MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF OF ADEN SHIPPING LLC |
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Registered Office : |
Al Khaleej Street, Office No. 108, Al
Hamriya Port Area, PO Box 15339,
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 : |
07.07.2003 |
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Com. Reg. No.: |
66382, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Provision of Ship
Chandlery Services, Freight Clearing, Cargo Loading and Unloading, Sea Cargo Services and Shipping
Lines Agents |
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 : GULF OF ADEN SHIPPING
LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 7th
July 2003
Commercial
Registration Number : 66382,
Dubai
Trade Licence Number : 546740
Chamber Membership
Number : 79145
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 140
Activities :
Provision of ship chandlery services, freight clearing, cargo loading and
unloading, sea cargo services and shipping
lines agents.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 300,000
COMPANY NAME
GULF OF ADEN SHIPPING LLC
ADDRESS
Registered & Physical Address
Street : Al Khaleej
Street, Office No. 108
Area : Al Hamriya
Port Area
PO Box : 15339
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2668495
Facsimile : (971-4)
2668494
Email : gas777@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Ali Farhoud Haloub
Al Shawi Iraqi Managing
Director
· Akeel Farhoud
Haloub Al Shawi Iraqi Director
· Khalifa Sabaih
Bilal Al Saadi Emirati Director
· Mohamed
Reda Farhoud Al Shawi Iraqi General
Manager
· Mohamed
Khamis - Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 7th
July 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 66382, Dubai
Trade Licence No. : 546740 (Expires 04/07/2008)
Chamber Member No. : 79145
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Khalifa Sabaih
Bilal Al Saadi 51%
· Ali Farhoud Haloub
Al Shawi 25%
· Akeel Farhoud
Haloub Al Shawi 24%
OPERATIONS
Activities: Engaged in the provision of ship chandlery services, freight clearing,
cargo loading and unloading, sea
cargo services and shipping lines agents.
Subject owns and operates 5 cargo vessels.
Operating Trend: Steady
Subject has a workforce of approximately 140 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:
Sales UAE
Dh 36,000,000 UAE Dh 40,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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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 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.
The financial data contained in this report has been confirmed by the
Finance Manager, Mr Mohamed Khamis.
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%)