MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL FISHERIES TRADING LLC |
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Registered Office : |
Gargash Centre,
Baniyas Square, Al Rigga, PO Box 1162, Dubai |
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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 : |
03.09.1995 |
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Com. Reg. No.: |
45363, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Processing and Distribution of Seafood 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$ 700,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ROYAL FISHERIES TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd September 1995
Commercial Registration Number : 45363, Dubai
Trade Licence Number : 238762
Chamber Membership Number : 35318
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 100
Activities : Processing and distribution of seafood products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 700,000
COMPANY NAME
ROYAL FISHERIES
TRADING LLC
ADDRESS
Registered & Physical Address
Building : Gargash Centre
Street : Baniyas Square
Area : Al Rigga
PO Box : 1162
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3479899
Facsimile : (971-4) 3479880
Email : roylfish@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
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Al Quoz
Industrial Area Factory
premises
Dubai
KEY PRINCIPALS
Name Nationality Position
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Mohamed Jalil
Chalakandi Indian Managing Director
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Husnia
Abdullah Ali Gargash Emirati Director
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Samira
Abdullah Ali Gargash Emirati Director
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Abdul Jabbar
Abdullah Ali Gargash Emirati Director
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Badria Abdul
Rahim Emirati Director
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General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 3rd
September 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45363, Dubai
Trade Licence No. : 238762
(Expires 23/08/2008)
Chamber Member No. : 35318
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed Jalil
Chalakandi 50%
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Abdul Jabbar
Abdullah Ali Gargash 20%
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Husnia
Abdullah Ali Gargash 11%
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Samira
Abdullah Ali Gargash 11%
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Badria Abdul
Rahim 8%
AFFILIATED COMPANIES
Subject belongs to the Gargash group of companies that consists of the
following concerns:
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Ali Haji
Abdulla Awazi Gargash LLC
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Tamco Middle
East LLC
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Gargash
Enterprises LLC
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Gulf Exhaust
Factory LLC
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Gargash
Lighting Solutions
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Gulf
Electrical Contracting Est
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Al Dahiya Auto
Spare Parts
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Gargash
Construction
OPERATIONS
Activities: Engaged in the processing and distribution
of seafood products, including fish, shrimp and lobster.
Import
Countries: Europe and the
United States of America
Brand Names: GULF QUEEN, R&B and FRESH CATCH
Operating Trend: Steady
Subject has a
workforce of approximately 100 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
20,810,000 UAE Dh
24,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January
2007
Credit amount 35,238
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Established in
1995, subject is involved in the processing and distribution of seafood
products, including fish, shrimp and lobster.
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
deemed to be admissible.
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%)