MIRA INFORM REPORT

Report Date :

09.02.2012

IDENTIFICATION DETAILS

Name :	UNITED SEA FOODS

Registered Office :	Rex Building, Apartment No. 2, Al Falaj, Ruwi 112, P O Box 3620, Muscat

Country :	Oman

Financials (as on) :	31.12.2011

Date of Incorporation :	12.08.2001

Com. Reg. No.:	1/67918/0

Legal Form :	Sole Proprietorship

Line of Business :	Processors of sea food

No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

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 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Oman

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : UNITED SEA FOODS

Country of Origin : Oman

Legal Form : Sole Proprietorship

Registration Date : 12^th August 2001

Commercial Registration Number : 1/67918/0

Chamber Membership Number : 45237

Invested Capital : RO 50,000

Total Workforce : 8

Activities : Processors of sea food.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 250,000

Person Interviewed : John Ancil, Marketing Manager

COMPANY NAME

UNITED SEA FOODS

company ADDRESS

Registered & Physical Address

Building : Rex Building, Apartment No. 2

Area : Al Falaj, Ruwi 112

PO Box : 3620

Town : Muscat

Country : Oman

Telephone : (968) 24788566

Facsimile : (968) 24790309

Mobile : (968) 99455825 / 994453676

Email : info@unitedseafoods.com / seafood@omantel.net.om

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.

KEY PRINCIPALS

Name Position

· Majid Ramdan Shambe Al Baloushi Proprietor & General Manager

· Pasal Valentine Assistant General Manager

· John Ancil Marketing Manager

LEGAL FORM & OWNERS

Date of Establishment : 12^th August 2001

Legal Form : Sole Proprietorship

Commercial Reg. No. : 1/67918/0

Chamber Member No. : 45237

Invested Capital : RO 50,000

Mr Majid Ramdan Shambe Al Baloushi is the sole proprietor of the business.

OPERATIONS

Activities: Engaged as processors of fresh and frozen sea food.

Import Countries: Europe and the Far East

Brand Names: UNITED

Operating Trend: Steady

Subject has a workforce of 8 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Riyal Omani (RO)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales RO 3,180,000 RO 3,600,000

Local sources consider subject’s financial condition to be Fair

The above financial figures were provided by Mr John Ancil, Marketing Manager

BANKERS

· National Bank of Oman Limited (SAOG)

Muttrah Business District

PO Box: 751, Ruwi 112

Muscat

Tel: (968) 24708894 / 24708630 / 24708684

Fax: (968) 24707781 / 24703972

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.49.07
UK Pound	1	Rs.78.09
Euro	1	Rs.65.15

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.