MIRA INFORM REPORT

Report No. :	511449
Report Date :	31.05.2018

IDENTIFICATION DETAILS

Name :	FANAR AL KHALEEJ TR.
Registered Office :	Street No. 20, Al Maliha Road, Industrial Area No. 11, PO Box 20857 Sharjah,
Country :	United Arab Emirates
Date of Incorporation :	27.09.1992
Com. Reg. No.:	115608
Legal Form :	Limited Liability Company
Line of Business :	· Agents involved in the sale of food, beverages and tobacco; · Wholesale of other machinery and equipment;
No. of Employees :	200

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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	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 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	FANAR AL KHALEEJ TR.
ADDRESS	Building	Street			Area			PO Box
	N/A	Street No. 20			Industrial Area No. 11			20857 Sharjah
TEL/FAX	Verified Phones: (+971 6) 534 3870 / Fax: (+971 6) 534 1326
EMAIL/WEBSITE	Email: info@fanargroup.ae / Website: www.fanargroup.ae
ACTIVITY	NACE 4617 - Agents involved in the sale of food, beverages and tobacco; NACE 4669 - Wholesale of other machinery and equipment;
PRINCIPAL	Ravi Dube					Workforce
	Managing Director					200
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	27/09/1992		115608	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	AED			2,500,000

BUSINESS INFORMATION

IDENTIFICATION
CO. NAME	FANAR AL KHALEEJ TR.
ENQUIRED NAME	FANAR KHALEEJ TR
TRADEMARK	AFI / Cheftech / Prime Nuts
ALSO KNOWN NAME (S)	FANAR KHALEEJ TR / FANAR AL KHALEEJ TR LLC / Fanar Group
STREET	Street No. 20, Al Maliha Road
AREA	Industrial Area No. 11
POSTAL ADDRESS	20857 Sharjah
CITY	Sharjah
COUNTRY	United Arab Emirates
TELEPHONE	(+971 6) 534 3870 ext. 233 (Finance Manager) & 223 / Mobiles (+971 50) 538 4358 / (+971 50) 497 5504
FAX	(+971 6) 534 1326
VERIFIED EMAIL	info@fanargroup.ae / leah@fanargroup.ae
WEBSITE	www.fanargroup.ae
BUSINESS HOURS (DURING RAMADAN)	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-15:00	Without Break
REGISTERED ADDRESS	Street No. 20, Al Maliha Road, Industrial Area No. 11, PO Box 20857 Sharjah, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Ravi Dube	Managing Director
	Leah Palito Martin Mathew	Finance Manager Sales Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	200	05.2018
	400 (Fanar Group)	05.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2016
	AED 150,700,000 *	AED 202,889,000
NET PROFIT / (LOSS)	31/12/2017	31/12/2016
	AED 10,000,000	AED 19,700,000
NOTES	* A significant decrease in sales turnover in 2017 was due to unfavourable market conditions. However, subject plans to reach up to AED 200,000,000 turnover in 2018. The following financial information applies to subject’s affiliated company, Al Fanar Food Industries (L.L.C): Sales turnover: AED 6,400,000 - 2012 : AED 7,200,000 - 2013 : AED 8,400,000 – 2014 : AED 9,200,000 – 2015 : AED 15,000,000 – 2016 Net Profit : not given but stated to be 10% of sales
FISCAL YEAR-END	31 December.

LEGAL STATUS
INCORPORATION	27/09/1992
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: 115608 (expiry date: 24/09/2018)	Sharjah Economic Development Department (SEDD)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	2,500,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	2,500,000	AED
BUSINESS HISTORY	Limited Liability Company
LEGAL FORM	The Company was incorporated in Sharjah on 27 September 1992.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. SKY HOLDING (FZE) Sharjah Airport Free Zone Sharjah UAE Owner: Ravi Dube 2. Obaid Ghanim Al Suweidi * Nationality: Emirati * The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.	49.00% 51.00%

OPERATION
BANKERS	1. Abu Dhabi Commercial Bank (ADCB) Main Branch, Meena Road PO Box 4377 Sharjah Telephone: (+971 6) 573 7000 Fax : (+971 6) 610 9781 2. HSBC Bank Middle East King Faisal Road P.O. Box : 25 Sharjah Telephone: (+971 6) 553 7222 Fax : (+971 6) 553 7880 3. Emirates NBD Halwan Suburb PO Box 777 Sharjah Telephone: (+971 600) 540 000 Fax : (+971 6) 567 2726 4. National Bank of Fujairah Industrial Area 7 PO Box 1416 Sharjah Telephone: (+971 6) 593 1111 Fax : (+971 6) 525 5887
ACTIVITY CODE (NACE)	4617 - Agents involved in the sale of food, beverages and tobacco; 4669 - Wholesale of other machinery and equipment;
LINE OF BUSINESS	Trading as importers, distributors and wholesalers of food ingredients as well as food processing machinery. Subject also engages in design, engineering and commissioning of all commercial and industrial refrigeration products. Fanar Group produces food ingredients and dried fruits under the trademarks “Prime Nuts”, “Cheftech” and “AFI”.
IMPORT FROM	Europe, Germany, Italy, Belgium, Sweden, Hungary, France, Denmark, USA, Japan, India and Bulgaria.
EXPORT TO	mainly to GCC and African countries.
FACILITIES	Premises comprising administrative offices and storage facilities located at the heading address as well as 3 registered warehouse/branch offices located elsewhere in Sharjah (see “Branch Offices” below).
BRANCH OFFICES	1. Fanar Al Khaleej Tr. - Warehouse 1 Street No. 10, Industrial Area 11 Sharjah Est.: 30/09/2010 Trade License No.: 712119 2. Fanar Al Khaleej Tr. - Warehouse 3 Street No. 3, Industrial Area 11 Sharjah Est.: 26/09/2011 Trade License No.: 716661 3. Fanar Al Khaleej Tr. - Warehouse 4 Street No. 3, Al Sajaa Industrial Area Sharjah Est.: 22/09/2013 Trade License No.: 719923
RELATED COMPANIES	Subject is a member of Fanar Group of companies, which also includes the following companies: Associates 1. Al Fanar Food Industries (L.L.C) Industrial Area No. 11 P.O. Box No.: 20857 Sharjah Est.: 09/11/2006 Trade License No.: 543447 2. Najawi Trading Est. PO Box 2064 Dammam 31451 Telephone : (966 13) 831 4100 Fax : (966 13) 834 0455 3. Prime Nuts FZE M3-01 SAIF Zone Sharjah Telephone: (+971 6) 554 2744 4. AL MAHA (FZE) SAIF Zone PO Box 7865 Sharjah

SPECIAL REMARKS
INTERVIEWED	Leah Palito (Finance Manager).
COMMENTS	You enquired on: FANAR KHALEEJ TR. Please note that subject’s registered name is as per heading.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.63
UK Pound	1	INR 89.70
Euro	1	INR 78.20
UAE DH	1	INR 18.37

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	KET

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)

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