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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EAST FISH PROCESSING LLC (EFP) |
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Registered Office : |
Al Mina Road PO Box 2741 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.09.1991 |
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Com. Reg. No.: |
2122, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import, processing and export of fish and seafood products. |
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No. of Employees : |
100 |
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 |
|
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 : EAST FISH PROCESSING LLC (EFP)
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th September 1991
Commercial Registration Number : 2122,
Trade Licence Number : 11716
Chamber Membership Number : 9540
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 100
Activities : Import, processing and export of fish and seafood products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EAST FISH PROCESSING LLC (EFP)
Location : Al Mina Road
PO Box : 2741
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7455350
/ 7444983
Facsimile : (971-6)
7455318
Email : eastfish@emirates.net.ae
/ eastfish@eim.ae
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Ajman.
Name Nationality Position
· Poonghat Shrinivaz Indian Managing
Director
· Obaid Mohamed Khamis Hamza Emirati Director
· George Vargis - General
Manager
· Thomas George - Sales
Manager
· Sunny Peter - Purchasing
Manager
· Alex Mathew - Finance
Manager
Date of
Establishment : 28th
September 1991
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 2122, Ajman
Trade Licence No. : 11716 (Expires 07/09/2013)
Chamber Member No. : 9540
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Obaid Mohamed Khamis Hamza 51%
· Poonghat Shrinivaz 49%
· Continental Foods Processing LLC
PO Box: 2741
Ajman
Tel: (971-6) 7422330
· Thomsun Group
Dubai
Tel:
(971-4) 2626261
· Star Fish Trading
LLC
Dubai
· East Fish Co LLC
Abu Dhabi
Tel: (971-2)
5544232
· Thomsun
Mercantile, Clearing & Forwarding
Dubai
· Thomsun Food
Dubai
· Thomsun
Supermarkets
Dubai
Activities: Engaged in the import, processing and export of fish and seafood
products.
Import Countries: Pakistan and India
Brand Names: EASTCO and CORAL
Operating Trend: Steady
Subject has a workforce of 100 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 27,000,000 UAE Dh
27,885,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Mashreq Bank Plc
Sheikh Abdul Aziz
Street
PO Box: 11
Ajman
Tel: (971-6)
7017319 / 7421133
Fax: (971-6) 7426690
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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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.