MIRA
INFORM REPORT
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Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECIALITY
ENGINEERING CHEMICALS SPEC FZE |
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Registered Office : |
Sheikh
Zayed Road, Jebel Ali Free Zone, PO Box: 61347, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
Mouassasat Al Mintaka Al Horra
(Free Zone Establishment - FZE) |
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Legal Form : |
26.10.1997 |
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Line of Business : |
Manufacture
and distribution of a comprehensive range of
specialist chemical building products, including concrete repair, flooring,
coatings, waterproofing, sealants, grouts and adhesives. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
SPECIALITY ENGINEERING CHEMICALS SPEC FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
26th October 1997 |
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Trade Licence Number |
1288 |
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Membership Number |
46151 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
16 |
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Line of Business |
Manufacturers of chemical building products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SPECIALITY
ENGINEERING CHEMICALS SPEC FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 61347
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836662
Facsimile : (971-4) 8837696
Email : specdxb1@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Marwan
Fouad Bardawil British Managing Director
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Albert
Fouad Bardawil British Director
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Semya
Bardawil British Director
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Madlin
Bardawil British Director
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Fouad
Bardawil British Director
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Philip
Fouad Bardawil British Director
LEGAL FORM & OWNERS
Date of Establishment : 26th October 1997
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 1288 (Expires 30th April 2007)
Membership No. : 46151
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
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Marwan
Fouad Bardawil 20%
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Albert
Fouad Bardawil 20%
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Semya
Bardawil 20%
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Philip
Fouad Bardawil 20%
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Madlin
Bardawil 10%
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Fouad
Bardawil 10%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations
: Engaged
in the manufacture and distribution of a comprehensive
range of specialist
chemical building products, including concrete repair,
flooring, coatings,
waterproofing, sealants, grouts and adhesives.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 16 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue UAE Dh
5,300,000 UAE Dh
5,750,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
·
Investment
Bank for Trade & Finance LLC
Al Arooba Street
PO Box : 1885
Sharjah
Tel : (971-6) 5355391 /
5355392
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1997, subject is owned and managed by members of the Bardawil family who are
well respected in the local business community.
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.
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/normal. |
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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