MIRA INFORM REPORT

 

 

Report Date :           

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

OCEAN FISHERIES LLC

 

 

Registered Office :

New Sanaya Area, P O Box 1927, Ajman

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.12.1988

 

 

Com. Reg. No.:

35719, Ajman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of frozen sea food products.

 

 

No. of Employees :

23 Persons

 

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$ 250,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : OCEAN FISHERIES LLC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 7th December 1988

Commercial Registration Number            : 35719, Ajman

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                 : Ajman

Country             : United Arab Emirates

Telephone         : (971-6) 7436353 / 7436287 / 7480396

Facsimile          : (971-6) 7437262 / 7406883

Mobile               : (971-50) 6314957

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, Ajman

 

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

Ajman

     Tel: (971-6) 7406882

 

·       Sea Blue Fisheries LLC

Ajman

Tel: (971-6) 7480396

 

·       Fish Delmon Factory

Manama

Bahrain

     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: India, Australia and Sri Lanka

 

Operating Trend: Steady

 

Subject has a workforce of 23 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 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

Ajman

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                                               US Dollars

 

 

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.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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.