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MIRA INFORM REPORT
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Report No. : |
505674 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SOUTHERN FISHERIES LIMITED LIABILITY COMPANY |
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Registered Office : |
C/O Murai Wald Biondo & Moreno, P.A., Ponce De Leon Boulevard 1200, Florida, Coral Gables, 33134 |
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Country : |
United States |
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Date of Incorporation : |
30.07.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retail of fish, crustaceans and molluscs in specialized stores. It
offers vannamei shrimp, Pacific whites and browns, and mahi-mahi. It produces
and distributes seafood products. |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with
a per capita GDP of $59,500. US firms are at or near the forefront in
technological advances, especially in computers, pharmaceuticals, and medical,
aerospace, and military equipment; however, their advantage has narrowed since
the end of World War II. Based on a comparison of GDP measured at purchasing
power parity conversion rates, the US economy in 2014, having stood as the
largest in the world for more than a century, slipped into second place behind
China, which has more than tripled the US growth rate for each year of the past
four decades.
In the US, private individuals and business firms make most of the
decisions, and the federal and state governments buy needed goods and services
predominantly in the private marketplace. US business firms enjoy greater
flexibility than their counterparts in Western Europe and Japan in decisions to
expand capital plant, to lay off surplus workers, and to develop new products.
At the same time, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for
lower-income families, inadequate investment in deteriorating infrastructure,
rapidly rising medical and pension costs of an aging population, energy shortages,
and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual
development of a "two-tier" labor market in which those at the bottom
lack the education and the professional/technical skills of those at the top
and, more and more, fail to get comparable pay raises, health insurance
coverage, and other benefits. But the globalization of trade, and especially
the rise of low-wage producers such as China, has put additional downward
pressure on wages and upward pressure on the return to capital. Since 1975,
practically all the gains in household income have gone to the top 20% of
households. Since 1996, dividends and capital gains have grown faster than
wages or any other category of after-tax income.
Imported oil accounts for more than 50% of US consumption and oil has a
major impact on the overall health of the economy. Crude oil prices doubled
between 2001 and 2006, the year home prices peaked; higher gasoline prices ate
into consumers' budgets and many individuals fell behind in their mortgage
payments. Oil prices climbed another 50% between 2006 and 2008, and bank
foreclosures more than doubled in the same period. Besides dampening the
housing market, soaring oil prices caused a drop in the value of the dollar and
a deterioration in the US merchandise trade deficit, which peaked at $840
billion in 2008. Because the US economy is energy-intensive, falling oil prices
since 2013 have alleviated many of the problems the earlier increases had
created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, the US Congress established a $700 billion Troubled Asset
Relief Program (TARP) in October 2008. The government used some of these funds
to purchase equity in US banks and industrial corporations, much of which had
been returned to the government by early 2011. In January 2009, Congress passed
and former President Barack OBAMA signed a bill providing an additional $787
billion fiscal stimulus to be used over 10 years - two-thirds on additional
spending and one-third on tax cuts - to create jobs and to help the economy
recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP.
In 2012, the Federal Government reduced the growth of spending and the deficit
shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources
from civilian to military purposes and contributed to the growth of the budget
deficit and public debt. Through FY 2018, the direct costs of the wars will
have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection
and Affordable Care Act (ACA), a health insurance reform that was designed to
extend coverage to an additional 32 million Americans by 2016, through private
health insurance for the general population and Medicaid for the impoverished.
Total spending on healthcare - public plus private - rose from 9.0% of GDP in
1980 to 17.9% in 2010.
In July 2010, the former president signed the DODD-FRANK Wall Street
Reform and Consumer Protection Act, a law designed to promote financial
stability by protecting consumers from financial abuses, ending taxpayer
bailouts of financial firms, dealing with troubled banks that are "too big
to fail," and improving accountability and transparency in the financial
system - in particular, by requiring certain financial derivatives to be traded
in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to
purchase $85 billion per month of mortgage-backed and Treasury securities in an
effort to hold down long-term interest rates, and to keep short-term rates near
zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The
Fed ended its purchases during the summer of 2014, after the unemployment rate
dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of
GDP. In December 2015, the Fed raised its target for the benchmark federal
funds rate by 0.25%, the first increase since the recession began. With
continued low growth, the Fed opted to raise rates several times since then,
and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the
Tax Cuts and Jobs Act, which, among its various provisions, reduces the
corporate tax rate from 35% to 21%; lowers the individual tax rate for those
with the highest incomes from 39.6% to 37%, and by lesser percentages for those
at lower income levels; changes many deductions and credits used to calculate
taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do
not obtain the minimum amount of health insurance required under the ACA. The
new taxes took effect on 1 January 2018; the tax cut for corporations are
permanent, but those for individuals are scheduled to expire after 2025. The
Joint Committee on Taxation (JCT) under the Congressional Budget Office
estimates that the new law will reduce tax revenues and increase the federal
deficit by about $1.45 trillion over the 2018-2027 period. This amount would
decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
note
In absence of company financials, no credit limit could be recommended.
