MIRA
INFORM REPORT
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Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ROYAL FISHERIES TRADING LLC |
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Registered Office : |
Gargash Centre, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.09.1995 |
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Com. Reg. No.: |
45363, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the processing and distribution of seafood products,
including fish, shrimp and lobster |
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$ 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
ROYAL FISHERIES TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
3rd September 1995
Commercial Registration Number :
45363,
Trade Licence Number :
238762
Membership Number :
35318
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
100
Line of Business :
Processors and distributors of seafood products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ROYAL FISHERIES TRADING LLC
ADDRESS
Registered & Physical Address
Building : Gargash
Centre
Street :
Area : Al Rigga
PO Box : 1162
Town :
Country :
Telephone : (971-4) 3479899
Facsimile : (971-4)
3479880
Email : roylfish@emirates.net.ae
Premises
Subject operates from a small suite of offices that are owned and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
Al Quoz Industrial Area Factory
premises
KEY PRINCIPALS
Name Nationality Position
Mohamed Jalil Chalakandi Indian Managing Director
Husnia Abdullah Ali Gargash Emirati Director
Samira Abdullah Ali Gargash Emirati Director
Abdul Jabbar Abdullah Ali Gargash Emirati Director
Badria Abdul Rahim Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
September 1995
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 45363,
Trade Licence No. : 238762 (Expires
23rd August 2008)
Membership No. : 35318
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Mohamed Jalil Chalakandi 50%
Abdul Jabbar Abdullah Ali Gargash 20%
Husnia Abdullah Ali Gargash 11%
Samira Abdullah Ali Gargash 11%
Badria Abdul Rahim 8%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh
300,000, which should be divided into equal shares of a value not less than UAE
Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper only
with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the
processing and distribution of seafood products, including fish, shrimp
and lobster.
Import Countries : Europe and the
Brand Names :
GULF
QUEEN, R&B and FRESH CATCH.
Operating Trend : Steady
Subject has a workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 19,380,000 UAE
Dh 20,810,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Standard Chartered Bank
PO Box : 999
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January
2007
Credit amount 35,238
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Established in 1995, subject is involved in the processing and
distribution of seafood products, including fish, shrimp and lobster.
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.
Maximum suggested credit figure: US$ 700,000
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. |
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%)