
Chairman
Rashid Mohammed Al Shariqi Director
Suhail Mubarak Al Ameri Director
Dr Al Taher Ahmed Al Kindi Director
Khaleefa Hamed Suhail Al Kheili Director
Musallam Obaid Al Ameri General
Manager
Mohammed Ghanim Al Qesaili Al Mansouri Assistant
General Manager
Date of Establishment : 20th
July 2005
Legal Form : Limited Liability Company – LLC
Trade Licence No. : 1075266 (Expires
17/09/2013)
Chamber Mem. No. : 114686
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of
Shareholder (s) Percentage
General Holding Company PJSC 100%
Abu Dhabi Chamber Building
Corniche Street
PO Box: 4499
Abu Dhabi
Tel: (971-2) 6144444 / 6144422
Fax: (971-2) 6312857
Arkan Building Materials Co.
Abu Dhabi
Al Khaznah Tannery
Abu Dhabi
Agthia
Abu Dhabi
Abu Dhabi Basic Industries Corporation (ADBIC)
Abu Dhabi
The National Petroleum Construction Company (NPCC)
Abu Dhabi
Dubai Cable Company (DUCAB)
Abu Dhabi
Emirates Steel Industries (ESI)
Abu Dhabi
DAMCO Abu Dhabi LLC
Abu Dhabi
Activities: Engaged in the processing and distribution of dates, nuts, chocolate,
date syrup and date paste.
Import Countries: Europe and the Far East.
Brand Names: SAAD, DATE CROWN,
AL DHAFRA, ZADINA and AL FOAH
Subject has a workforce of approximately 820 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.
Abu Dhabi Commercial Bank
Main Branch
PO Box: 15180
Al Ain
Tel: (971-3) 7660000
Fax: (971-3) 7511455
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.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.