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MIRA INFORM REPORT
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Report No. : |
503951 |
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Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL FOAH COMPANY LLC |
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Registered Office : |
Al Foah Building, Al Saad Area, PO Box
18454, Al Ain |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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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 Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March
2014.
The UAE’s dependence on oil is a significant long-term challenge,
although the UAE is one of the most diversified countries in the Gulf
Cooperation Council. Low oil prices have prompted the UAE to cut expenditures,
including on some social programs, but the UAE has sufficient assets in its
sovereign investment funds to cover its deficits. The government reduced fuel
subsidies in August 2015, and has announced plans to introduce excise and
value-added taxes by January 1, 2018. The UAE's strategic plan for the next few
years focuses on economic diversification, promoting the UAE as a global trade
and tourism hub, developing industry, and creating more job opportunities for
nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : AL FOAH
COMPANY 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 :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
AL FOAH COMPANY LLC
ADDRESS
Registered &
Physical Address
Building :
Al Foah Building
Area :
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
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Al Ain.
KEY
PRINCIPALS
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 Chief
Executive Officer
Mohammed Ghanim Al Qesaili Al Mansouri Deputy
Chief Executive Officer
Faris Al Thumairy Marketing
Manager
Nizar Bou Odeimeh Chief
Financial Officer
Matar Sorour Shamsi Human
Resources Manager
Eyas Mohammad Sharif Manufacturing
Manager
Sultan Al Shamsi Supply
Chain Manager
Asma Al Suwaidi Sales
Manager
Ashraf Ghosheh Internal
Audit Manager
Saeed Al Baloushi Assistant
Finance Manager
Ahmad Al Hammadi Farm
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 20th
July 2005
Legal Form : Limited Liability Company – LLC
Trade Licence No. : 1075266 (Expires
22/08/2018)
Chamber Mem. No. : 114686
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of
Shareholder (s) Percentage
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
AFFILIATED
COMPANIES
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
OPERATIONS
Activities: Engaged in the processing and distribution of dates, nuts, chocolate,
date syrup and date paste.
Production
Capacity: 113,000 metric tons per year
Import Countries: Europe and the Far East
Export Countries: India,
Bangladesh, Morocco, Indonesia, Jordan, Syria, Sri Lanka and Somalia
Brand Names: SAAD, DATE CROWN,
AL DHAFRA, ZADINA and AL FOAH
Operating Trend: Steady
Subject has a workforce of approximately 820 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales US$
142,000,000 US$
143,300,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
Abu Dhabi Commercial Bank
Main Branch
PO Box: 15180
Al Ain
Tel: (971-3) 7660000
Fax: (971-3) 7511455
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.61 |
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1 |
INR 94.21 |
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Euro |
1 |
INR 81.32 |
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UAE Dh |
1 |
INR 17.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.