MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ENOC SUPPLY & TRADING LLC |
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Registered Office : |
Enoc Complex,
Sheikh Rashid Road, PO Box 6442, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.03. 2001 |
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Com. Reg. No.: |
56170, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Lubricants and Grease, Refined
Oil Products, Crude Oil, Tar and Asphalt |
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$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ENOC SUPPLY & TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th March 2001
Commercial Registration Number : 56170, Dubai
Trade Licence Number : 524709
Chamber Membership Number : 62794
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Total Workforce : 25
Activities : Import and distribution of lubricants and grease, refined oil products, crude oil, tar and asphalt
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
ENOC SUPPLY & TRADING
LLC
ADDRESS
Registered & Physical Address
Building : Enoc Complex
Street : Sheikh Rashid Road
PO Box : 6442
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3374400
Facsimile : (971-4) 3031206
Email : hemilie@enoc.co.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Hussain Mahyoob
Sultan Al Junaidi Emirati Managing
Director
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Sayed
Khoory - Chief
Executive Officer
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Saif
Al Falsi - General
Manager
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Abdul
Salam Al Hamadi - Purchasing
Manager
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Sanjev
Kapur - Finance
Manager
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Mohamed
M. Ali - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 18th
March 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56170, Dubai
Trade Licence No. : 524709
Chamber Member No. : 62794
Issued Capital : UAE Dh 100,000,000
Paid up Capital :
UAE Dh 100,000,000
Name of Shareholder (s) Percentage
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Emirates
National Oil Co LLC (ENOC) 99%
ENOC Complex
Sheikh Rashid Road
PO Box : 6442
Dubai
Tel : (971-4) 3374400
Fax : (971-4) 3134702
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Sheikh Hamdan
Bin Rashid Al Maktoum 1%
AFFILIATED COMPANIES
Subject belongs to
the Enoc Group of companies that consists of the following concerns:
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ENOC
Singapore
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ENOC
Singapore - India
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ENOC
UK
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ENOC
Aviation
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UGAFCO
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ENOC
Lubricants
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ENOC
Chemicals
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ENOC
Processing Company LLC
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ENOC
Bunkering LLC
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ENOC
Bunkering (Fujairah) LLC
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Fujairah
Energy Projects Company LLC
· Emirates Gas LLC
· Dubai Shipping Company LLC
· Horizon Terminals Limited
· Horizon Jebel Ali Terminal Ltd
· Vopak Horizon Fujairah Limited
· Cylingas Company LLC
· Chemstore FZCO
· ENOC Djibouti Ltd. SAZF
· GULF Energy Maritime (GEM) PJSC
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Emirates
Petroleum Products Co LLC
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EPPCO
Projects
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EPPCO
Aviation
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EPPCO
Lubricants
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EPPCO
International Limited
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Tasjeel
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FixPlus
LLC
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Global
Technology Services LLC
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Leading
Edge Technology Services LLC (LETS)
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Dragon
Oil Plc
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Dubai
Natural Gas Company Ltd (Dugas)
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ENOC
Real Estate LLC
OPERATIONS
Activities: Engaged in the import and distribution of
lubricants and grease, refined oil products, crude oil, tar and
asphalt.
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 6,400,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Mohamed M. Ali,
Financial Controller.
BANKERS
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
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.
Our sources asked
Mr Mohamed M. Ali for subject’s financial statements
but he has refused to divulge them but did give a total revenue figure for the
latest financial year.
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. |
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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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%)