CONFIDENTIAL
REPORT
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COMPANY NAME |
SOUTHERN FISHERIES LIMITED LIABILITY COMPANY |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
C/O Murai Wald Biondo
& Moreno, P.A., Ponce De Leon Boulevard 1200 |
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CITY/PROVINCE/STATE |
Florida, Coral Gables, 33134 |
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PHONE NUMBER(S) |
(1-786) 567.4000 |
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FAX NUMBER(S) |
(1-786) 567.4000 |
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EMAIL |
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WEBSITE |
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REMARKS OF
IDENTIFICATION |
This report was requested with company name: SOUTHERN FISHERIES LLC,
and address: 13335 SW 124 Street No. 107 Miami, FL 33186, United States.
Please notice that the correct data is shown above. |
CREDIT
OPINION
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The company cannot be rated due to lack of information. Credit against
security is acceptable, until the complete most recent financial figures are
obtained. |
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PAYMENT |
Unknown |
LEGAL
INFORMATION
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TYPE OF COMPANY |
Limited Liability Company |
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INCORPORATION
DATE |
30/07/2012 |
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REGISTRY NUMBER |
Reg. No. L12000098049 |
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TERM |
Unlimited |
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LISTED AT STOCK
EXCHANGE |
NO |
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EXCHANGE RATE |
US$1.00 |
LEGAL ASPECTS.-
The company was registered in the Business Registry on July 30th,
2012.
It was recorded in the Commercial Registry under No. L12000098049.
Federal Employer ID No. 37-1700003.
The company is privately owned.
BOARD
OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
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NAME |
JOB TITLE |
STAKE |
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MOREIRA, DOMINGO A. |
President |
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HERRING, DAN |
Vice President |
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CABALEIRO, MARIA L. |
Comptroller |
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OPERATIONS
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SECTOR |
C- Manufacturing Industries |
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ACTIVITY |
Production of seafood products |
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ISIC CATEGORY |
10- Elaboration of food products |
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ISIC CLASS |
1020- Elaboration and preservation of fish, crustaceans and molluscs |
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MAIN ACTIVITY |
Retail of fish, crustaceans and molluscs in specialized stores. It
offers vannamei shrimp, Pacific whites and browns, and mahi-mahi. It produces
and distributes seafood products. |
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N. OF EMPLOYEES |
4 |
LOCATION.-
LEGAL ADDRESS: C/O Murai Wald Biondo & Moreno P.A., Ponce De Leon
Boulevard 1200, Florida, Coral Gables, 33134.
OFFICE: Suite 201, Florida, Miami, South Dixie Hwy 11205, 33156.
It does not have branches.
COMMENTS AS TO
OPERATIONS.-
It imports from India.
It exports to Guatemala and Ecuador.
Main clients:
CARNISCO INTERNATIONAL EXPRESS INC. (Guatemala)
CARNISCO INTERNATIONAL EXPRESS INC. (Ecuador)
COASTAL AQUA PRIVATE LIMITED (India), among others.
FINANCIAL
INFORMATION
All the information comprised in this report has been collected from
outside sources in view that the head executives refused to provide any kind of
information on grounds of confidentiality.
No financial statements were obtained through outside sources.
INSURANCE.-
No insurance policies were reported.
PAYMENTS
REFERENCES
COMMENTS OF
SUPPLIERS.-
Possible consulted local suppliers do not register the company as credit
client. Seemingly, its purchases are made in cash.
BANKS
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Bank Name |
Country |
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BANK OF AMERICA |
USA |
BANK
REFERENCES
Consulted bank does not provide information of its clients on grounds of
confidentiality.
LITIGATIONS
No lawsuits were filed against the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.61 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.85 |
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US Dollar |
1 |
INR 66.88 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.