MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIX BROTHERS FOODSTUFF
CO LTD |
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Registered Office : |
Caterpillar Road,
Industrial Area No. 2, P O Box 6391, Sharjah |
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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 : |
1987 |
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Com. Reg. No.: |
16701, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged as
processors of fresh and frozen fish and seafood. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SIX BROTHERS FOODSTUFF CO LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Start Date : 1987
Registration Date : 16th January 1989
Commercial Registration Number : 16701, Sharjah
Trade Licence Number : 110740
Membership Number : 18825
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Total Workforce : 62
Line of Business : Processors of fresh and frozen fish and seafood.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SIX BROTHERS
FOODSTUFF CO LTD
ADDRESS
Registered & Physical Address
Street : Caterpillar Road
Area : Industrial Area No. 2
PO Box : 6391
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5339644
Facsimile : (971-6) 5335495
Email : sixbros@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Shereen Zaman Shah Indian Managing Director
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Omar Zaman
Shah Indian Director
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Sheikh Jameel
Abdul Hamid Obaid Al Qassimi Emirati Director
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Mahmoud
Mohamed - Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1987, however
subject was registered on 16th January 1989.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 16701,
Sharjah
Trade Licence No. : 110740
(Expires 15th January 2008)
Membership No. : 18825
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of Shareholder
(s) Percentage
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Sheikh Jameel
Abdul Hamid Obaid Al Qassimi 51%
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Shereen Zaman
Shah 25%
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Omar Zaman
Shah 24%
AFFILIATED COMPANIES
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Six Brothers
Foodstuff Factory LLC
Industrial Area No. 2
PO Box : 6391
Sharjah
Tel : (971-6) 5339644
Fax : (971-6) 5335495
LINE OF BUSINESS
Operations : Engaged as processors of fresh and frozen
fish and seafood.
Import Countries
: Norway, India and
Pakistan.
Export Countries : Bahrain and Oman.
Brand Names : EUROTAST and WAVES.
Operating Trend
: Steady
Subject has a
workforce of 62 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 18,500,000 UAE Dh 20,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC Bank
Middle East
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
Acc No. 040 127581 001
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Mashreq Bank
Plc
Al Boorj Avenue
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1987, subject is involved in the processing of fresh and frozen fish and
seafood, exporting to Bahrain and Oman.
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 250,000
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%)