MIRA INFORM
REPORT
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Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
OCEAN FISHERIES LLC |
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Registered Office : |
New Sanaya Area, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
07.12.1988 |
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Com. Reg. No.: |
35719, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of frozen sea food
products |
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$ 250,000 |
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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 : OCEAN FISHERIES LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 7th December 1988
Commercial Registration Number : 35719,
Chamber Membership Number : 10017
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 23
Activities : Import and distribution of frozen sea food products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : Baju Nair, Finance Manager
COMPANY NAME
OCEAN FISHERIES LLC
company ADDRESS
Registered & Physical Address
Location : New Sanaya Area
PO Box : 1927
Town :
Country :
Telephone : (971-6) 7436353 / 7436287 / 7480396
Facsimile : (971-6) 7437262 / 7406883
Email : lobsters@eim.ae / afthab@eim.ae / mail@seabluefisheries.com / oceanz@eim.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Aftab Ibrahim Indian Managing
Director
·
Fawzia Ibrahim Ibrahim
Emirati Director
·
Jawad Adnan Ali Hashim Bahraini Director
·
Jamal Abdulrahman - General
Manager
·
Arshad Mohamed - Commercial
Manager
·
Baju Nair - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
December 1988
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 35719,
Chamber Member No. : 10017
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
·
Aftab Ibrahim
·
Fawzia Ibrahim Ibrahim
·
Jawad Adnan Ali Hashim
AFFILIATED COMPANIES
·
Sea World Foodstuff Trading LLC
Tel: (971-6) 7406882
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Sea Blue Fisheries LLC
Tel : (971-6) 7480396
·
Fish Delmon Factory
Tel : (973-39) 606866
OPERATIONS
Activities: Engaged in the import
and distribution of frozen sea food products. The company specialises in rock
lobster, shrimps, crab,
octopus and cuttlefish.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 23 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
36,290,000 UAE Dh
40,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Baju Nair, Finance Manager
BANKERS
·
Mashreq
Bank Plc
PO Box: 11
Tel: (971-6) 7422440
Fax: (971-6) 7426690
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2008
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
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|
1 |
Rs.71.64 |
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Euro |
1 |
Rs.62.96 |
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.