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Report No. : |
309327 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SPECIALIST SERVICES LLC |
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Registered Office : |
Tameem House, 7th Floor, Al Barsha, Tecom, PO Box
2752,Town Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.20014 |
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Date of Incorporation : |
09.12.1995 |
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Com. Reg. No.: |
2078, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged in the provision of design, engineering and
construction of solutions for a wide range of buildings for the offshore oil
and gas industry |
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No. of Employees : |
900 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
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 |
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 :
SPECIALIST SERVICES LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
9th December 1995
Commercial Registration Number :
2078, Dubai
Trade Licence Number :
300447
Chamber Membership Number :
40563
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce : 900
Activities :
Providers of design, engineering and construction of solutions for a wide range of buildings for the
offshore oil and gas industry.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Auday Kumar, Chief Accountant
SPECIALIST SERVICES LLC
Registered &
Physical Address
Building : Tameem House, 7th Floor
Area : Al Barsha, Tecom
PO Box : 2752
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4579500
Facsimile : (971-4) 4579501
Mobile : (971-50) 4542359
Email : specserve@specserve.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
Plot No. 7AB Factory
premises
Sheikh Zayed Road
Al Quoz Industrial Area
Dubai
Tel: (971-4) 3462646
Fax: (971-4) 3472148
Mussafah Industrial Area Factory
premises
Abu Dhabi
Tel: (971-2) 5559686
Fax: (971-2) 5559369
Centre of Excellence Office
premises
Jebel Ali Industrial Area No. 2
Dubai
Tel: (971-4) 8164500
Fax: (971-4) 8164501
Name Position
Ian Stewart Roger Chief
Executive Officer
Amer Jha Operations
Manager
Auday Kumar Chief
Accountant
Lina Fernandes Senior
Accountant
Chris Ridley Sales
Manager
Shalis Damani Group
Financial Manager
Mani Nair Human
Resources Manager
Surandran Jaswani Finance
Manager
Date of Establishment : 9th
December 1995
Legal Form :
Limited
Liability Company - LLC
Commercial Reg. No. : 2078, Dubai
Trade Licence No. : 300447 (Expires
08/12/2015)
Chamber Member No. : 40563
Issued Capital : UAE Dh 300,000
Paid up Capital :
UAE
Dh 300,000
Name of
Shareholder (s) Percentage
Mak Plus General Trading LLC 51%
Dubai
Specialist Services Holding Ltd 49%
British Virgin Islands
Labtech Services
Limited
Blackness Road
Altens
Aberdeen
United Kingdom
Tel: (44-1224) 337777
Fax: (44-1224) 337770
OIL Engineering
Middle East LLC
PO Box: 129226
Abu Dhabi
Tel: (971-2) 5074000
Fax: (971-2) 5515331
Loyang Offshore Supply
Base
Loyang Crescent
Block 103, Tops Avenue 1, No. 01-04
Singapore 508988
Tel: (65) 62149764
Fax: (65) 65460605
Activities: Engaged in the provision of design, engineering and construction of
solutions for a wide range of buildings for the offshore oil and gas industry.
Subject’s activities include, the hiring of modular buildings, providers
of process and well testing equipment and the manufacturing of doors, windows,
firewalls, blast walls and bathroom units.
Subject has recently built a blasting booth (33.65 metres long, 13.7
metres wide and 6.5 metres high) which will allow them to blast about six 20ft
modules per shift on an average. The facility was inspected and approved for
operation by Dubai Municipality and Civil Defence on 25th February
2014. The facility will help them to carry out blasting works with increased productivity while meeting all quality and HSE requirements.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 900 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/03/13: Year Ending
31/03/14:
Total Sales UAE
Dh 425,000,000 UAE Dh
438,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
National Bank of Abu Dhabi
Deira Souk Branch
PO Box: 4436
Dubai
Tel: (971-4) 2226141
Fax: (971-4) 2226145
Regular
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.62.05 |
|
|
1 |
Rs.96.03 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.