MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
CITY FISH
ESTABLISHMENT |
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Registered Office : |
Abu Dhabi Fish Co
Operative Building, Mina Road, P O Box 37181 & 44634, Abu Dhabi |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
30th November 2003 |
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Com. Reg. No.: |
54749, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale
and retail of fish and seafood products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : CITY FISH ESTABLISHMENT
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 30th November 2003
Commercial Registration Number : 54749, Abu Dhabi
Trade Licence Number : 79784
Membership Number : 100619
Invested Capital : UAE Dh 50,000
Total Workforce : 5
Line of Business : Wholesalers and retailers of fish and seafood products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CITY FISH
ESTABLISHMENT
ADDRESS
Registered & Physical Address
Building : Abu Dhabi Fish Co Operative
Building
Street : Mina Road
PO Box : 37181 & 44634
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6766737
Facsimile : (971-2) 6728866
Mobile : (971-50) 5311711
Email : cityfish@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Elias Daher Lebanese Proprietor & General
Manager
·
Mohamed Al
Nuwais Emirati Local Sponsor
·
Ahmed Ali - Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 30th
November 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 54749, Abu
Dhabi
Trade Licence No. : 79784
(Expires 11th March 2008)
Membership No. :
100619
Invested Capital
: UAE Dh 50,000
Mr Elias Daher is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of fish
and seafood products.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05 : Year Ending
31/12/06 :
Total Revenue UAE Dh 3,500,000 UAE Dh
3,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Abu Dhabi
Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2003, subject is owned and managed by Mr Elias
Daher, a Lebanese national who operates in Abu Dhabi under the local
sponsorship of Mr Mohamed
Al Nuwais.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)