MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SEAGATE FOOD LLC

 

 

Registered Office :

Shed No. 15 Bu Khamis Street Near Ajman Fish Market P.O.Box No.: 6070 Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

June 2002

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as exporters and wholesalers of fresh and frozen fish.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 100,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

Seagate Food LLC

 

 

ADDRESS

 

Building   : Shed No. 15

 

Street     : Bu Khamis Street

 

Area       : Near Ajman Fish Market

 

P.O.Box No.: 6070

Town       : Ajman

Country    : United Arab Emirates

 

Telephone  : (971 6) 744 5671 / Mobile (971 50) 787 2703 (Sarfaraz

              Mohammed Zaman)

Fax        : (971 6) 744 5680

 

Also Known as : Sea Gate Food LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                             Position

 

1. Shabaz Elias                                     Managing Director

 

2. Ejaz Elias                                          Director

 

3. Sajid Quamruzzaman                         Director

 

4. Sarfaraz Mohammed Zaman                Sales & Marketing Manager

 

 

Total Employees : 11

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : Dh 100,000

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : HSBC Bank Middle East

 

Branch   : King Faisal Road

PO Box   : 25

Town     : Sharjah

 

Telephone: (971 6) 553 7222

Fax      : (971 6) 553 7880

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover          : Dh 3,900,000 - 2008 - approx

                        : Dh 4,500,000 - 2009 – approx

                        : Dh 4,000,000 – 2010 – approx

                        : Dh 4,200,000 – 2011 - approx

 

Net Profit              : not given but stated to be 5% of the sales

                         

Financial year ends 31 March.

 

LEGAL STATUS AND HISTORY

 

Date Started : June 2002

 

Trade License No.: 33555 (expiry date: 7 October 2011)

 

Authorised Capital : Dh 300,000

 

Paid up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

                                           

1. Shabaz Elias                                                 17%

  (Indian national)

 

2. Ejaz Elias                                                                  16%

  (Indian national, brother of the above)

 

3. Sajid Quamruzzaman                                    16%

  (Indian national)

 

4. Humaid Al Shamsi*                                        51%

  (UAE national)

 

* The local sponsor, according to UAE laws must hold a minimum of

51 % of the capital, however, in practice and unofficially the  sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

 

Associate

 

Sea Heaven General Trading Co LLC

PO Box 3437

Ajman

Telephone: (971 6) 744 9561

Fax      : (971 6) 744 9619

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as exporters and wholesalers of fresh and frozen fish.

 

NACE Code: 4638

 

Imports occasionally from GCC and Middle Eastern countries.

 

Exports to Asia mainly to Mauritius, Thailand, Malaysia, Vietnam and China.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented office premises and wholesale depot with warehousing facilities located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Sarfaraz Mohammed Zaman (Marketing Manager)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.36

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.