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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES DATES FACTORY (AL SAD) |
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Registered Office : |
Al Ain - Abu Dhabi Road, Al Sad Area, P O Box
18454, Al Ain |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
16654 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Production and packaging of dates |
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No. of Employees : |
750 |
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 |
|
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 : EMIRATES DATES FACTORY (AL SAD)
Country of Origin : Al Ain, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 23rd December 1998
Commercial Registration Number : 16654
Chamber Membership Number : 33222
Issued Capital : UAE Dh 160,000,000
Paid up Capital : UAE Dh 160,000,000
Total Workforce : 750
Activities : Production and packaging of dates.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Naser Haddad , Procurement Manager
EMIRATES DATES
FACTORY (AL SAD)
Registered &
Physical Address
Street : Al Ain - Abu Dhabi Road
Area : Al Sad Area
PO Box : 18454
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 7815111 / (971-2) 4170400 /
4170461 / 4174170
Facsimile : (971-3) 7815959
Email : info@alfoah.ae
/ uaedates@emirates.net.ae / nhaddad@alfoah.com
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located on the
outskirts of Al Ain.
Name Position
·
Zafer Al Ahbabi Chairman
·
Mussalam Obeid Al Amari General
Manager
·
Mohamed Ghanem Al Mansouri Assistant
General Manager
·
Nazar Odima Finance
Manager
·
Naser Haddad Procurement
Manager
·
Nanda Kumar Marketing
Manager
Date of Establishment : 23rd
December 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 16654
Chamber Member No. : 33222
Issued Capital : UAE Dh 160,000,000
Paid up Capital : UAE Dh 160,000,000
Name of Shareholder
(s) Percentage
·
Al Foah
LLC 100%
Industrial Area
PO Box: 18454
Al Ain
Tel: (971-3) 7815111 / 7832020 / 4170461 / 4170400
Fax: (971-3) 7815959 / 4170511 / 4170500
Activities: Engaged in the production and packaging of
dates.
Production Capacity: 20,000 MT per year
Subject has a
workforce of approximately 750 employees.
Companies
registered in Al Ain, 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
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.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
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.