MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SICHEM TRADING
EST |
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Registered Office : |
Plot 5052 &
54, Sec MW4, Old Mussafah Industrial Area, P O Box 3555 & 34077, Abu
Dhabi |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
4th April 1989 |
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Com. Reg. No.: |
14105, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture
of chemicals for the oil industry, specializing in carbon metal cellulose
(CMC). |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SICHEM TRADING EST
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 4th April 1989
Commercial Registration Number : 14105, Abu Dhabi
Trade Licence Number : 29291
Membership Number : 11650
Invested Capital : UAE Dh 3,500,000
Total Workforce : 180
Line of Business : Manufacturers of chemicals for the oil industry.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SICHEM TRADING EST
ADDRESS
Registered & Physical Address
Location : Plot 5052 & 54, Sec MW4, Old
Mussafah Industrial Area
PO Box : 3555 & 34077
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5559104
Facsimile : (971-2) 5542524
Email : shoukat@sichemuae.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Marwan Zein Lebanese Proprietor
·
Abdullah Al
Mazrouie Emirati Local Sponsor
·
Mohamed Iqbal - Commercial
Manager
·
Abdulaziz
Shoukat - Logistics
Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
April 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 14105, Abu
Dhabi
Trade Licence No. : 29291
(Expires 30th October 2008)
Membership No. : 11650
Invested Capital
: UAE Dh 3,500,000
Mr Marwan Zein 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.
LINE OF BUSINESS
Operations : Engaged in the manufacture of chemicals for
the oil industry, specialising in carbon metal cellulose (CMC).
Import Countries
: Europe and GCC countries.
Subject has a
workforce of 180 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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Abu Dhabi
Islamic Bank
PO Box : 313
Abu Dhabi
Tel : (971-2) 6100600
Fax : (971-2) 6654340
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1989, subject is involved in the manufacture of chemicals for the oil industry,
specialising in carbon metal cellulose (CMC).
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)