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Report No. : |
334950 |
|
Report Date : |
04.08.2015 |
|
|
|
|
Tel No.: |
971 4 3470767 |
|
Fax No.: |
971 4 3470765 |
IDENTIFICATION DETAILS
|
Name : |
EMIRATES
SPECIALITIES CO LLC (ESCO) |
|
|
|
|
Registered Office : |
Plot No. 671B, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box: 3880, Dubai |
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|
|
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Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
Subject’s
operations date back to 1967, however it was registered on 26th
October 1983 |
|
|
|
|
Com. Reg. No.: |
40415, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of building materials, construction
materials, architectural products, tools and industrial equipment,
shelving & storage and environmental products for all types of engineering
projects. In addition, the company also undertakes application of specialised
systems such as industrial and decorative flooring, concrete repair, and
coloured renders. |
|
|
|
|
No. of Employees : |
180 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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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, 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, 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 diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
|
Source
: CIA |
Company Name : EMIRATES
SPECIALITIES CO LLC (ESCO)
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Start Date :
1967
Registration Date : 26th
October 1983
Commercial
Registration Number : 40415,
Dubai
Trade Licence
Number : 204317
Chamber Membership
Number : 11049
Issued Capital : UAE Dh
20,000,000
Paid up Capital : UAE Dh
20,000,000
Total Workforce :
180
Activities :
Import and distribution of building materials.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ramadan, Chief Accountant
EMIRATES
SPECIALITIES CO LLC (ESCO)
Location : Plot No. 671B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 3880
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3470767
Facsimile : (971-4) 3470765
Mobile : (971-50) 65161012
Email : ecscodub@emirates.net.ae / dubai@esco.ae / jean@esco.ae
/ mramadan@esco.ae
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Dubai.
Branch Office
(s)
Location Description
·
Tourist Club Area Office
and warehouse premises
PO Box: 46564
Abu Dhabi
Tel: (971-2) 6784800
Fax: (971-2) 6778366
·
PO Box: 36156 Office
and warehouse premises
Sharjah
Tel: (971-6) 5431716
Fax: (971-6) 5431909
Name Nationality Position
·
Fouad
Phillip Bardawil British Managing
Director
·
Mohamed
Saeed Khalf Al Ghaith Emirati Director
·
Mohamed
Al Fandi Ghanim Al Mazroei Emirati Director
·
Abdulla
Yousuf Ahmed Al Ghanem Kuwaiti Director
·
Phillip
Fouad Bardawil British Director
·
Marwan
Fouad Bardawil British Director
·
Sumaya
Bardawil British Director
·
Albert
Fouad Bardawil British Director
·
Yousuf
Ibrahim Al Ghanem Kuwaiti Director
·
Jassim
Abdulaziz Abdulwahab Al Qatami Kuwaiti Director
·
Johnny
Jabbour - Contracts
Manager
·
Jean Saade - Finance
Manager
·
Elias Bardawil - Commercial
Manager
·
Khadija Oumani - Customer
Service Manager
·
Riad Natour - Abu
Dhabi Branch Manager
·
Mohamed Ramadan - Chief
Accountant
Date of Establishment : Subject’s
operations date back to 1967, however it was registered on 26th
October 1983
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40415, Dubai
Trade Licence No. : 204317
(Expires 16/10/2015)
Chamber Member No. : 11049
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
·
Fouad
Phillip Bardawil 19.50%
·
Gibca
Ltd Co LLC 17.10%
Sharjah
·
Mohamed
Saeed Khalf Al Ghaith 14.75%
·
Abdulla
Yousuf Ahmed Al Ghanem 9.15%
·
Mohamed
Al Fandi Ghanim Al Mazroei 9.10%
·
Mazrui
Holding Company LLC 9.05%
Dubai
·
Yousuf
Ibrahim Al Ghanem 8.20%
·
Jassim
Abdulaziz Abdulwahab Al Qatami 8.15%
·
Phillip
Fouad Bardawil 1.25%
·
Marwan
Fouad Bardawil 1.25%
·
Sumaya
Bardawil 1.25%
·
Albert
Fouad Bardawil 1.25%
·
Bardawil
& Co CEM Sarl
Beirut
Lebanon
Tel: (961-1) 879900
Fax: (961-1) 884187
·
Al
Bahar & Bardawil Specialities WLL
Safat 13064
Kuwait
Tel: (965) 24347363
Fax: (965) 24346813
·
Bardawil
Specialities Qatar WLL
Doha
Qatar
Tel: (974) 44699436
Fax: (974) 44699435
·
Al
Bahar & Bardawil WLL
Dubai
United Arab Emirates
Tel: (971-4) 2823933
Fax: (971-4) 2821970
·
Speciality
Engineering Chemicals FZE
Dubai
United Arab Emirates
Tel: (971-4) 8836662
Fax: (971-4) 8837696
·
Bardawil
Aviation Company Sal
Beirut
Lebanon
Tel: (961-1) 894533
Fax: (961-1) 884187
·
Building
Chemical Research Ltd
Manchester
United Kingdom
Tel: (44-161) 7232237
Fax: (44-161) 7247699
·
Bardawil
Aviation Co (Offshore) Sal
Dubai
United Arab Emirates
Tel: (971-4) 2995885
Fax: (971-4) 2995858
·
Juffali
Chemical Product Ltd
Jeddah
Saudi Arabia
Tel: (966-2) 6633516
Fax: (966-2) 6606508
·
Bardawil
Specialities Sal
Beirut
Lebanon
Tel: (961-1) 872200
Fax: (961-1) 879917
Activities: Engaged in the import and distribution of
building materials, construction materials, architectural
products, tools and industrial equipment, shelving & storage and
environmental products for all types of engineering projects. In addition, the
company also undertakes application of specialised systems such as industrial
and decorative flooring, concrete repair, and coloured renders.
Import
Countries: United States of
America, Singapore, Belgium, Switzerland and Germany.
International
Suppliers:
·
C.I.M. Industries Inc United
States of America
·
The Expanded Metal Group Pte Ltd Singapore
·
Besaplast Kunststoffe GmbH Germany
·
Dow Corning Europe Belgium
·
Saint Gobain Performance Plastics Belgium
·
Fritz Landolt AG Switzerland
Operating Trend: Steady
Subject has a
workforce of approximately 180 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 120,000,000 UAE Dh 124,700,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
United
Arab Bank
Deira Branch
Dubai
Tel: (971-4) 2220181
No complaints
regarding subject’s payments have been reported.
Credit amount 206,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency 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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
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.