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Report No. : |
351927 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL FOOD
INDUSTRIES LLC (GFI) |
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|
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Registered Office : |
Industrial Area No. 2, P O Box: 23726, Sharjah |
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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 : |
26.06.1993 |
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Com. Reg. No.: |
8247, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the
processing and packing of frozen meat, poultry products and vegetables. |
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No. of Employees : |
230 |
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 : |
Good |
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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 – 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 |
|
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. 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 : GLOBAL FOOD
INDUSTRIES LLC (GFI)
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 26th
June 1993
Commercial
Registration Number : 8247,
Sharjah
Trade Licence
Number : 3621
Issued Capital :
UAE Dh 1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 230
Activities :
Processing and packing of frozen meat, poultry products
and vegetables.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nitin Kumar,
Chief Financial Officer
GLOBAL FOOD
INDUSTRIES LLC (GFI)
Location : Industrial Area No. 2
PO Box : 23726
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5332655
Facsimile : (971-6) 5322566
Email : email@global-food.ae
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
Name Position
·
Patrick
O’Sullivan Managing
Director
·
Jacek
Plewa General
Manager
·
Feroz
Sheikh Finance
Manager
·
Nitin
Kumar Chief
Financial Officer
·
Ziyaa
Al Rahman Marketing
Manager
Date of Establishment : 26th
June 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 8247,
Sharjah
Trade Licence No. : 3621
(Expires 23/06/2016)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Al
Batha Consumer Group LLC
Dubai
·
Awatad
Investment LLC
Dubai
Activities: Engaged in the processing and packing of frozen
meat, poultry products and vegetables.
Brand Names: AL AREESH and ARCTIC GOLD
Operating Trend: Steady
Subject has a
workforce of approximately 230 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 154,607,334 UAE Dh 162,091,392
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Nitin Kumar, Chief Financial Officer
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
·
Union
Bank of India
Sheikh Hamdan Bin Abdullah Al Sharqi Street
Sharjah
Tel: (971-6) 5686141
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Global Food Industries LLC (GFI)” and not
“Globa Food Industries LLC”.
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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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.