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Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL FOOD INDUSTRIES |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.06.1993 |
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Com. Reg. No.: |
10466, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the manufacture and processing of foodstuff, including
burgers, chicken nuggets, shrimps, mutton, vegetables, sweets and biscuits. |
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No. of Employees : |
250 |
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 – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 :
GLOBAL FOOD INDUSTRIES
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
26th June 1993
Commercial Registration Number :
10466, Sharjah
Trade Licence Number :
10466
Chamber Membership Number :
32538
Invested Capital :
UAE Dh 20,000,000
Total Workforce :
250
Activities :
Manufacture and processing of foodstuff, sweets and
biscuits
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Niten K Varma, Chief Financial Officer
GLOBAL FOOD
INDUSTRIES
Registered &
Physical Address
Street : Wasit
Street, off Caterpilar Road
Area : Industrial Area No. 2
PO Box : 23726
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5394762
/ 5332655
Facsimile : (971-6)
5321798 / 5322566
Email : email@global-food.ae
/ purchase@global-food.com
/ accounts@global-food.ae
Premises
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Sharjah.
Name Position
Sheikh Ahmed Bin
Mohamed Al Qassimi Proprietor
Jacek Plew General
Manager
Rajesh Nair Technical
Manager
V Santosh Production
Manager
Zia Al Rahman Marketing
Manager
Firoz Sheikh Finance
Manager
Niten K Varma Chief
Financial Officer
Irafan Hussain Sayed Export
Manager
Mohamed Sadiq Accountant
Date of Establishment : 26th June 1993
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 10466, Sharjah
Trade Licence No. : 10466
Chamber Member No. : 32538
Invested Capital : UAE Dh 20,000,000
Sheikh Ahmed Bin
Mohamed Al Qassimi is the sole proprietor of the business.
Subject is a member of the Al Batha Group of Companies, which includes
the following concerns:
Al Batha Trading & Industrial Co
PO Box: 1145
Sharjah
Tel: (971-6) 5354378
Al Oufouk Co
Geco Building, Flat No. 16
Al Arooba Street
PO Box: 2097
Sharjah
Tel: (971-6) 5373488
Fax: (971-6) 5362545
Modern Pharmaceutical Co
Al Garhoud Road
Al Garhoud
PO Box: 1586
Dubai
Tel: (971-4) 2824144
Fax: (971-4) 2246011
Detergent Industrial & Trading Co Ltd (DITRA)
PO Box: 5079
Sharjah
Tel: (971-6) 5339595
Fax: (971-6) 5339050
Gulf International
Dubai
Tel: (971-4) 2824824
Arabian Gulf Mechanical Centre
Al Abir Consulting & Engineering
Al Batha Real Estate
Autostar Trading
Best Harvest
E-City
Geco Chemical Company Ltd
Geco Engineering
Geco M & E Ltd
General Enterprises Company
International Beverage & Filling Industries
Malila Trading
Medad Printing & Packaging
Pan Arabian Establishment
Super General Company
Tecon Ltd
Vienna Trading
Wesgreen International School
Activities: Engaged in the manufacture and processing of foodstuff, including burgers, chicken nuggets,
shrimps, mutton, vegetables, sweets and biscuits.
Subject has ISO 9000:2002 certification.
Import Countries: Brazil,
Belgium and Vietnam
Export Countries: Europe and the United States of America
Brand Names: AL
AREESH, ARCTIC GOLD and AL AMEER
Operating Trend: Steady
Subject has a workforce of approximately 250 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 135,564,609 UAE Dh
147,481,427
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Niten K Varma, Chief Financial Officer
Habib Bank Ltd
PO Box: 300
Sharjah
Tel: (971-6) 5356116
Fax: (971-6) 5526473
No complaints regarding subject’s payments have been reported.
Date of transaction May
2013
Credit amount EUR
76,260
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.01 |
|
|
1 |
Rs.102.72 |
|
Euro |
1 |
Rs.81.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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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 |
|
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.