MIRA INFORM REPORT

 

 

Report Date :

16.05.2012

 

IDENTIFICATION DETAILS

 

Name :

TIGER STEEL ENGINEERING LLC

 

 

Registered Office :

Industrial Area No. 2, P O Box 6169, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.07.1985

 

 

Com. Reg. No.:

13398, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Steel fabrication and the manufacture of castings

 

 

No. of Employees :

1,100

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

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                                     : TIGER STEEL ENGINEERING LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th July 1985

Commercial Registration Number            : 13398, Sharjah

Trade Licence Number                            : 3264

Chamber Membership Number                : 17170

Issued Capital                                        : UAE Dh 15,000,000

Paid up Capital                                      : UAE Dh 15,000,000

Total Workforce                                     : 1,100

Activities                                               : Steel fabrication and the manufacture of castings

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Sayed Fazalullah, Finance Manager

 

 

 

COMPANY NAME

 

TIGER STEEL ENGINEERING LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area No. 2

PO Box             : 6169

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5330775 / 5397867

Facsimile          : (971-6) 5397318

Email                : tse@tiger-group.com / tsesales@tigersteel.net

 

Premises

Subject operates from a large suite of offices and a factory covering an area of 30,000 square metres that are owned and located in the Industrial Area of Sharjah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Dubai                                                                                               Rented office premises

Tel: (971-4) 2868624

Fax: (971-4) 2856945

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Robert Said Nasr                                           Lebanese                      Managing Director

 

·       Aziz Said Nasr                                              Lebanese                      Director

 

·       Abdullah Ahmed Abdullah Ali                           Emirati                        Director

 

·       Claude Nasr                                                  Lebanese                      General Manager

 

·       Wassim Malik                                                      -                            Commercial Manager

 

·       Sayed Fazalullah                                                 -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th July 1985

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 13398, Sharjah

 

Trade Licence No.       : 3264

 

Chamber Member No. : 17170

 

Issued Capital              : UAE Dh 15,000,000

 

Paid up Capital            : UAE Dh 15,000,000

 

Name of Shareholder (s)                                              Percentage

·       Abdullah Ahmed Abdullah Ali                                          51%

·       Robert Said Nasr                                                            25%

·       Aziz Said Nasr                                                               24%

 

 

AFFILIATED COMPANIES

 

·       Tiger Profiles & Insulation LLC

 

·       Tiger Steel Industries LLC

 

·       Al Nimr Steel Trading LLC

 

·       Al Nimr Civil Engineering LLC

 

·       Tiger Steel Engineering (I) Pvt Ltd

 

 

OPERATIONS

 

Activities: Engaged in steel fabrication and the manufacture of castings.

 

TSE manufactures and supplies structural steel for commercial, industrial, infrastructure and oil and gas projects in the GCC, North Africa and South East Asia.

 

Clients include: Saudi Aramco, Dubai Civil Aviation (DCA), Technip, Abu Dhabi National Oil Company (ADNOC), International Bechtel Company (IBC), Halcrow International Partnership, Siemens, K-Home Engineering, and Dubai Aluminum Company (Dubal)

 

Services offered:

·         Design and detailing

·         General Arrangement drawing

·         Fabrication / Erection drawings

·         Procurement

·         Structural steel Fabrication

·         Pre-Engineered Steel Buildings

·         Secondary Steel Fabrication

·         Vertical and Horizontal Storage tanks

·         Ite Erection works

·         Sub-contractor Management

Production capacity:

  • Monthly production up to 4,000 tonnes of Structural Steel.
  • Monthly production up to 3,000 tonnes of Cold Rolled Sections and Profiles.

Import Countries: Belgium and China

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,100 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 193,500,000                  UAE Dh 200,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Sayed Fazalullah, Finance Manager

 

 

BANKERS

 

·       Emirates Bank International Ltd

Immigration Road

PO Box: 25090

Sharjah

Tel: (971-6) 733300

Fax: (971-6) 730077

 

·       Bank of Sharjah

       PO Box: 1394
Sharjah
Tel: (971-6) 5694411
Fax: (971-6) 5694422

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

Rs.53.84

UK Pound

1

Rs.86.72

Euro

1

Rs.69.17

 

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.