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Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
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Name : |
EMIRATES TRADING
AGENCY LLC (ETA) |
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Registered Office : |
Ascon House, Salahuddine
Al Ayoubi Street, Deira, P O Box 5239 & 5238 & 1059, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
14.06.1983 |
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Com. Reg. No.: |
40307, Dubai |
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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 (Its operations
are performed by the following 5 departments) · Brokering ·
Chartering · Operations Agency · Projects & Development ·
Ship Management
Automotive Division Contracting
Division (Its operations
are performed by the following 3 department)
· Electro Mechanical Dept. · Power & Control Systems · Current Contracts General Trading
Division Manufacturing
Division (Its operations
are performed by the following 2 departments) · New Materials Division · Ascon Marble and Granite |
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No of Employees : |
1,200
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. 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.
|
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 : Rafiq Al Mujtahid, Chief Legal Officer
EMIRATES TRADING AGENCY LLC (ETA)
Registered &
Physical Address
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
Premises
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
·
Rafiq
Al Mujtahid Chief
Legal Officer
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
Name of Shareholder
(s) Percentage
·
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
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Mitsubishi Japan
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Gaira
Bevel Gears Ltd India
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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
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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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.