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Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEF MIDDLE EAST LLC |
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Registered Office : |
Dubai Investment Park 2 (DIP), Plot No.
597-385, 26747 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.08.1995 |
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Com. Reg. No.: |
45409, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the import and supply of fine quality foods to the hotel,
food service, airline and ship chandelling industries. |
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No of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : CHEF MIDDLE EAST LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th August 1995
Commercial Registration Number :
45409, Dubai
Trade Licence Number :
238873
Chamber Membership Number :
35195
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
120
Activities :
Import and supply of fine quality foods
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Suriya Narayan, Finance Manager
CHEF MIDDLE EAST LLC
Location : Dubai Investment Park 2 (DIP), Plot No.
597-385
PO Box : 26747
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8159888 / 8159811
Facsimile : (971-4) 8159889 / 8159898
Email : finefood@emirates.net.ae / chefdxb@chefmiddleeast.com
/ accounts@chefmiddleeast.com
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
·
Mussafah Industrial Area Sales
office & warehouse
PO Box:
51984
Abu Dhabi
Tel: (971-2)
5511830
Fax: (971-2)
5511860
·
PO Box: 2467 Sales
office & warehouse
Umm Al Quwain
Tel: (971-6)
7666437
Fax: (971-6)
7666439
·
Al Maha Tower, Suite No. 305 Sales
office & warehouse
Meena Road
PO Box: 3405
Fujairah
Tel: (971-9)
2249191
Fax: (971-9)
2237271
·
Tayeb Mohamed Al Zaroonei Building, Warehouse No.
19 Sales office &
warehouse
Sheikh Zayed Road,
Street No. 25
Al Quoz Industrial
Area
Dubai
Tel: (971-4)
3473455
Fax: (971-4)
3474844
Name Position
· Mike Lewis General
Manager
· M V Rao Commercial
Manager
· Suriya Narayan Finance
Manager
Date of
Establishment : 27th
August 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 45409, Dubai
Trade Licence No. : 238873 (Expires 23/08/2014)
Chamber Member No. : 35195
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Avenue Commercial
Investment Co 51%
Abu Dhabi
·
G C Isis Investment Ltd 49%
Cayman Islands
Activities: Engaged in the import and supply of fine quality foods to the hotel,
food service, airline and ship
chandelling industries. Subject has a wide range
of products encompassing perishable, dry, chilled and frozen items.
The company is certified in both HACCP and
ISO 9001-2000
Clients: Emirates Flight Catering, Hilton Hotels, Intercontinental Hotels, Dubai
Polo & Equestrian Club, Papa
Johns
and Subway's
Import Countries: France, United Kingdom, Italy, Australia and Japan
Export Countries: Djibouti, India, Kenya, Kuwait, Maldives, Pakistan, Saudi Arabia
Seychelles, Sudan and Tanzania
Brand Names: FRANCEP, MASTERFOODS,
META, SQUIBY, HILCONA, PIDY, BRESCIA, CRESPO & RISO TORO
Operating Trend: Steady
Subject has a workforce of 120 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 Sales UAE Dh 189,500,000 UAE Dh
224,340,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Suriya Narayan, Finance Manager
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Credit amount 25,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Chef Middle East LLC has been in business since 1995 and is a leading
importer and supplier of fine quality foods in the United Arab Emirates.
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. 62.12 |
|
|
1 |
Rs. 102.25 |
|
Euro |
1 |
Rs. 84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
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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.