MIRA INFORM REPORT

 

 

Report No. :

344909

Report Date :

17.10.2015

 

IDENTIFICATION DETAILS

 

Name :

GULF SEAFOOD LLC

 

 

Registered Office :

Plot WT 64 Sheikh Zayed Road Jebel Ali Free Zone 61115 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

03.10.1993

 

 

Com. Reg. No.:

41178, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

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.

 

 

No. of Employee :

120

 

 

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                                    : 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

 

 

COMPANY NAME

 

GULF SEAFOOD LLC

 

 

ADDRESS

 

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 & 5543

Dubai

Tel: (971-4) 2693157

Fax: (971-4) 2690896

 

 

KEY PRINCIPALS

 

     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

 

·       Darren Murthy                                                      -                            Senior Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd October 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 41178, Dubai

 

Trade Licence No.        : 232139 (Expires 28/09/2016)

 

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%

 

 

OPERATIONS

 

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, Norway, Vietnam and Thailand.

 

International Suppliers:

 

·         Shiva                                  India

·         Nordeza                              Norway

·         IDI Seafood                                    Vietnam

·         Mayao Breaded Shrimps     Thailand

 

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 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 28,000,000                   UAE Dh 29,275,000

 

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

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.