.
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Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
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Name : |
GULF SEAFOOD LLC |
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Registered Office : |
Plot WT 64, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
03.10.1993 |
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Com. Reg. No.: |
41178, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in the import, processing, packaging and distribution of fish and other seafood products. Subject product range includes freeze dried shrimp and
selected fresh and live seafood and breaded seafood products, as well as frozen snack food
products like shrimp samosa, shrimp spring rolls, fish and shrimp dumplings
and seafood sausages. |
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No. of Employees : |
120 |
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 – 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 |
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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 |
|
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 : GULF SEAFOOD LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd October 1993
Commercial Registration Number : 41178, Dubai
Trade Licence Number : 232139
Chamber Membership Number : 28348
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 120
Activities : Processing, packaging and distribution of fish and other seafood
products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GULF SEAFOOD LLC
Registered & Physical Address
Location : Plot WT 64
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 61115
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8817300
Facsimile : (971-4) 8817274
Email : info@dubaiseafood.com / info@gulfseafood.ae
Premises
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone, Dubai.
Branch Office (s)
Location Description
·
Deira Rented
office premises
PO Box: 5184
Dubai
Tel: (971-4) 2693157
Fax: (971-4) 2690896
Name Nationality Position
·
Chrishna
Murty Cethuraman
Indian Managing
Director
·
Mohamed
Saeed Matar Saeed Bin Belaila Emirati Director
·
Saeed
Matar Saeed Bin Belaila Emirati Director
·
Tarun
Rao
- General
Manager
·
Sunder
Rajan - Sales
Manager
·
Shibu Kumar
- Finance
Manager
·
Liju
Lizer - Production
Manager
·
Shitra
Biju - Quality
Control Manager
Date of Establishment : 3rd
October 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41178, Dubai
Trade Licence No. : 232139
(Expires 28/09/2014)
Chamber Member No. : 28348
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Chrishna
Murty Cethuraman 35%
·
Mohamed
Saeed Matar Saeed Bin Belaila 35%
·
Saeed
Matar Saeed Bin Belaila 30%
Activities: Engaged in the import, processing, packaging
and distribution of fish and other seafood products. GSF product range includes
freeze dried shrimp and selected fresh and live seafood and breaded
seafood products, as well as
frozen snack food products like shrimp samosa, shrimp spring rolls, fish and
shrimp dumplings and seafood sausages.
Import
Countries: India and
Norway.
International Suppliers:
·
Shiva India
·
Nordeza
Norway
Clients:
·
Arabian Fisheries Saudi
Arabia
·
Singleton Supermarkets Saudi Arabia
Export
Countries: Arab
Gulf Countries, Canada, USA, Saudi Arabia, Australia, New Zealand and the Far
East
Brand Names: GSF
Operating Trend: Steady
Subject has a
workforce of 120 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue UAE Dh 26,900,000 UAE Dh 28,000,000
Local sources
consider subject’s financial condition to be Fair.
·
National
Bank of Fujairah PSC
Centralised Trade Services Unit
Fujairah Building
Khalid Bin Waleed Street
PO Box: 2979
Dubai
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.71 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
<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.