MIRA INFORM REPORT
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Report Date : |
22.09.2011 |
IDENTIFICATION DETAILS
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Name : |
SEA WORLD FISH PROCESSING LLC |
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Registered Office : |
Al Mina Road, P O Box 1318, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.01.1999 |
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Com. Reg. No.: |
16649, Ajman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of 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$ 350,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
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 :
SEA WORLD FISH PROCESSING LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
9th January 1999
Commercial Registration Number :
16649, Ajman
Trade Licence Number :
27197
Chamber Membership Number :
23676
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
38
Activities :
Distributors of sea food products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 350,000
COMPANY NAME
SEA WORLD FISH
PROCESSING LLC
company ADDRESS
Registered &
Physical Address
Location : Al Mina Road
PO Box : 1318
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7444559 / 7406882 / 7448684
Facsimile : (971-6) 7420290 / 7406883 / 7448343
Mobile : (971-50) 6364957 / 6358355
Email : ldpseaworld@emirates.com
/ seaworld@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
· Altaf Hamid Abdul Hamid Indian Managing
Director
· Riyaz Zakaria Sayed Mohamed Riyaz Indian Director
· Aftab Ibrahim Indian Director
· Abdulaziz Abdullah Khalfan Al Shamsi Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 9th
January 1999
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 16649, Ajman
Trade Licence No. : 27197 (Expires 08/01/2012)
Chamber Member No. : 23676
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
· Abdulaziz Abdullah Khalfan Al Shamsi 51%
· Altaf Hamid Abdul Hamid ]
]
· Riyaz Zakaria Sayed Mohamed Riyaz ] 49%
]
· Aftab Ibrahim ]
OPERATIONS
Activities: Engaged in the import and distribution of sea food products.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 38 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 21,800,000 UAE Dh
22,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Dubai Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4)
2953000
Fax: (971-4)
2954111
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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UK Pound |
1 |
Rs.75.31 |
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Euro |
1 |
Rs.65.64 |
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 |
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NB |
New Business |
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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.