|
Report No. : |
353530 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIG MIDDLE |
|
|
|
|
Registered Office : |
Unit A3, Warehouse
11, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.09.2003 |
|
|
|
|
Com. Reg. No.: |
67282, |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and
distribution of building, construction, insulation and protection materials. |
|
|
|
|
No. of Employees : |
15 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
UNITED ARAB
EMIRATES - 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 country 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. The country's free
trade zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis of 2008, 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : SIG MIDDLE EAST LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 9th
September 2003
Commercial
Registration Number : 67282,
Dubai
Trade Licence
Number : 548826
Chamber Membership
Number : 80884
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 15
Activities :
Distributors of building, construction, insulation and
protection materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SIG MIDDLE EAST LLC
Location : Unit A3, Warehouse 11, Dubai
Investment Park 2
PO Box : 215851
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8858399
Facsimile : (971-4) 8858398
Mobile : (971-55) 2222387
Email : paulanderson@sig-me.com / srinivasranaveni@sig-me.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
National
Stadium Office
premises
Abu Dhabi
Mob: (971-50) 5344586
Name Nationality Position
·
Jasim
Ali Hasan Al Qalaf Emirati Managing
Director
·
Paul
Anderson - Business
Manager
·
Srinivas
Ranaveni - Operations
Officer
·
Jay
Kumar - Financial
Controller
Date of Establishment: 9th September 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 67282, Dubai
Trade Licence No. : 548826
Chamber Member No. : 80884
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Jasim
Ali Hasan Al Qalaf 51%
·
S A G
International Trading Limited 49%
United Kingdom
Activities: Engaged in the import and distribution of building,
construction, insulation and protection materials.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Saint
Gobian France
·
King
Span Insulation United
Kingdom
·
Kanaf
LLC Dubai
Export
Countries: GCC countries
and Africa.
Operating Trend: Steady
Subject has a
workforce of 15 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 13,850,000 UAE Dh 14,325,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Union
National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints
regarding subject’s payments have been reported.
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.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
|
UAE Dh |
1 |
Rs.18.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.