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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
OCEAN FISHERIES LLC |
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Registered Office : |
New Sanaya Area PO Box 1927
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 : |
07.12.1988 |
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Com. Reg. No.: |
35719, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distribution of frozen sea food products. |
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No. of Employees : |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 country 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. 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 : 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
Person Interviewed : Baju Nair, Finance Manager
OCEAN FISHERIES LLC
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
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Ajman.
Name Nationality Position
· Aftab Ibrahim
Yousef Mohamed 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
· Mohamed Adel - Export
Manager
· Shafiq Al Huq - Administration
Manager
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
· Aftab Ibrahim
Yousef Mohamed
· Fawzia Ibrahim Ibrahim
· Jawad Adnan Ali
Hashim
· 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
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 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 52,100,000 UAE Dh
58,400,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Baju Nair,
Finance Manager
·
Mashreq Bank Plc
PO Box: 11
Ajman
Tel: (971-6) 7422440
Fax: (971-6) 7426690
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.