MIRA INFORM REPORT

 

 

Report Date :           

04.07.2011

 

IDENTIFICATION DETAILS

 

Name :

THE DEEP SEAFOOD CO LLC

 

 

Registered Office :

Abu Dhabi Fishermen Co-op Society Building, Warehouse No. 269, Street, Mina Road, P O Box 32628, Abu Dhabi

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.07.1997

 

 

Com. Reg. No.:

35279, Abu Dhabi

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of fresh and frozen 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$ 700,000

Status :

Satisfactory

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)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : THE DEEP SEAFOOD CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 9th July 1997

Commercial Registration Number            : 35279, Abu Dhabi

Trade Licence Number                            : 1022223

Chamber Membership Number                : 74222

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 42

Activities                                               : Distributors of fresh and frozen sea food products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

Person Interviewed                                 : Dave Raj, Finance Manager

 

COMPANY NAME

 

THE DEEP SEAFOOD CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

 

Building             : Abu Dhabi Fishermen Co-op Society Building, Warehouse No. 269

Street               : Mina Road

PO Box             : 32628

Town                 : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 6733445 / 6339884

Facsimile          : (971-2) 6733446

Mobile               : (971-50) 6118110

Email                : deepsfd@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Suburban Business Area of Abu Dhabi.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       New Industrial Area                                                                                       Processing plant

PO Box: 20883

Ajman

Tel: (971-6) 7480006 / 7482114

Fax: (971-6) 7431191

 

·       PO Box: 81196                                                                                             Office premises

Dubai

Tel: (971-4) 2844227

Fax: (971-4) 2858401

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Yousef Moiduty Banght                                  Indian                                        Managing Director

 

·       Sultan Issa Sultan Ibrahim Al Zaabi                 Emirati                                      Director

 

·       Fayaz Yousef Moiduty Banght                              -                                         General Manager

 

·       Dave Raj                                                             -                                         Finance Manager

 

·       Haneef Arakal                                                     -                                         Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th July 1997

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 35279, Abu Dhabi

 

Trade Licence No.       : 1022223 (Expires 06/06/2012)

 

Chamber Member No. : 74222

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Sultan Issa Sultan Ibrahim Al Zaabi                                         51%

 

·       Yousef Moiduty Banght                                                          49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fresh and frozen sea food products, including fish, lobster,

                 shrimps and cephalopods.

 

                 Subject is an ACCP certified and USFDA registered seafood processing and exporting company.

 

Import Countries: Europe and the Far East.

 

Export Countries: GCC countries, Egypt, Syria, Malaysia, Turkey, Lebanon, Iraq and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of 42 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 63,800,000                   UAE Dh 70,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Dave Raj, Finance Manager

 

 

BANKERS

 

·       Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank Building

Al Salam Street

PO Box: 939

Abu Dhabi

Tel: (971-2) 6962222 / 6962222

Fax: (971-2) 6776499 / 6776499

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.75

Euro

1

Rs.64.80

 

 

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.