MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEA PEARL SEAFOOD AND MEAT LLC |
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Registered Office : |
Mussafah
Industrial Area, PO Box 76526 & 2526 & 13188, Abu Dhabi |
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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 : |
05.09.2004 |
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Com. Reg. No.: |
58805, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Seafood Products
as well as Poultry Items |
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 : SEA PEARL SEAFOOD AND MEAT LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th September 2004
Commercial Registration Number : 58805, Abu Dhabi
Trade Licence Number : 1063234
Chamber Membership Number : 105377
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 8
Activities : Import and distribution of seafood products as well as poultry items
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Jay Kumar, Commercial Manager
COMPANY NAME
SEA PEARL SEAFOOD
AND MEAT LLC
ADDRESS
Registered & Physical Address
Location : Mussafah Industrial Area
PO Box : 76526
& 2526 & 13188
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5520861
Facsimile : (971-2) 5541315
Mobile : (971-50) 8296461
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
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Abdul
Basit Abdullah Salih Mubarak Emirati Managing Director
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Sulaiman
Abdul Qader Indian Director
·
Jay
Kumar - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
September 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 58805, Abu
Dhabi
Trade Licence No. : 1063234
(Expires 10/05/2009)
Chamber Member No. : 105377
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Abdul
Basit Abdullah Salih Mubarak 51%
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Sulaiman
Abdul Qader 49%
OPERATIONS
Activities: Engaged in the import and distribution of seafood products as well as poultry items.
Import
Countries: India, Pakistan,
China, Taiwan, Vietnam, Thailand and East Africa
Operating Trend: Steady
Subject has a
workforce of 8 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 6,800,000 UAE Dh 7,300,000
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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Abu
Dhabi Commercial Bank
Mussafah
PO Box : 9331
Abu Dhabi
Tel : (971-2) 5544272
Fax : (971-2) 5544273
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.46.25 |
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UK Pound |
1 |
Rs.85.92 |
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Euro |
1 |
Rs.68.11 |
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%)