MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOLIDAY MARINE SERVICE LLC |
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Registered Office : |
Khalid
Port, PO Box 6673,
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.02.1992 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Export of Duty Free
Products as well as Offering Ship Chandlery Services |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HOLIDAY MARINE SERVICE LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th February 1992
Commercial Registration Number : 22163, Sharjah
Trade Licence Number : 115095
Chamber Membership Number : 29009
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 15
Activities :
Import and export of duty free products as well as
offering ship chandlery services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HOLIDAY MARINE
SERVICE LLC
ADDRESS
Registered & Physical Address
Location : Khalid
Port
PO Box : 6673
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5281977
/ 5592266 / 5590660
Facsimile : (971-6) 5281977
/ 5590660
Email : holidaymarine@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Chergfatour Chacoktoor
Tambi Indian Managing
Director
·
Sheikh
Yousef Khalifa Rashid Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 16th
February 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 22163, Sharjah
Trade Licence No. : 115095
Chamber Member No. : 29009
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Sheikh
Yousef Khalifa Rashid Abdullah 51%
·
Chergfatour Chacoktoor
Tambi 49%
AFFILIATED COMPANIES
·
Uniglobe
Trading Co
Al Nuaimi Toyota Car Showroom,
Flat No. 208
PO Box 208 & 4214
Ajman
Tel: (971-6)
7468322
Fax: (971-6)
7468223
·
Holiday
Beech Restaurants
Ajman
OPERATIONS
Activities: Engaged in the import and export of duty free products as well as offering ship chandlery
services.
Import
Countries: India and Europe
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
18,900,000 UAE Dh
23,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC Bank
Middle East
Al Arooba Street
PO Box : 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)