MIRA INFORM REPORT

 

 

Report Date :

10.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SIGMA ENTERPRISES LLC

 

 

Registered Office :

Dubai Investment Park Jebel Ali Free Zone PO Box 96241 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

25.01.2006

 

 

Com. Reg. No.:

1018865, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Subject operates several divisions like Plant, Machinery and Vehicles Division,

Industrial Division, Inspection Division, Instrumentation Division, Positioning Division, Pneumatics Division

 

 

No. of Employees :

150

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UAE - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

 

SUMMARY

 

Company Name                                     : SIGMA ENTERPRISES LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 25th January 2006

Commercial Registration Number                        : 1018865, Dubai

Trade Licence Number                            : 577068

Chamber Membership Number                : 104091

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 150

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

SIGMA ENTERPRISES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Dubai Investment Park

Area                 : Jebel Ali Free Zone

 

PO Box             : 96241

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8851828

Facsimile          : (971-4) 8851628

Mobile               : (971-50) 5500647

Email                : marketing@sep.ae

 

Premises

 

Subject operates from a medium sized suite of offices and a workshop that are rented and located in the Industrial Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                       Description

 

·       PO Box: 3555                                                                                               Office premises

Abu Dhabi

Tel: (971-2) 5511433

Fax: (971-2) 5511477

 

·       PO Box: 15784                                                                                             Office premises

Doha

Qatar

Tel: (974) 44514028

Fax: (974) 44514867

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                     Position

 

·       Abdullah Mohamed Al Mazrouie         Emirati                          Managing Director

 

·       Colin Davidson                                       -                              General Manager

 

·       Kevin Morris                                           -                              Plant, Machinery and Vehicles Division Manager

 

·       Prasidh Mankotia                                   -                              Instrumentation Division Manager

 

·       Feras Ayoub                                          -                              Inspection Division Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th January 2006

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1018865, Dubai

 

Trade Licence No.       : 577068 (Expires 24/01/2013)

 

Chamber Member No. : 104091

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                           Percentage

 

·       Mazrouie International LLC                                                     98%

Dubai

 

·       Abdullah Mohamed Al Mazrouie                                               2%

 

 

AFFILIATED COMPANIES

 

·       Sigma Enterprises Company LLC

Adnoc Building

Mussafah Industrial Area

PO Box: 3555

Abu Dhabi

Tel: (971-2) 5511433 / 5510400 / 5510400 / 6107077

Fax: (971-2) 5511477 / 5510995 / 6679179

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Plant, Machinery and Vehicles Division

 

Engaged in the import and distribution of concreting and compaction equipment, cutting, mixers, surface grinding, surface preparation, dust extraction, breakers, lighting, engines, air compressors, materials handling and site dumpers.

 

·       Industrial Division

 

     Engaged in the import and distribution of safety products, industrial aerosols and abrasive cutting discs.

 

·       Inspection Division

 

Engaged in the import and distribution of equipment for ultrasonic testing, eddy current testing, magnetic particle inspection, dye penetrant inspection, metal hardness testing and also NDT inspection training programs.

 

·       Instrumentation Division

 

Engaged in the provision of installation, commissioning, training, after-sales & calibration services and provide total solution from concept-to-completion services.

 

·       Positioning Division

 

     Providers of high quality precision positioning instrumentation for various civil engineering applications.

 

·       Pneumatics Division

 

Engaged in the design, supply, install and service of pneumatic power equipment.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, 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

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.96

UK Pound

1

Rs.88.23

Euro

1

Rs.71.92

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.