|
|
|
MIRA INFORM REPORT
|
Report No. : |
503866 |
|
Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
DEEP SEA FOOD CO LLC |
|
|
|
|
Registered Office : |
New Industrial Area, PO Box, 20883, Ajman |
|
|
|
|
Country : |
United Arab emirates |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
12.03.2003 |
|
|
|
|
Com. Reg. No.: |
25338 |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the import, export and distribution of fresh and
frozen seafood, including lobster, shrimp, crab and fish. |
|
|
|
|
No. of Employees : |
45 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
|
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company Name : DEEP SEA
FOOD CO LLC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th March 2003
Commercial Registration Number : 25338, Ajman
Trade Licence Number :
3018
Chamber Membership Number :
35023
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
45
Activities :
Distributors of fresh and frozen seafood, including lobster, shrimp, crab
and fish
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
DEEP SEA FOOD CO LLC
ADDRESS
Registered &
Physical Address
Location : New Industrial
Area
PO Box :
20883
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7480006
Facsimile : (971-6)
7431191
Mobile : (971-50)
6118110 / 8439499 / (971-55) 1099732 / 3182454
Email : deepsfd@emirates.net.ae / sini@thedeepseafood.com / abbas@thedeepseafood.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
Umm Ramool Street Office
premises
Al Rashidiya Area
PO Box: 81196
Dubai
Tel: (971-4) 2844227
Fax: (971-4) 2858401
KEY
PRINCIPALS
Name Nationality Position
Hamza Koya Kolan Indian Managing Director
Banjat Yousef Indian Director
Sultan Mohamed Emirati Director
Abbas Thandikkal - Human
Resources Officer
Sini Paskaran - Factory
Manager
Fahiyas Pangalt - Sales
Manager
Abdul Bashir - Finance
Manager
Shamir Khan - Accounts
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 12th
March 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 25338, Ajman
Trade Licence No. : 3018
Chamber Member No. : 35023
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Sultan Mohamed 51%
Hamza Koya Kolan 25%
Banjat Yousef 24%
AFFILIATED
COMPANIES
Deep Sea Food Co LLC
PO Box: 32628
Abu Dhabi
Tel: (971-2) 6339883
Fax: (971-2) 6339885
Abalone Fish Processing
Ajman
Tel: (971-6) 7438606
Fax: (971-6) 7438607
OPERATIONS
Activities: Engaged in the import, export and distribution of fresh and frozen
seafood, including lobster, shrimp, crab and fish.
Subject is facilitated with three blast
freezers of 1.7 tonnes capacity each and a plate freezer with a capacity of
0.550 tonnes. Moreover company has two cold rooms with 300 MT capacity each.
The company has a proven track record in fish processing and exporting to GCC
countries, Egypt, Syria, Malaysia, Turkey, Lebanon, Iraq, USA and domestic
sales in UAE
Import Countries: Europe, Pakistan, Bangladesh and India
International
Suppliers:
Friend Food Ltd Pakistan
Pacific Seafood Bangladesh
Prem Saga Ltd India
Diga Food India
Prem Sagar Frozen Food India
Jordan Marine India
Operating Trend: Steady
Subject has a workforce of 45 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE Dh 22,550,000 UAE Dh 22,870,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Abu Dhabi Commercial Bank
PO Box: 1843
Ajman
Tel: (971-6) 7443444
Fax: (971-6) 7443300
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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 |
INR 65.35 |
|
|
1 |
INR 92.70 |
|
Euro |
1 |
INR 80.80 |
|
UAE Dh |
1 |
INR 17.75 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.