MIRA INFORM REPORT

 

 

Report Date :

02.07.2012

 

IDENTIFICATION DETAILS

 

Name :

SIGMA FACTORY FOR STEEL PRODUCTS

 

 

Registered Office :

New Industrial Area, P O Box 2884 & 37991, Ajman

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.02.2005

 

 

Com. Reg. No.:

29964, Ajman

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture and fabrication of black steel and cable management

 

 

No. of Employees :

105

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SIGMA FACTORY FOR STEEL PRODUCTS

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 13th February 2005

Commercial Registration Number            : 29964, Ajman

Trade Licence Number                            : 39387

Chamber Membership Number                : 36757

Invested Capital                                     : UAE Dh 300,000

Total Workforce                                     : 105

Activities                                               : Manufacture and fabrication of black steel and cable management

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ahmed Barbarji, Administration Manager

 

COMPANY NAME

 

SIGMA FACTORY FOR STEEL PRODUCTS

 

 

company ADDRESS

 

Registered & Physical Address

Location            : New Industrial Area

PO Box             : 2884 & 37991

Town                 : Ajman

Country             : United Arab Emirates

Telephone         : (971-6) 7439907

Facsimile          : (971-6) 7439908

Email                : entisar.mousa@ikkgroup.com / sfsp.ajman@ikkgroup.com

 

Premises

Subject operates from a medium sized suite of offices and a factory covering 3,700 m2 that are rented and located in the Industrial Area of Ajman.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jebel Ali Free Zone                                                                            Warehouse premises

Dubai

Tel: (971-4) 8847275

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Issam Khairy Kabbani                                                                        Proprietor

 

·       Mohamed Taleb                                                                                General Manager

 

·       Entisar Moosa                                                                                  Marketing Manager

 

·       Ahmed Barbarji                                                                                 Administration Manager

 

·       Faris Ali                                                                                           Financial Manager

 

·       Haytham Abdulqader                                                                         Commercial Manager

 

·       Talal Al Safadi                                                                                   Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th February 2005

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 29964, Ajman

 

Trade Licence No.       : 39387 (Expires 11/02/2013)

 

Chamber Member No. : 36757

 

Invested Capital           : UAE Dh 300,000

 

Mr Issam Khairy Kabbani is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Issam Kabbani Trading

Dubai

Tel: (971-4) 8847275

Fax: (971-4) 8847279

 

·       Issam Kabbani for Building Co

Abu Dhabi

 

·       Sogic Oil & Gas Services

Abu Dhabi

 

·       Issam Kabbani & Partner for Construction & Waterproofing

Dubai

 

·       Specialized Factory For Steel Products

6th of October City

Egypt

Tel: (20-2) 38312477

Fax: (20-2) 38311036

 

·       Specialized Factory for Steel Products

Jeddah

Saudi Arabia

Tel: (966-2) 6374482

Fax: (966-2) 6361963

 

·       Al Kabbani Company For Decoration & Contracting

     Al Tahlia Street

     PO Box: 16375

     Jeddah 21464

     Tel: (966-2) 6733431

     Fax: (966-2) 6726417

 

·       Unitech Isam Kabbani & Partners Co Ltd (United Building Materials Co Ltd)

     Gulf Plaza, 6th Floor

     Madinah Road

     Electrical Market, Souq Gaurabs

     PO Box: 5338

     Jeddah 21422

     Tel: (966-2) 6672000 / 6676494 / 6673180

     Fax: (966-2) 6658079 / 6614949

     Email: mail@alkabbani.com

 

·       National Marketing Est

Port Road

PO Box: 16375 / 17931

Jeddah 21464

Tel: (966-2) 6475010 / 6473381

Fax: (966-2) 6474503

 

·       Issam Kabbani & Partners for Waterproofing Materials Co (BMC)

PO Box: 5338

Jeddah 21422

Tel: (966-2) 6673180

Fax: (966-2) 6658079

 

·       Issam Kabbani & Partners for Building & Construction Materials Co Ltd

PO Box: 5338

Jeddah 21422

Tel: (966-2) 6672000

Fax: (966-2) 6723781

 

·       Al Kabbani Co for Electric Trading

PO Box: 18033

Jeddah 21415

Tel: (966-2) 6481713

Fax: (966-2) 6478065

Distributors of electrical fittings, switchgear boards and cables.

 

·       Al Hayat Supermarket

PO Box: 16375

Jeddah 21464

 

·       Marketing Fittings Sanitary & Plumbing Co

PO Box: 16375

Jeddah

Retailers of sanitary fittings.

 

·       Issam Kabbani Co

PO Box: 16375

Jeddah 21464

Wholesalers of foodstuff.

 

·       Emam Distribution Co Ltd

PO Box: 1716

Jeddah 21441

Tel: (966-2) 6824294

Fax: (966-2) 6918227

 

·       Specialist International Marketing Group Co

PO Box: 6338

Jeddah 21422

Tel: (966-2) 6672000

Fax: (966-2) 6658079

 

·       Saudi Turkish Marine & Construction Contracting Co Ltd

PO Box: 7371

Jeddah 21462

Tel: (966-2) 6670457

Fax: (966-2) 6652473

 

·       Mahmoud Adada & Issam Kabbani & Partners Ltd

PO Box: 520

Makkah

Tel: (966-2) 5205555 / 5803056

 

·       Al Hayat Building Materials Co Ltd

     Prince Majid Street

     PO Box: 18053

     Jeddah 21415

     Tel: (966-2) 6732322 / 6736327 / 6712380 / 6717095

     Fax: (966-2) 6712380

     Email: hayatbma@ogertel.com

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and fabrication of black steel and cable management.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 105 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 21,500,000                   UAE Dh 22,750,000

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.31

UK Pound

1

Rs.88.06

Euro

1

Rs.70.91

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.