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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
FLAMINGO CATERING SERVICES LLC |
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Registered Office : |
Al Mussafah Industrial City, PO Box : 105612 & 7993, |
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Country : |
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Date of Incorporation : |
19.07.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the provision of catering services and
production of meals. |
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No. of Employees : |
65 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
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 :
FLAMINGO CATERING SERVICES LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
19th July 2011
Trade Licence Number :
1235520
Chamber Membership Number :
567347
Issued Capital :
UAE Dh 10,000,000
Paid up Capital :
UAE Dh 10,000,000
Total Workforce :
65
Activities :
Providers of catering services and production of meals
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Imran Arif, Financial Manager
FLAMINGO CATERING
SERVICES LLC
Registered &
Physical Address
Location : Al Mussafah
Industrial City
PO Box : 105612 &
7993
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5575512
Facsimile : (971-2)
5575510
Mobile : (971-55)
4739944
Email : h.javid@fsccatering.ae
/ i.arif@fcscatering.ae
Premises
Subject operates from a large suite of offices and a kitchen covering
50,000m2 that are rented and located in the Industrial Area of Abu
Dhabi.
Name Position
Abdul Jabar Abdul Mohsin Al Sayegh Managing
Director
Hassan Javid General
Manager
Imran Arif Financial
Manager
Bala Krishnan Commercial
Manager
Date of Establishment : 19th July 2011
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 1235520 (Expires 31/08/2014)
Chamber Member No. : 567347
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Name of
Shareholder (s)
Trio Investment Co
Abu Dhabi
Abdul Jabar Abdul Mohsin Al Sayegh
Activities: Engaged in the
provision of catering services and production of meals.
Subject is ISO 9001:2008 accredited.
Flamingo Catering
Services have set up a new central kitchen, which is unique to the UAE;
redefining the concept of commercial
kitchens. The industrial hub is strategically located in the Mussafah
Industrial Area. The location and considerable space enable the production
volume of over 50,000 meals per day, allowing it to cover various and varied
segments of the market, encapsulating a total initial investment of over UAE Dh
25,000,000.
Import Countries: Europe
and the Far East
Subject has a workforce of 65 employees.
Companies registered in Abu Dhabi, 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.
National Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.