|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEVILLE PRODUCTS LLC |
|
|
|
|
Registered Office : |
Industrial Area No. 1 PO Box 4115 Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.09.1997 |
|
|
|
|
Com. Reg. No.: |
30685 |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Processing and marketing of general foodstuff products. |
|
|
|
|
No. of Employees : |
65 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : SEVILLE PRODUCTS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th September 1997
Commercial Registration Number : 30685
Trade Licence Number : 3866
Chamber Membership Number : 40566
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 65
Activities : Processing and marketing of general foodstuff products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Anis, Financial Manager
SEVILLE PRODUCTS LLC
Location : Industrial
Area No. 1
PO Box : 4115
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5334969
Facsimile : (971-6)
5333180
Email : mhashim@iffco.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Sharjah.
Branch P O Box 54176, Sharjah, United Arab Emirates
Name Nationality Position
· Ali Nasser Al
Faradan Emirati Managing Director
· Amitav Basak - General
Manager
· Mohamed Anis - Financial
Manager
· Adel Zahoor - Financial
Controller
Date of
Establishment : 10th
September 1997
Legal Form : Limited Liability Company
- LLC
Commercial Reg.
No. : 30685
Trade Licence No. : 3866 (Expires 07/09/2013)
Chamber Member No. : 40566
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ali Nasser Al
Faradan
· Delmon Ltd
United Kingdom
Subject is a member of the IFFCO group of companies
that consists of the following concerns:
· International
Packaging Co LLC
New Industrial
Area
PO Box: 2990
Ajman
United Arab Emirates
Tel:
(971-6) 7436814
Fax: (971-6) 7435503
Email: ipc@iffco.com
· IFFCO
International Foodstuff Co LLC
Shop No. 134, Hamriya Vegetable and Fruit
Market
Al Khaleej Street
Corniche, Deira
PO Box: 2595
Dubai
United Arab
Emirates
Tel: (971-4) 3202777
/ 3330555
Fax:
(971-4) 3202682
· Emirates
Industrial & Trading Co Ltd (EITCO)
Sharjah
Port
PO Box:
4115 / 6906
Sharjah
United
Arab Emirates
Tel:
(971-6) 5334696
Fax:
(971-6) 5333180
· Emirates Refining
Co Ltd (ERCO)
PO Box: 4115
Sharjah
United Arab
Emirates
Tel: (971-6)
5357966
· Intergulf Services
Ltd
PO Box:
6131
Sharjah
United
Arab Emirates
Tel:
(971-6) 281391
· Allana
International Ltd
Jebel Ali Free
Zone
PO Box: 16787
Dubai
United Arab
Emirates
Tel: (971-4)
816120
· Delmon Products
Ltd
Jebel Ali Free
Zone
PO Box: 16787
Dubai
United Arab
Emirates
Tel: (971-4)
816504
· Al Ain National
Juice & Refreshment Co
PO Box: 15937
Al Ain
United Arab
Emirates
Tel: (971-3)
7216555
Fax: (971-3)
7215208
· Gateway Chemicals
LLC
PO Box: 10596
Dubai
United Arab
Emirates
Tel: (971-4)
3386116
Fax: (971-4)
3384416
· IFFCO Egypt SAE
Street 262, Villa
10B
New Maadi
Cairo
Egypt
Tel: (20-2)
7545841 / 7545842 / 7545843 / 7545847
Fax: (20-2)
5164554
· Civil Product Ltd
Dubai
United Arab Emirates
Tel:
(971-4) 2850066
· Unipex Dairy
Products Co Ltd
Sharjah Industrial Area No. 2
PO Box: 5646 & 77
Sharjah
Tel: (971-6) 5337864 / 5326339 / 5321146 /
5337434
Fax: (971-6) 5336312
Email: unipex@emirates.net.ae
· Tiffany Foods Ltd
Al Liya Area, Sharjah Seaport
PO Box: 6597 & 4115
Sharjah
Tel: (971-6) 5285195
Fax: (971-6) 5080504 / 5324100
Email: tiffany@emirates.net.ae
· Dubai Meat Packers
Ltd
PO Box: 16930
Dubai
Tel: (971-4)
8815345
Fax: (971-4)
8815330
· Seville Products
LLC
Warehouse No. 23, 3rd Interchange
Sheikh Zayed Road
Al Quoz Industrial Area
PO Box: 54176
Dubai
Tel: (971-4) 2850066 / 3392939 / 3395163
Fax: (971-4) 2855724 / 3392949
Activities: Engaged in the processing and marketing of general foodstuff products.
Import Countries: United Kingdom and Asia
Operating Trend: Steady
Subject has a workforce of 65 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 112,500,000 UAE Dh
117,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Anis, Financial Manager
·
Standard Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5335500
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.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
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 |
|
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.