MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAIFEE SHIP SPARE PARTS & SHIP CHANDLERS LLC |
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Registered Office : |
Al Quta Eyat
Road, Jadaf Area 1, Dubai Ship Docking Yard, PO Box 3316, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
50182, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Provision of Ship Chandlery Services and Marine Supplies |
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 : SAIFEE SHIP SPARE PARTS & SHIP CHANDLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1971
Registration Date : 23rd July 1997
Commercial Registration Number : 50182, Dubai
Trade Licence Number : 502386
Chamber Membership Number : 46831
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 30
Activities : Provision of ship chandlery services and marine supplies
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
SAIFEE SHIP SPARE
PARTS & SHIP CHANDLERS LLC
ADDRESS
Registered & Physical Address
Street : Al Quta Eyat Road
Area : Jadaf Area 1, Dubai Ship
Docking Yard
PO Box : 3316
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3241581
Facsimile : (971-4) 3241521
Email : saif81@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 Dubai.
KEY PRINCIPALS
Name Nationality Position
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Hassan
Najmuddin Shahpurwalla Indian Managing Director
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Sarsano
Alajuhari Bhai Hatim Bhai Indian Director
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Yousuf Khalifa
Mohamed Al Fuqaei Emirati Director
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Mustafa Zaveri - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1971, however it was registered on 23rd July
1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 50182, Dubai
Trade Licence No. : 502386
(Expires 15/11/2008)
Chamber Member No. : 46831
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Yousuf Khalifa
Mohamed Al Fuqaei 51%
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Hassan
Najmuddin Shahpurwalla 25%
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Sarsano
Alajuhari Bhai Hatim Bhai 24%
OPERATIONS
Activities: Engaged in the provision of ship chandlery
services and marine supplies.
Import
Countries: India, China and
Europe
Subject has a
workforce of 30 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
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.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
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%)