MIRA
INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGENTA FISH & SEA FOOD SUPPLY LLC |
|
|
|
|
Registered Office : |
Umm Ramool, Al Rashidya Area, Street No. 24 A ,PO Box 10553,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
24.12.1987 |
|
|
|
|
Com. Reg. No.: |
44708, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import, Processing and Distribution of Sea Food Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MAGENTA FISH & SEA FOOD SUPPLY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th December 1987
Commercial Registration Number : 44708, Dubai
Trade Licence Number : 300381
Chamber Membership Number : 12889
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 40
Activities : Import, processing and distribution of sea food products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
MAGENTA FISH &
SEA FOOD SUPPLY LLC
ADDRESS
Registered & Physical Address
Location : Umm Ramool, Al Rashidya Area, Street No. 24 A
PO Box : 10553
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2851663
Facsimile : (971-4) 2851855
Email : magenta@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
PO Box: 10553 Sales
office premises
Abu Dhabi
Tel
: (971-2) 5529878
Fax
: (971-2) 5529877
KEY PRINCIPALS
Name Nationality Position
·
Hashmukh
Bhagwanji Masrani British Managing Director
·
Ali Saeed Juma
Al Bawardy Emirati Director
·
Saeed Mohamed
Al Kamda Emirati Director
·
Jagdish
Menon - General
Manager
·
M.
Sunit - Finance
Manager
·
Sabin
Jacoub - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
December 1987
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 44708, Dubai
Trade Licence No. : 300381
(Expires 01/04/2009)
Chamber Member No. : 12889
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Saeed Mohamed
Al Kamda 33.34%
·
Hashmukh
Bhagwanji Masrani 33.33%
·
Ali Saeed Juma
Al Bawardy 33.33%
OPERATIONS
Activities: Engaged in the import, processing and distribution
of sea food products, specialising in fish and shell fish.
Subject operates a
fleet of six refrigerated vehicles.
Import
Countries: Europe and GCC
countries
Brand Names: DELSEA
Operating Trend: Steady
Subject has a
workforce of 40 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 24,300,000 UAE
Dh 27,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by M. Sunit, Finance Manager.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction March
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1987, subject is involved in the import and distribution of sea food products,
specialising in fish and shell fish.
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding 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
admissible.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)