MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN FISHERIES LLC |
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Formerly Known As : |
OCEAN GENERAL TRADING AND FISHERIES |
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Registered Office : |
New Industrial Area, P O Box – 1927, 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 : |
07.12.1988 |
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Com. Reg. No.: |
35719, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Frozen Sea Food
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
OCEAN FISHERIES LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
7th December 1988
Commercial Registration Number :
35719, Ajman
Chamber Membership Number : 10017
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Activities :
Import and distribution of frozen sea food products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 200,000
COMPANY NAME
OCEAN FISHERIES LLC
ADDRESS
Registered & Physical Address
Location : New
Industrial Area
PO Box : 1927
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436353
/ 7436287
Facsimile : (971-6)
7437262
Email : lobsters@eim.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.
KEY PRINCIPALS
Name Nationality Position
Aftab Ibrahim Indian Managing Director
Jawad Adnan Ali Hashim Emirati Director
Jamal Abdulrahman - General
Manager
Arshad Mohamed - Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 7th
December 1988
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 35719, Ajman
Chamber Member No. : 10017
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
Aftab Ibrahim
Jawad Adnan Ali Hashim
AFFILIATED COMPANIES
Sea World Foodstuff Trading LLC
Ajman
Tel: (971-6) 7406882
Sea Blue Fisheries LLC
Ajman
OPERATIONS
Activities: Engaged in the import and distribution of
frozen sea food products.
Import Countries: India, Australia and Sri Lanka
Operating Trend: Steady
Subject has a workforce of 25 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 16,100,000 UAE Dh
16,650,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq Bank Plc
PO Box : 11
Ajman
Tel : (971-6) 7422440
Fax : (971-6) 7426690
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is 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.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%)