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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES TRADING AGENCY LLC (ETA) |
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Registered Office : |
Ascon House, |
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Country : |
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Date of Incorporation : |
14.06.1983 |
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Com. Reg. No.: |
40307, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject’s operations are performed through the following divisions ·
Trading & Shipping
Division ·
Automotive Division ·
Contracting Division ·
General Trading
Division ·
Manufacturing Division |
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No. of Employees : |
1,200 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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. 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. 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.
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Source
: CIA |
Company Name : EMIRATES TRADING AGENCY LLC (ETA)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th June 1983
Commercial Registration Number : 40307, Dubai
Trade Licence Number : 201682
Chamber Membership Number : 10643
Issued Capital : UAE Dh 45,500,000
Paid up Capital : UAE Dh 45,500,000
Total Workforce : 1,200
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Hameed Sayed Salahuddine, General Manager
EMIRATES TRADING AGENCY LLC (ETA)
Building : Ascon House
Street : Salahuddine
Al Ayoubi Street
Area : Deira
PO Box : 5239 &
5238 & 1059
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2140107
/ 2713333 / 2729335 / 2716655 / 2139133 / 7073131 / 7073317
Facsimile : (971-4)
2140105 / 2729863 / 2729319 / 2729761 / 2358170 / 2682574
Email : eta@eta-ascon.com
Subject operates from a large suite of offices that are owned and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Khalifa Bin
Howeidah Building Rented
office premises
Al Falah Street
PO Box: 3532
Abu Dhabi
Tel: (971-2)
6774420
Fax: (971-2)
6723053
Name Position
· Hameed Sayed
Salahuddine General
Manager
· Khatib
Ibrahim Finance
Manager
· Taymor
Khan Administration
Manager
· Nour El Haq Manager
– Trading & Shipping Division
· Ismail Sayed Manager
– Construction Division
· A K Agrawal Manager
– Mechanical Division
· Anwar Pashsa Manager
– Power Division
· P H Habibullah Manager
– Automotive Division
· G S Bukhari Manager
– Coastal Works Division
· Amer Kumar Singh Human
Resources Manager
· Mohamed Fahit Purchasing
Manager
· Mahboob Sobehani Public
Relations Manager
Date of
Establishment : 14th
June 1983
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 40307, Dubai
Trade Licence No. : 201682
Chamber Member No. : 10643
Issued Capital : UAE Dh 45,500,000
Paid up Capital : UAE Dh 45,500,000
· ETA
Ascon Holding LLC 99.998%
Dubai
· ETA
Ascon Group LLC 0.002%
Activities: Subject’s operations are performed through the following divisions:
·
Trading & Shipping Division
Under this division, subject is engaged in
many aspects of the shipping industry. The Division has evolved into a
multifaceted global enterprise with a turnover exceeding US$ 700 million,
handling more than 15 million tons of various commodities.
Its operations are performed by the
following 5 departments:
Brokering : The company is a leading broker for dry cargo chartering and Sale and
Purchase (S&P) of dry bulk carrier vessels, with 1,500 chartering fixtures and S&P deals to its credit. This department has its own ship brokerage office, Western Shipping & Trading Limited in London as well as a branch in Bangkok. It is an active member of the Baltic Exchange as well as being a member of BIMCO (Baltic and International Maritime Council). Western Shipping also undertakes shipping consultancy and post-fixture management on behalf of ETA and select clients.
Chartering : The chartering department commenced operations
in the mid-1970s with a 3,000 ton affreightment contract. The department today
oversees the movement of over 8 million tons of cargo, of which 5 million tons
are moved in vessels under its own charter.
Operations & The operations department handles all
loading, discharging and
Agency : coordination with ports and customs
transport and delivery. The department also undertakes ships agency in Dubai
and provides ship owners and charterers with comprehensive services such as
bunkering, protecting agency, crew changes, emergency repairs and surveys.
Projects & The projects department specialise in
the development of new business
Development : concepts. It is currently engaged in the
deployment of floating cranes in Indian ports. Recently in collaboration with
Shipping & Trading Associates LLC, the department acquired the floating
crane Diamond of Vizag. The crane will be deployed in a variety of situations,
such as the lightening of the panamax, discharging to feeder vessels at
anchorage directly from the mother vessel, as well as fast loading and
discharging at berths without shore handling facilities.
This department also
handles asset finance matters and feasibility studies on various projects for
the shipping division.
Ship The Ship Management department
currently operates 6 dry bulk cargo
Management : vessels ranging from 7,000 dwt to 67,000 dwt
and a floating crane. This department provides ship owners with a comprehensive
vessel management programme including, pre-acquisition vessel inspection,
surveys, technical advise, crewing and total vessel management.
In October 1998, ANZ
Investment Bank arranged a $ 5.4 million, five year Murabaha Islamic financing
facility for ETA. The funds were used for the purchase of a 64,286 dwt dry bulk
carrier, named Pearl of Kuwait.
