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Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AL GHURAIR FOOD LLC |
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Formerly Known as: |
NATIONAL FLOUR MILLS CO LLC |
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Registered Office : |
Al Ghobayebah Street, Al Shindagha
Area, Bur Dubai, PO Box: 780, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.11.1980 |
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Com. Reg. No.: |
40333, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers of vegetable oils and refiners of grain. |
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No. of Employees : |
830 |
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 : |
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 |
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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 GHURAIR FOOD LLC
Previously Known As :
NATIONAL FLOUR MILLS CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
2nd November 1980
Commercial Registration Number :
40333, Dubai
Trade Licence Number :
300101
Chamber Membership Number :
86
Issued Capital :
UAE Dh 35,000,000
Paid up Capital :
UAE Dh 35,000,000
Total Workforce :
830
Activities :
Producers of vegetable oils and refiners of grain.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
AL GHURAIR FOOD LLC
Registered &
Physical Address
Street : Al Ghobayebah Street
Area : Al Shindagha
Area, Bur Dubai
PO Box : 780
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3939633
/ 3120322 / 8071212
Facsimile : (971-4)
3939191 / 3120458 / 8813557
Mobile : (971-50)
4400537
Email : nfmcgmt@alghurairgroup.com
Premises
Subject operates from a large suite of offices that rented and located
in the Industrial Area of Dubai.
Branch Office (s)
Location Description
Jebal Ali Free Zone Rented
factory premises
Dubai
Tel: (971-4) 8816800
Fax: (971-4) 8816519
Name Nationality Position
Essa Abdullah Ahmed Al Ghurair Emirati Managing
Director
Mohamed Essa Abdullah Ahmed Al Ghurair Emirati Director
Abdullah Ahmed Al Ghurair Emirati Director
D’jamal D’Jourey - General
Manager
Nabil Al Aouf - Finance
Manager
Abdul Jabar Mojahid - Legal
Affairs Manager
Date of Establishment : 2nd
November 1980
History : Subject was
originally established in 1980 under the name of “National Flour Mills Co LLC”.
However, on 2nd May 2011 the company was re-registered under the
current style of “Al
Ghurair Food LLC”
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 40333, Dubai
Trade Licence No. : 300101
Chamber Member No. : 86
Issued Capital : UAE Dh 35,000,000
Paid up Capital : UAE Dh 35,000,000
Name of
Shareholder (s) Percentage
Al Ghurair Investment LLC 98%
Dubai
Essa Abdullah Ahmed Al Ghurair 1%
Mohamed Essa Abdullah Ahmed Al Ghurair 1%
Subject is a member of the Al Ghurair Group, which has a turnover over
in excess of UAE Dh 3 billion (US$ 850 million). The group has a diversified range
of interests spanning real estate, finance and industry, with specialist
operations in banking, trading and shipping.
Some of the very successful industries that it operates today in the
United Arab Emirates, include the National Flour Mills Co Ltd, National Cement
Company, Gulf Extrusions at Jebel Ali, Masafi Mineral Water Co LLC, National
Mosaic Tiles and Al Ghurair Publishing and Printing. In the banking sector, the
Ghurairs are owners of the UAE’s largest private bank, the Dubai-based Mashreq
Bank, which is one of the Group’s most successful ventures and operates from
branches both within and outside the UAE.
The Al Ghurair Group is active in London, New York, Cairo, Khartoum,
Istanbul, Bombay, Doha, Colombo, Karachi and Lahore.
In real estate the Al Ghurair Centre has become a prominent landmark in
Dubai. It was built at a cost of more than US $ 150 million and is now home to
most of the city’s top retailers.
The Al Ghurair Group comprises the following concerns:
Al Ghurair Holdings (Private) Ltd
Gulf Extrusions Ltd
Arabian Aluminium Company
Al Ghurair Publishing & Printing House
Union Mosaic & Marble Company
Al Ghurair Centre
Arabian Mix
National Cement Company Ltd
Emirates Trading Agency LLC (ETA)
Gulf Utensils
Al Ghurair Resources LLC
House of Perfume
Computer Intelligence and Communications Ltd
Gulf Confectionery & Biscuit Company
Oman Insurance Co Limited
Mashreq Bank
Al Ghurair Enterprises
Al Ghurair Exchange
Arabian Packaging Company LLC (APC)
National Concrete Company Ltd
Masafi Mineral Water Co LLC
Associated Construction & Investment Co LLC (ASCON)
Al Ghurair Fieness Perry & Partners
Pak Arab Traders
Al Ghurair Real Estate
Al Khaleej Sugar Co WLL
Central Electric Equipment Co LLC (CEEC)
National Oman Marble Company
Rawda Quarries Ltd
Ghurair Tarmac
Oman Finance Company
Ghurair Crown (Engineering) Ltd
Al Ghurair Industries (Pvt) Ltd
Activities: Engaged in the
production of vegetable oils and refining of grain.
Import Countries: Europe
and GCC countries.
Brand Names: JENAN
Subject has a workforce of approximately 830 employees.
Companies registered in Dubai, 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.
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints regarding subject’s payments have been reported.
Date of transaction October
2007
Credit amount 7,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1980, subject is involved in the production of vegetable
oils and refining of grain.
The company is part of the very well known and financially strong Al
Ghurair Group that has a diversified range of interests spanning real estate,
finance and industry, with specialist operations in banking, trading and
shipping.
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.