MIRA INFORM
REPORT
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Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
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Name : |
UNITED FISHERIES OF |
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Registered Office : |
Faisal Centre,
Dajeej Area, P O Box22044, Safat 13081 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.05.1972 |
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Com. Reg. No.: |
105419 |
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Legal Form : |
Kuwaiti Shareholding
Closed Company |
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Line of Business : |
Shrimp Trawling |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : UNITED FISHERIES OF
Country of Origin :
Legal Form :
Kuwaiti Shareholding Closed Company - KSCC
Registration Date : 1st
May 1972
Commercial
Registration Number : 105419
Chamber Membership
Number : 97771
Issued Capital : KD
5,000,000
Paid up Capital : KD
5,000,000
Total Workforce : 330
Activities :
Shrimp trawling
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 500,000
Person Interviewed : Abdul Hameed
Ahmed, Finance Manager
COMPANY NAME
UNITED FISHERIES OF
company ADDRESS
Registered & Physical Address
Location : Faisal Centre
Area : Dajeej Area
PO Box : 22044
Town : Safat 13081
Country :
Telephone : (965) 24950149
/ 24813285 / 24816953 / 24841449 / 24813770 /
24841449
Facsimile : (965) 24345004
/ 24816974 / 24843701 / 24849612
Email : info@ufkonline.com
Premises
Subject operates
from a large suite of offices, warehousing and processing facilities that are
owned and located in the Industrial Area of Safat.
KEY PRINCIPALS
Name Position
·
Adel Yousef Al Thaqab Chairman
·
Abdullatif Abdul Wahab Al Tamar Managing
Director
·
Saud Abdulaziz Al Owasi Director
·
Hameed Mohamed Ali Abdullah Director
·
Ahmed Walid Al Sharhan Director
·
Khalid Al Saigh Chief
Executive Officer
·
Ibrahim Al Ghallag Deputy
Chief Executive Officer
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Abdul Hameed Ahmed Finance Manager
·
Abdulrahman Al Othman Operations
Manager
·
Abdul Karim Sobhi Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
May 1972
Legal Form :
Kuwaiti Shareholding Closed
Company - KSCC
Commercial Reg. No. : 105419
Chamber Member No. : 97771
Issued Capital : KD 5,000,000
Paid up Capital : KD 5,000,000
Name of Shareholder
(s) Percentage
·
Danah Al Safat Foodstuff Co 100%
Safat
OPERATIONS
Activities: Engaged in the trawling for shrimps.
It has a fleet comprising 20 shrimp
trawlers
Subject also operates a chain of 26 Danah
retail fish shops.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of approximately 330 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/08: Year
Ending 31/12/09:
Total Sales KD 5,750,000 KD 6,100,000
Net Profit KD 70,000 KD 101,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be 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.45.03 |
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|
1 |
Rs.72.98 |
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Euro |
1 |
Rs.62.94 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.