MIRA INFORM REPORT

 

 

Report Date :           

13.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MAGENTA LLC

 

 

Formerly Known As :

Magenta Fish & Sea Food Supply LLC

 

 

Registered Office :

Umm Ramool, Al Rashidya Area, Street No. 24 A, P O Box 10553, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.12.1987

 

 

Com. Reg. No.:

44708, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Processing and distribution of sea food products

 

 

No. of Employees :

110

 

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$ 600,000

 

 

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                                     : MAGENTA LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 24th December 1987

Commercial Registration Number            : 44708, Dubai

Trade Licence Number                            : 300381

Chamber Membership Number                : 12889

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 110

Activities                                               : Processing and distribution of sea food products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 600,000

Person Interviewed                                 : M Sunit, Finance Manager

 

COMPANY NAME

 

MAGENTA LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Umm Ramool, Al Rashidya Area, Street No. 24 A

PO Box             : 10553

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2851663

Facsimile          : (971-4) 2851855

Email                : magenta@emirates.net.ae / sales@magentafoods.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 10553                                                                                 Sales office premises

Abu Dhabi

       Tel: (971-2) 5529878

       Fax: (971-2) 5529877

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Hashmukh Bhagwanji Masrani                        British                           Managing Director

 

·       Ali Saeed Juma Al Bawardy                           Emirati                          Director

 

·       Jagdish Menon                                                   -                              General Manager

 

·       M Sunit                                                             -                              Finance Manager

 

·       Sabin Jacoub                                                     -                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th December 1987

 

History                         : Subject was previously called “Magenta Fish & Sea Food Supply LLC”, however in 2010 it changed its name to “Magenta LLC”.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 44708, Dubai

 

Trade Licence No.       : 300381 (Expires 01/04/2012)

 

Chamber Member No. : 12889

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

·       Hashmukh Bhagwanji Masrani

·       Ali Saeed Juma Al Bawardy

 

 

AFFILIATED COMPANIES

 

·       Pavilion Food Processing LLC

Dubai

 

·       Marina International Fisheries

Manama

Bahrain

 

·       Midas Import & Export Sal

Beirut

Lebanon

 

·       Modern Marketing & Trading

Jibroo

Oman

 

 

OPERATIONS

 

Activities: Engaged in the import, processing and distribution of sea food products, specialising in fish and shell fish. Subject operates a fleet of six refrigerated vehicles.

 

Import Countries: Europe and GCC countries

 

Brand Names: DELSEA

 

Operating Trend: Steady

 

Subject has a workforce of 110 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

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

 

Total Sales                                UAE Dh 48,500,000                   UAE Dh 55,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures were confirmed by M Sunit, Finance Manager

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              March 2006

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.49.94

UK Pound

1

Rs.78.25

Euro

1

Rs.65.39

 

 

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.