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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SIX BROTHERS FOODSTUFF CO LTD |
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Registered Office : |
Al Wasit Street, Industrial Area No. 2, PO Box : 6391, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
16701, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged as processors of fresh and frozen fish and seafood. |
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No. of Employees : |
40 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 :
SIX BROTHERS FOODSTUFF CO LTD
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date : 1987
Registration Date :
16th January 1989
Commercial Registration Number :
16701, Sharjah
Trade Licence Number :
110740
Chamber Membership Number :
18825
Issued Capital :
UAE Dh 200,000
Paid up Capital :
UAE Dh 200,000
Total Workforce :
40
Activities :
Processors of fresh and frozen fish and seafood
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SIX BROTHERS
FOODSTUFF CO LTD
Registered &
Physical Address
Street : Al Wasit
Street
Area : Industrial
Area No. 2
PO Box :
6391
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5339644
Facsimile : (971-6)
5335495
Email : sixbros@emirates.net.ae
/ sixbros@eim.ae
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Sharjah.
Name Nationality Position
Omar Zaman Shah Jabar Pakistani Managing Director
Mohamed Ayaz Shereen Shah Jabar Pakistani Director
Mohamed Suhail Qamr Zaman Pakistani Director
Mohamed Omar Mohamed Habib Al Bannai Emirati Director
Date of Establishment : 1987, however subject was registered
on 16th January 1989
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 16701, Sharjah
Trade Licence No. : 110740 (Expires 14/01/2016)
Chamber Member No. : 18825
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of
Shareholder (s) Percentage
Mohamed Omar Mohamed Habib Al Bannai 51%
Omar Zaman Shah Jabar ]
]
Mohamed Ayaz Shereen Shah Jabar ] 49%
]
Mohamed Suhail Qamr Zaman ]
Six Brothers Foodstuff Factory LLC
Industrial Area No. 2
PO Box: 38523
Sharjah
Tel: (971-6) 5339644
Fax: (971-6) 5335495
Activities: Engaged as
processors of fresh and frozen fish and seafood.
Import Countries: Norway,
India, Vietnam and Pakistan.
International Suppliers:
Sky Fish Export India
Dinh Long Vietnam
Export Countries: Bahrain
and Oman
Brand Names: EUROTAST, WAVES and SADF
Operating Trend: Steady
Subject has a workforce of 40 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 Sales UAE
Dh 26,425,000 UAE Dh
27,190,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
Acc No. 040 127581 001
No complaints regarding subject’s payments have been reported.
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.60.00 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared by
: |
NNA |
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 |
|
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.