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Report Date : |
10.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SEABLUE INTERNATIONAL LLC |
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Registered Office : |
Ajman Industrial Area PO Box 17659 Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
29.12.2010 |
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Com. Reg. No.: |
53581, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of frozen seafood products |
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No. of Employees : |
12 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : SEABLUE INTERNATIONAL LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th December 2010
Commercial Registration Number : 53581, Ajman
Trade Licence Number : 59624
Chamber Membership Number : 60873
Issued Capital : UAE Dh 440,000
Paid up Capital : UAE Dh 440,000
Total Workforce : 12
Activities : Distributors of frozen seafood products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Javid Iqbal, Financial Controller
SEABLUE INTERNATIONAL LLC
Location : Ajman
Industrial Area
PO Box : 17659
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7481819
Facsimile : (971-6)
7481815
Mobile : (971-50)
7872736
Email : info@seablueinternational.com
/ ijaz@seablueinternational.com
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Industrial Area of Ajman.
Name Nationality Position
· Humaid Obaid Al
Matrooshi Emirati Managing
Director
· Mohamed Adel Abdul
Rasheed Indian Director
· Afab Ibrahim
Yousef Indian Director
· Ijaz Ahmed Butt Pakistani Director
·
Javid Iqbal - Financial
Controller
· Mohamed Shazad - Sales
Manager
Date of
Establishment : 29th
December 2010
Legal Form : Limited Liability Company
- LLC
Commercial Reg.
No. : 53581, Ajman
Trade Licence No. : 59624
Chamber Member No. : 60873
Issued Capital : UAE Dh 440,000
Paid up Capital : UAE Dh 440,000
· Humaid Obaid Al
Matrooshi
· Mohamed Adel Abdul
Rasheed
· Afab Ibrahim
Yousef
· Ijaz Ahmed Butt
· Sea Blue Fisheries
LLC
PO Box: 6961
Ajman
Tel: (971-6)
7480396
· Ocean Fisheries
LLC
PO Box: 17659
Ajman
Tel: (971-6)
7481819
Fax: (971-6)
7481815
Activities: Engaged in the import and distribution of frozen seafood products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 2,150,000 UAE Dh
2,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6)
5537222
Fax: (971-6)
5537880
No complaints regarding subject’s payments have been reported.
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.54.46 |
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|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.