MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEEP SEA FOOD CO LLC |
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Registered Office : |
New Industrial Area, P O Box - 20883, Ajman, |
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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 : |
12.03.2003 |
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Com. Reg. No.: |
25338, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Fresh and Frozen Seafood,
including Lobster, Shrimp, Crab and Fish. |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
DEEP SEA FOOD CO LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th March 2003
Commercial Registration Number :
25338, Ajman
Trade Licence Number :
3018
Chamber Membership Number :
35023
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
45
Activities :
Import and distribution of fresh and frozen seafood, including lobster,
shrimp, crab and fish
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 300,000
COMPANY NAME
DEEP SEA FOOD CO LLC
ADDRESS
Registered & Physical Address
Location : New
Industrial Area
PO Box : 20883
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7482114 / 7480006
Facsimile : (971-6)
7431191
Mobile : (971-50)
6118110
Email : deepsfd@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
PO Box 81196 Sales
Office
Dubai
Tel: (971-4) 2844227
Fax: (971-4) 2858401
KEY PRINCIPALS
Name Nationality Position
Hamza Koya Kolan Indian Managing Director
Banjat Yousef Indian Director
Sultan Mohamed Emirati Director
Abdul Hamid - Sales Manager
K. Mostafa - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
March 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 25338, Ajman
Trade Licence No. : 3018 (Expires
11/03/2009)
Chamber Member No. : 35023
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Sultan Mohamed 51%
Hamza Koya Kolan 25%
Banjat Yousef 24%
AFFILIATED COMPANIES
Deep Sea Food Co LLC
PO Box 32628
Abu Dhabi
Tel : (971-2) 6339883
Fax: (971-2) 6339885
OPERATIONS
Activities: Engaged in the import and distribution of fresh and frozen seafood,
including lobster, shrimp, crab and fish.
Import Countries: Europe and GCC countries
Operating Trend: Steady
Subject has a workforce of 45 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 17,260,000 UAE Dh
18,050,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Abu Dhabi Commercial Bank
PO Box : 1843
Ajman
Tel : (971-6) 7443444
Fax : (971-6) 7443300
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2003, subject is involved in the import and distribution
of fresh and frozen seafood, including lobster, shrimp, crab and fish.
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. As such the above
credit figure is deemed admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)