·
Automotive Division
This division is also known as the
“Computerised Auto Repair & Services Division (C.A.R.S)” and provides car
servicing and computerised engine tuning, as well as car body components and
car accessories, such as batteries, tyres and headlights.
·
Contracting Division
Under this division, subject provides
contracting services for electro-mechanical projects as well as power and
control systems. Its operations are performed by the following :
Mechanical requiring advanced
engineering skills and technical expertise. Its
Dept. : activities cover
the supply and installation of air-conditioning units,
electrical, sanitary, plumbing, fire alarm
and security systems. The department’s past contracts include residential,
commercial and industrial buildings, hospitals, universities, airports, as well
as electrical power, communication and defence projects. It has also
contributed to major landmarks in the cities of Dubai and Abu Dhabi such as
Ruler’s Diwan, Etisalat Building, Citi Bank Regional Head Office in Dubai,
Municipality head office in Abu Dhabi, the Dubai International Airport, the
Forte Grant Hotel in Abu Dhabi and Jumeirah Beach Hotel.
Power & The power & Control Systems
department is engaged in the
Control manufacture, testing and
commissioning of low voltage switchgear and
Systems : control panels.
Current Subject was awarded two contracts
from the Dubai Electricity & Water
Contracts : Authority (DEWA) for the construction of
three 132/33-KV substations and the supply and installation of cabling on the
Qusais project. The larger of the contracts (valued at UAE Dh 256 million)
calls for the construction of 132-KV at Qusais, Burj Nahar and Nasr Club. It
also includes the supply and installation of 80 kilometres of 132-KV cabling.
The company’s other contract is for the cabling package associated with the
Qusais north substation. Valued at over UAE Dh 90 million the order involves
the supply and installation of 132-KV cabling.
In August 1999, ETA
announced the award of a turnkey contract to supply and install two 13.8 MW
fuel oil generators for Fujairah Cement Industries. The two units are to be
supplied by US-based Caterpillar International Power Systems.
ETA has been awarded the
mechanical and electrical packages for the retail and apartment areas in the
existing Al Ghurair Centre.
·
General Trading Division
This division is engaged in the import and distribution
of a wide range of general merchandise, specialising in fire fighting
equipment, filters and strainers, building materials, clinker and cement,
limestone, ores and minerals, fertilisers and chemicals.
·
Manufacturing Division
Subject operates a number of production
plants that come under the umbrella of the Manufacturing Division, including
the following:
New Materials Launched in 1993, New Materials Division introduces new building
Division: materials to the Construction Industry in
UAE through extensive foreign collaborations.
A tie-up with the world
leader in composite panel manufacturing M/s Mitsubishi Chemical Functional
Products, Inc., Japan consolidates the strong technical base
of the division in carrying-out the cladding works with
Alpolic, Alook-Ex, Stainless Steel and Titanium composite cladding
material for both internal and exterior of the buildings.
This department has
executed so far cladding works exceeding 450,000 square metres in and around
the UAE.
Ascon Marble ASCON Marble and Granite imports quality
marble and granite from Italy,
and Granite: Spain, India, and Brazil. It was
founded in 1993 and specialises in the field of supply and fixing of marble and
granite catering to the needs of builders and contractors. It employs more than
200 craftsmen and 20 staff.
It has recently won a
prestigious project in Abu Dhabi, The Conference Palace Hotel, which was worth
more than UAE Dh 200,000,000.
Import Countries: United States of America, India, the Far East and
Europe
International Suppliers:
· Philips TDS for
Computers The
Netherlands
· Vassa Controls OY Finland
· Waagner-Biro AG Austria
· Alusuisse Singen
GmbH Germany
· Hoppecke Batteries Germany
· Koba Batteries Korea
· Diax (Poppy)
Chemicals Ltd Japan
· Mitsubishi Japan
· Gaira Bevel Gears
Ltd India
· Titan Watch
Company India
· Composite
(Superlite) Ltd United
States of America
· President
Chemicals & Solvent Co United
States of America
· Promask Maskin
Tape United
States of America
· Westinghouse Electric United States
of America
· Dover Elevators United
States of America
· Trane Co United
States of America
· Oracle Corp United
States of America
· Dainichi Nippon
Cables United
States of America
Export Countries: Oman, Bahrain, Saudi Arabia, Iran, Pakistan, CIS,
Ghana, and African countries
Subject has a workforce of approximately 1,200 employees.
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.
·
HSBC Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4)
3535000
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Credit amount 66,000 67,000
Amount overdue 0 0
Payment terms 30
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Pounds
Sterling
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
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Currency |
Unit
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Indian
Rupees |
|
US Dollar |
1 |
Rs.62.19 |
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UK Pound |
1 |
Rs.102.13 |
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Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
DPT |
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 |
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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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.