MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SABAH CAR RADIATOR INDUSTRIES |
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Registered Office : |
Industrial Area No. 10, P O Box 44, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th May 1996 |
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Com. Reg. No.: |
28223, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of radiators. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SABAH CAR RADIATOR INDUSTRIES
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 16th May 1996
Commercial Registration Number : 28223, Sharjah
Trade Licence Number : 3763
Membership Number : 37781
Invested Capital : UAE Dh 3,000,000
Total Workforce : Manufacture of car radiators
Line of Business : 125
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SABAH CAR RADIATOR INDUSTRIES
ADDRESS
Registered & Physical Address
Location : Industrial
Area No. 10
PO Box : 44
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5341926
Facsimile : (971-6)
5342159 / 5681116
Email : sabahrad@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Sharjah.
KEY PRINCIPALS
·
Mohamed Ramdan Ramzan Proprietor
& General Manager
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Joseph Kuttummel Assistant
General Manager
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P.V. Suresh Operations
Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th May 1996
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 28223, Sharjah
Trade Licence No. : 3763 (Valid until 13/05/2008)
Membership No. : 37781
Invested Capital : UAE Dh 3,000,000
Mr Mohamed Ramdan Ramzan is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
Subject is a member of the Sabah Group of
Companies, which includes the following:
· Sabah Stores
· Sabah Exchange
· Sabah Engineering
& Marine Services
· Sabah Technical
Heavy Equipment & Spare Parts
· Sabah Jewellery
· Sabah Automated
Bakery
LINE OF BUSINESS
Operations: Engaged in the manufacture of radiators specialising in automotive
radiators for a number of leading brands such as Daewoo, Honda, Mazda, Mercedes
Benz, Mitsubishi, Nissan, Peugeot, and Toyota.
Subject also manufactures industrial radiators, air conditioning equipment and systems, and heat exchangers.
The company provides refurbishment and recoring of radiators as well as general repair and servicing.
Import Countries: Sweden, United Kingdom, Belgium, Japan, Korea,
South Korea, Malaysia, India, and Singapore.
Export Countries: United States of America, Australia, Singapore, all GCC countries,
Libya, East Africa, Algeria, Pakistan, Iraq, and Tunisia
Operating Trend: Steady
Subject has a workforce of approximately 125 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 33,750,000 UAE Dh
35,400,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Habib Bank Ltd
PO Box : 300
Sharjah
Tel : (971-6)
5356116
Fax : (971-6)
5526473
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Union National Bank
Main Branch
Sharjah
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction August 2004
Credit amount 39,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Sabah Car Radiator Industries specialises
in the manufacture of radiators specialising in automotive radiators for a
number of leading brands such as Daewoo, Honda, Mazda, Mercedes Benz,
Mitsubishi, Nissan, Peugeot, and Toyota.
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.
Maximum suggested credit figure: US$ 250,000
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)