|
|
|
MIRA INFORM REPORT
|
Report No. : |
498802 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
CAPESHORE MARITIME PARTNERS FZC |
|
|
|
|
Registered Office : |
Saif Zone PO Box 121323 & 513538 Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
10.06.2013 |
|
|
|
|
Legal Form : |
Free Zone Company - FZC |
|
|
|
|
Line of Business : |
Subject is an investment advisory firm originally formed to
strategically invest and advise pervasive business opportunities in the niche
maritime sector of ship recycling and assets plays which are often overlooked
by larger players in shipping and these investments being de-correlated from
the financial markets and without
the vagaries of the cyclical nature of the industry. The firm has built up
substantial experience in initiating, structuring and managing project
transactions within the maritime sector and delivering consistently superior
investment returns along with development of new ideas and bespoke investment opportunities within an ever
changing marketplace. Subject also owns and operates ships and distributes
general merchandise. |
|
|
|
|
No. of Employees : |
62 |
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 $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company Name : CAPESHORE MARITIME PARTNERS FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 10th June 2013
Trade Licence Number : 12134
Issued Capital : US$ 2,500,000
Paid up Capital : US$ 2,500,000
Total Workforce : 62
Activities : Investment advisory services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Malik Naeem Khan, Managing Director
COMPANY
NAME
CAPESHORE MARITIME PARTNERS FZC
ADDRESS
Registered &
Physical Address
Location :
Saif Zone
PO Box :
121323 & 513538
Town :
Sharjah
Country : United Arab
Emirates
Telephone :
(971-4) 3245630
Facsimile :
(971-4) 3245640 / 2669296
Mobile : (971-56)
9714430 / (971-50) 5006835
Email : maliknkhan@capeshoregroup.com
Premises
Subject operates from a medium sized suite of offices that
are rented and located in the Saif Zone Area of Sharjah.
KEY
PRINCIPALS
Name Nationality Position
·
Malik Naeem Khan Pakistani Managing
Director
·
Peter Van
Klaarwater Dutch Commercial
Director
· Avik
Rakhit Indian Business
Development Director
· Ted
Veliotis Greek Technical
Director
LEGAL
FORM & OWNERS
Date
of Establishment : 10th
June 2013
Legal
Form : Free
Zone Company - FZC
Trade
Licence No. : 12134
Issued Capital : US$
2,500,000
Paid up Capital :
US$ 2,500,000
Name of Shareholder (s) Nationality Percentage
· Fouad Masood
Siddiqui Pakistani
34%
· Imad
Masood Siddiqui Pakistani 33%
· Malik
Naeem Khan Pakistani
33%
AFFILIATED
COMPANIES
· Capeshore
Maritime Partners LLC
Suite
115, 1935 Cliff Valley Way
NE
Atlanta, Georgia 30329
United
States of America
Tel:
(1-404) 2480000
· Capeshore
Resources & Trading Ltd
Blenheim
Trust, R G Hodges Plaza
Upper
Main Street, Wickham's Cay1, Tortola
British
Virgin Islands
Tel:
(1-284) 4944692
· IFM
Ventures Holdings Limited
Seychelles
OPERATIONS
Activities: Subject is an investment advisory firm
originally formed to strategically invest and advise pervasive
business opportunities in the niche
maritime sector of ship recycling and assets plays which are often
overlooked by larger players in shipping
and these investments being de-correlated from the financial
markets and without the vagaries of the
cyclical nature of the industry. The firm has built up substantial
experience in initiating, structuring and
managing project transactions within the maritime sector and
delivering consistently superior
investment returns along with development of new ideas and bespoke
investment opportunities within an ever
changing marketplace. Subject also owns and operates ships
and distributes general merchandise.
Operating Trend: Steady
Subject has a workforce of 62 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United States Dollars (US$)
Balance
Sheet 31/12/16 31/12/15
ASSETS
NON-CURRENT
ASSETS
Fixed assets 1,863,874 -
1,863,874
-
CURRENTASSETS
Accounts receivable 19,578 -
Advances to supplier 731,127 1,128,196
Interest receivable 36,117 1,517
Cash at bank 175,843 1,068,823
962,665
2,198,536
TOTAL ASSETS 2,826,539
2,198,536
EQUITY AND LIABILITIES
CAPITALAND RESERVES
Share capital 575,000 575,000
Revaluation reserve 50,000 -
Shareholders' current account 587,695 1,431,765
Retained earnings 272,073 191,771
1,484,768
2,198,536
CURRENTLIABILITIES
Bank borrowings 1,300,000 -
Accounts payable 37,711 -
Interest payable on bank borrowings 4,060 -
1,341,722
-
TOTAL
EQUITY AND LIABILITIES 2,826,539
2,198,536
Statement
of Income
Revenue 19,190,306 18,472,254
Cost of sales (18,977,259)
(18,265,152)
Gross profit 213,047
207,102
Operating expenses
Administrative and selling expenses (127,979) (94,721)
Depreciation (30,744) -
Profit from operations 54,324
112,381
Other income - 64,752
Interest income 34,600 1,517
Interest expense (4,060) -
Bank charges (4,562) (16,831)
Profit for the year 80,302
161,819
Other comprehensive income - -
Total
comprehensive income for the year 80,302
161,819
Local sources consider subject’s financial condition to be
Fair.
BANKERS
·
Fimbank Plc
Malta
·
IIG Bank
Malta
·
Mashreq Bank Plc
Al
Boorj Avenue
Sharjah
Tel: (971-6)
5351366 / 5354873
Fax:
(971-6) 5372903
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 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
|
UAE DH |
1 |
INR 17.74 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
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.