3decades

MIRA INFORM REPORT

Report No. :	492852
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	ALLIANCE FOODS CO LLC - DUBAI BRANCH (ASMAK)

Registered Office :	Bay Square, Building B, Office 301, Al Wasl Area, Bur Dubai, PO Box: 32872, Dubai

Country :	United Arab Emirates

Date of Incorporation :	15.12.2016

Legal Form :	Branch Office

Line of Business :	Subject is engaged in the import, processing and distribution of frozen and fresh seafood and foodstuffs

No. of Employees :	300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

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 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.

Source : CIA

SUMMARY

Company Name : ALLIANCE FOODS CO LLC - DUBAI BRANCH (ASMAK)

Country of Origin : Ajman, United Arab Emirates

Legal Form : Branch Office

Registration Date : 15th December 2016

Trade Licence Number : 772296

Chamber Membership Number : 281187

Total Workforce : 300

Activities : Processing and distribution of frozen and fresh seafood and foodstuffs

Financial Condition : Good

Payments : Regular

Person Interviewed : Nifkan John, Financial Controller

COMPANY NAME

ALLIANCE FOODS CO LLC - DUBAI BRANCH (ASMAK)

ADDRESS

Registered & Physical Address

Building : Bay Square, Building B, Office 301

Area : Al Wasl Area, Bur Dubai

PO Box : 32872

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2776397

Facsimile : (971-4) 2776402

Mobile : (971-50) 5595880

Email : info@asmak.biz

Premises

Subject operates from a large suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Position

· Maamoun Abdullah Ali Othman Managing Director

· Monzer Sadek Finance Manager

· Mohamed Yasser Chief Finance Officer

· Nifkan John Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 15^th December 2016

Legal Form : Branch Office

Trade Licence No. : 772296 (Expires 14/12/2018)

Chamber Member No. : 281187

Subject is the Dubai branch office of Alliance Food Company LLC which is located at the following address:

New Industrial Area

PO Box : 2923

Ajman

United Arab Emirates

Tel: (971-6) 7435727 (Ext 223)

Fax: (971-6) 7435522

AFFILIATED COMPANIES

· International Holdings Company PJSC

· Progressive Real Estate Development LLC

· Lazio Real Estate Investment LLC

· Abu Dhabi Mountain Gate Property Investment LLC

· Abu Dhabi Land General Contracting LLC

· Asmak Seafood Processing Company LLC

· Emirates Stallions Properties LLC

· Gulf Dunes Landscaping & Agricultural Services LLC

· Asmak Quriyat International LLC

· Century Real Estate Management LLC

· Asmak Al Arab Company LLC

OPERATIONS

Activities: Engaged in the import, processing and distribution of frozen and fresh seafood and foodstuffs.

Import Countries: United States of America and the Far East

Subject has a workforce of approximately 300 employees.

FINANCIAL DATA

Companies registered in Dubai, 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.

BANKERS

· National Bank of Abu Dhabi

King Abdullah Bin Abdulaziz Al Saud Street

Abu Dhabi

· Emirates National Bank of Dubai

Zayed the 1^st

Muhairy Centre

Abu Dhabi

PAYMENT HISTORY

Regular

GENERAL COMMENTS

Please note that the correct name of the subject is “Alliance Foods Co LLC - Dubai Branch (ASMAK)” and not “Alliance Foods Company LLC (ASMAK)”.

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

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
UAE Dh	1	INR 17.62

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.