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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SEA BLUE FISHERIES LLC |
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Registered Office : |
New Industrial Area PO Box 6961 & 4533 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 : |
10.09.2005 |
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Com. Reg. No.: |
32337, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of fresh and frozen seafood products. |
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No. of Employees : |
50 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 : SEA BLUE FISHERIES LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th September 2005
Commercial Registration Number : 32337, Ajman
Trade Licence Number : 41496
Chamber Membership Number : 38438
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 50
Activities : Distributors of fresh and frozen seafood products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Piju Nair, Financial Controller
SEA BLUE FISHERIES LLC
Location : New Industrial
Area
PO Box : 6961 & 4533
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7480396
/ 7408770
Facsimile : (971-6)
7480398
Mobile : (971-50)
7872736 / 971-55 6966960
Email : seablue@eim.ae
/ mail@seafoodtreasure.com
Subject operates from a medium sized suite of offices and processing
facilities that are rented and located in the Industrial Area of Ajman.
Name Nationality Position
· Aftab Ibrahim Indian Managing
Director
· Humaid Obaid
Humaid Al Matrooshi Emirati Director
· Abdul Hamid Abdul
Jamal - General
Manager
· Mohamed Adel - Marketing
Manager
· Shafiq Abu Baker - Sales
Manager
· Piju Nair - Financial
Controller
Date of
Establishment : 10th
September 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 32337, Ajman
Trade Licence No. : 41496 (Expires 25/10/2013)
Chamber Member No. : 38438
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Humaid Obaid
Humaid Al Matrooshi 51%
· Aftab Ibrahim 49%
· Ocean Fisheries LLC
New Industrial Area
Ajman
Tel: (971-6) 7436353
Fax: (971-6) 7437262
· Malagasy Seafood
Provider Co
Farafangana
Madagascar
Activities: Engaged in the import, processing and distribution of fresh and frozen
seafood products.
Production
Capacity: 10 tonnes per day
Import Countries: Europe and the Far East.
Brand Names: SEA BLUE and OCEAN CREST
Operating Trend: Steady
Subject has a workforce of 50 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 22,350,000 UAE Dh
24,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Piju Nair, Financial Controller
·
National Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6)
5422996
Fax: (971-6)
5425750
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.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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 |
|
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 |
|
-- |
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.