MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SEAFOOD’S SUPREME |
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Registered Office : |
Real Estate
Department Warehouse, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box
124407, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
15th May 2006 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of fish and other 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$ 60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SEAFOOD’S SUPREME
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 15th May 2006
Trade Licence Number : 581239
Membership Number : 107080
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of fish and other seafood products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SEAFOOD’S SUPREME
ADDRESS
Registered & Physical Address
Building : Real Estate Department Warehouse
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 124407
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3380035
Facsimile : (971-4) 3381663
Email : admin@seafood.supreme.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
KEY PRINCIPALS
·
Abdul Aziz
Mohamed Saleh Al Accad Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 15th
May 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 581239
(Expires 14th May 2007)
Membership No. :
107080
Invested Capital
: UAE Dh 100,000
Mr Abdul Aziz
Mohamed Saleh Al Accad 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 import and distribution of
fish and other seafood products.
Import Countries
: Sri Lanka
Subject has a workforce
of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 /
2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 60,000
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%)