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Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
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Name : |
EAST FISH
PROCESSING LLC (EFP) |
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Registered Office : |
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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 : |
Engaged in the
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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - 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, Ajman
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 :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Alex Mathew, Finance
Manager
EAST FISH PROCESSING LLC (EFP)
Location : Al Mina Road,
Shed No 1, Fish Market
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.
Branch Offices
Location Description
·
Deira Office
premises
Dubai
Tel: (971-4)
2255730
Name Nationality Position
·
Poonghat Shrinivaz Indian Managing
Director
·
Obaid Mohamed
Khamis Hamza Emirati Director
·
George Vargis - General
Manager
·
Thomas George - Sales
Manager
·
Shibu Mathew - 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 07/09/2014)
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, Vietnam and China.
International
Suppliers:
·
Anthu Food Vietnam
·
Longhai China
·
Sealand China
·
Sealord Seafood Pakistan
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
176,380,000 UAE Dh
180,200,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Alex Mathew, Finance Manager
·
Mashreq Bank PSC
Foreign Trade
Centre
Mashreq Building, 3rd
Floor
Dubai Outsource
Zone Alweer
PO Box: 9271
Dubai
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. 62.68 |
|
|
1 |
Rs. 102.96 |
|
Euro |
1 |
Rs. 84.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.