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Report No. : |
350224 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
AL FOAH CO LLC |
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Registered Office : |
Al Foah Building, Al Saad Area, P O Box: 18454, Al Ain |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.07.2005 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is
engaged in the processing and distribution of dates, nuts, chocolate, date
syrup and date paste. |
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No. of Employees : |
820 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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. The
country's free trade zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis of 2008,
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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : AL FOAH CO LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 20th
July 2005
Trade Licence
Number : 1075266
Chamber Membership
Number : 114686
Issued Capital : UAE Dh
2,000,000
Paid up Capital : UAE Dh
2,000,000
Total Workforce : 820
Activities :
Processing and distribution of dates, nuts, chocolate, date syrup
and date paste.
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Nizar Bou Odeimeh, Finance Manager
AL FOAH CO LLC
Building : Al Foah Building
Location : Al Saad Area
PO Box : 18454
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-3) 4170400 / 4170402 / 4170461
Facsimile : (971-3) 4170500 / 4170511
Email : info@alfoah.ae
/ nodeimeh@alfoah.ae
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Al Ain.
Name Position
·
HE Dhafer Ayed Husain Al Ahbabi Chairman
·
HE Rashed Mohammed K Alshuraiqi Vice
Chairman
·
HE Jassem Saleh Jassem Ahmed
Bousbia Director
·
HE Rashed Abdulaziz Hadif Humaid
Alshamsi Director
·
HE Mahmood Alhay Hamad Khamis Al
Hameli Director
·
Musallam
Obaid Al Ameri General
Manager
·
Mohammed
Ghanim Al Qesaili Al Mansouri Assistant
General Manager
·
Faris
Al Thumairy Marketing
Manager
·
Nizar Bou Odeimeh Finance
Manager
·
Saeed
Al Baloushi Assistant
Finance Manager
Date of Establishment : 20th
July 2005
Legal Form :
Limited
Liability Company – LLC
Trade Licence No. : 1075266
Chamber Mem. No. : 114686
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
·
General
Holding Company PJSC (GHC) (SENAAT) 100%
Abu Dhabi Chamber Building
Corniche Street
PO Box: 4499 & 3238
Abu Dhabi
Tel: (971-2) 6144444 / 6144422 / 5072103
Fax: (971-2) 6312857 / 6144445 / 6325034
·
Arkan
Building Materials Co
Abu Dhabi
·
Al
Khaznah Tannery
Abu Dhabi
·
Agthia
Abu Dhabi
·
Abu
Dhabi Basic Industries Corporation (ADBIC)
Abu Dhabi
·
National
Petroleum Construction Company (NPCC)
Abu Dhabi
·
Dubai
Cable Company (DUCAB)
Abu Dhabi
·
Emirates
Steel Industries (ESI)
Abu Dhabi
·
DAMCO
Abu Dhabi LLC
Abu Dhabi
·
National
Petroleum Construction Company Ltd (NPCC)
·
Royal
Jet LLC
Activities: Engaged in the processing and distribution
of dates, nuts, chocolate, date syrup and date paste.
Import
Countries: Europe and the
Far East.
Brand Names: SAAD, DATE CROWN, AL DHAFRA, ZADINA and AL
FOAH
Operating Trend: Steady
Subject has a
workforce of approximately 820 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales US$ 135,000,000 US$ 138,725,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Nizar Bou Odeimeh,
Finance Manager
·
Abu
Dhabi Commercial Bank
Main Branch
PO Box: 15180
Al Ain
Tel: (971-3) 7660000
Fax: (971-3) 7511455
Regular
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
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|
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Report Prepared
by : |
NIT |
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 |
|
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.