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Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL WAZZAN
FOODSTUFF FACTORY LLC |
|
|
|
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Registered Office : |
Caterpillar Road,
Industrial Area No. 3, P O Box 48689,
Sharjah |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
18.01.2007 |
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Com. Reg. No.: |
35191, Sharjah |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Operators of a
nut roaster, as well as production and packing of maize chips, paper cans and
cups. |
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|
|
|
No of Employees : |
103 |
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 |
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|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 WAZZAN FOODSTUFF FACTORY LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th January 2007
Commercial Registration Number : 35191, Sharjah
Industrial Licence Number : 537710
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Total Workforce : 103
Activities : Operators of a nut roaster, as well as production and packing of maize
chips, paper cans and cups.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Afroz Abid, Financial Controller
AL WAZZAN FOODSTUFF
FACTORY LLC
Registered &
Physical Address
Street : Caterpillar Road
Area : Industrial Area No. 3
PO Box :
48689
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5420343 / 5434733 / 5434732
Facsimile : (971-6) 5420976 / 5431545
Email : kitcouae@mezzan.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Sharjah.
Name Position
·
Khalid Jassim Mohamed Ali Al Wazzan Managing
Director
·
Cherag Operi General
Manager
·
M H
Pandaya Factory
Manager
·
Khaja
Nawaz Khan Technical
Manager
·
Afroz
Abid Financial
Controller
Date of Establishment : 18th
January 2007
History
: Subject began in 2007 as a Sole
Proprietorship, however it changed legal form and became a Limited Liability
Company in January 2014.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 35191,
Sharjah
Industrial Licence No. : 537710
Issued Capital : UAE Dh 15,000,000
Paid up Capital : UAE Dh 15,000,000
Name of Shareholder
(s) Percentage
·
Mezzan
Holding Co 90%
Kuwait
·
Khalid
Jassim Mohamed Ali Al Wazzan 10%
·
Jassim
Mohamed Ali Al Wazzan Sons
Safat
Kuwait
·
Al
Muntaser Shampoo Factory
Safat
Kuwait
Activities: Operators of a nut roaster, as well as
production and packing of maize chips, paper cans and cups.
Import
Countries: Europe and GCC
countries.
International Suppliers:
·
Carl
Macher Germany
·
IFF Netherlands
Brand Names: KITCO
Operating Trend: Steady
Subject has a
workforce of 103 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 32,333,000 UAE Dh 36,066,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Afroz Abid, Financial Controller
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.