MIRA INFORM REPORT

 

 

Report No. :

344900

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SEVILLE PRODUCTS LLC

 

 

Registered Office :

Al Wahada Street Industrial Area No. 1 4115 Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

10.09.1997

 

 

Com. Reg. No.:

30685

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject is engaged in the processing and marketing of general foodstuff products.

 

 

No. of Employee :

65

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

 

 

 

SUMMARY

 

Company Name                                    : SEVILLE PRODUCTS LLC

Country of Origin                                   : Sharjah, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 10th September 1997

Commercial Registration Number           : 30685

Trade Licence Number                           : 3866

Chamber Membership Number               : 40566

Issued Capital                                       : UAE Dh 300,000

Paid up Capital                                     : UAE Dh 300,000

Total Workforce                                     : 65

Activities                                               : Processing and marketing of general foodstuff products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Shashir Saxsena, Finance Manager

 

 

 

 

COMPANY NAME

 

SEVILLE PRODUCTS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Wahada Street

Location           : Industrial Area No. 1

 

PO Box            : 4115

 

Town                : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5334969 / 5029000

Facsimile          : (971-6) 5333180

Mobile              : (971-50) 2742018 / 5770010

Email                : mhashim@iffco.com / ssaxsena@iffco.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Ali Nasser Al Faradan                                   Emirati                          Managing Director

 

·       Asitha Samrvida                                                -                              General Manager

 

·       Rami Marwan                                                     -                              Sales Manager

 

·       Shashir Saxsena                                                -                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th September 1997

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 30685

 

Trade Licence No.        : 3866

 

Chamber Member No.  : 40566

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Ali Nasser Al Faradan

 

·       Delmon Ltd

United Kingdom

 

 

AFFILIATED COMPANIES

 

Subject is a member of the IFFCO group of companies that consists of the following concerns:

 

·       International Packaging Co LLC

New Industrial Area

       PO Box: 2990

       Ajman

       United Arab Emirates

     Tel: (971-6) 7436814

       Fax: (971-6) 7435503

       Email: ipc@iffco.com

 

·       IFFCO International Foodstuff Co LLC

       Shop No. 134, Hamriya Vegetable and Fruit Market

Al Khaleej Street

Corniche, Deira

PO Box: 2595

Dubai

United Arab Emirates

Tel: (971-4) 3202777 / 3330555

     Fax: (971-4) 3202682

    

·       Emirates Industrial & Trading Co Ltd (EITCO)

     Sharjah Port

     PO Box: 4115 / 6906

     Sharjah

     United Arab Emirates

     Tel: (971-6) 5334696

     Fax: (971-6) 5333180

 

·       Emirates Refining Co Ltd (ERCO)

PO Box: 4115

Sharjah

United Arab Emirates

Tel: (971-6) 5357966

 

·       Intergulf Services Ltd

     PO Box: 6131

     Sharjah

     United Arab Emirates

     Tel: (971-6) 281391

 

·       Allana International Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816120

 

·       Delmon Products Ltd

Jebel Ali Free Zone

PO Box: 16787

Dubai

United Arab Emirates

Tel: (971-4) 816504

 

·       Al Ain National Juice & Refreshment Co

PO Box: 15937

Al Ain

United Arab Emirates

Tel: (971-3) 7216555

Fax: (971-3) 7215208

 

·       Gateway Chemicals LLC

PO Box: 10596

Dubai

United Arab Emirates

Tel: (971-4) 3386116

Fax: (971-4) 3384416

 

·       IFFCO Egypt SAE

Street 262, Villa 10B

New Maadi

Cairo

Egypt

Tel: (20-2) 7545841 / 7545842 / 7545843 / 7545847

Fax: (20-2) 5164554

 

·       Civil Product Ltd

Dubai

       United Arab Emirates

     Tel: (971-4) 2850066

 

·       Unipex Dairy Products Co Ltd

Sharjah Industrial Area No. 2

PO Box: 5646 & 77

Sharjah

Tel: (971-6) 5337864 / 5326339 / 5321146 / 5337434

Fax: (971-6) 5336312

Email: unipex@emirates.net.ae

 

·       Tiffany Foods Ltd

Al Liya Area, Sharjah Seaport

PO Box: 6597 & 4115

Sharjah

Tel: (971-6) 5285195

Fax: (971-6) 5080504 / 5324100

Email: tiffany@emirates.net.ae

 

·       Dubai Meat Packers Ltd

PO Box: 16930

Dubai

Tel: (971-4) 8815345

Fax: (971-4) 8815330

 

·       Seville Products LLC

Warehouse No. 23, 3rd Interchange

Sheikh Zayed Road

Al Quoz Industrial Area

PO Box: 54176

Dubai

Tel: (971-4) 2850066 / 3392939 / 3395163

Fax: (971-4) 2855724 / 3392949

 

 

OPERATIONS

 

Activities: Engaged in the processing and marketing of general foodstuff products.

 

Import Countries: United Kingdom and Asia

 

Operating Trend: Steady

 

Subject has a workforce of 65 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                UAE Dh 122,304,445                 UAE Dh 119,489,639

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Shashir Saxsena, Finance Manager

 

 

BANKERS

 

·       Standard Chartered Bank

Al Boorj Avenue

PO Box: 5

Sharjah

Tel: (971-6) 5357788

Fax: (971-6) 5335500

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

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.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.