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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL FOOD GENERAL
TRADING LLC |
|
|
|
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Registered Office : |
Al Zarooni Building,
Shop No. 1, Ground Floor, Al Ras, Deira, P O Box 32034, Dubai |
|
|
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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 : |
19.01.2008 |
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Com. Reg. No.: |
1022139, Dubai |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Engaged in the wholesaler and retailer of General Foodstuffs and
Beverages, including biscuits
and snacks. |
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|
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No of Employees : |
13 |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
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 : GLOBAL FOOD GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th January 2008
Commercial Registration Number : 1022139, Dubai
Trade Licence Number : 605434
Chamber Membership Number : 128247
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 13
Activities : Wholesale and retail of general foodstuffs and beverages
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Venond Rangawani, General Manager
GLOBAL FOOD GENERAL TRADING LLC
Registered &
Physical Address
Building : Al Zarooni Building, Shop No. 1,
Ground Floor
Area : Al Ras, Deira
PO Box : 32034
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2356150 / 2356151 / 3536113
Facsimile : (971-4) 2356152 / 3537900
Mobile : (971-50) 4965112
Email : globalfg@emirates.net.ae / gfgtdubai@gmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
·
Al Ras,
Deira Office
premises
Dubai
Tel: (971-4) 2202654
Fax: (971-4) 2202653
Name Nationality Position
·
Rajesh
Naryandas Pagarani Indian Managing Director
·
Dianand
Godnani Tchmadas Indian Director
·
Nasser
Ali Mohamed Al Zaabi Emirati Director
·
Venond
Rangawani - General
Manager
Date of Establishment : 19th
January 2008
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1022139,
Dubai
Trade Licence No. : 605434
(Expires 16/01/2015)
Chamber Member No. : 128247
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Nasser
Ali Mohamed Al Zaabi 51%
·
Rajesh
Naryandas Pagarani ]
] 49%
·
Dianand
Godnani Tchmadas ]
·
Global
Energy Food Industries Ltd
India
Activities: Engaged in the wholesale and retail of
general foodstuffs and beverages, including biscuits and snacks.
Import
Countries: India and Europe
International Suppliers:
·
Universal
Import Export Ltd India
Brand Names: GERFI
Operating Trend: Steady
Subject has a
workforce of 13 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 16,935,000 UAE Dh 18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Venond Rangawani, General Manager
·
National
Bank of Ras Al Khaimah
Al Maktoum Street
PO Box: 1531
Dubai
Tel: (971-4) 2226291
Fax: (971-4) 2281312
Acc No. 0025214512061
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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.