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MIRA INFORM REPORT
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Report No. : |
503963 |
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Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SPECIALITY ENGINEERING CHEMICALS FZE |
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Registered Office : |
Sheikh Zayed Road Jebel Ali Free Zone PO Box 61347 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.10.1997 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in the manufacture
and distribution of a comprehensive range of specialist chemical building
products, including concrete repair, flooring, coatings, waterproofing,
sealants, grouts and adhesives. |
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No. of Employees : |
16 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company
Name :
SPECIALITY ENGINEERING CHEMICALS FZE
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Free Zone Establishment - FZE
Registration
Date : 26th
October 1997
Trade
Licence Number :
1288
Chamber
Membership Number : 46151
Issued
Capital :
UAE Dh 1,000,000
Paid
up Capital :
UAE Dh 1,000,000
Total
Workforce :
16
Activities :
Manufacturers of chemical building products
Financial
Condition :
Fair
Payments :
No Complaints
Operating
Trend :
Steady
Company
name and address
COMPANY
NAME: SPECIALITY
ENGINEERING CHEMICALS FZE
ADDRESS
Registered
& Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO
Box : 61347
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836662 / 8837696
Facsimile : (971-4) 8837696
Email : specdxb1@emirates.net.ae
/ info@spec.ae
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Marwan
Fouad Bardawil British Managing Director
Albert
Fouad Bardawil British Director
Semya
Bardawil British Director
Madlin
Bardawil British Director
Fouad
Bardawil British Director
Philip
Fouad Bardawil British Director
Rami
Abdullah - Accounts
Manager
Elia
Khazan - Sales
Manager
Altaf
Ahmed - Accountant
LEGAL
FORM & OWNERS
Date
of Establishment : 26th October
1997
Legal
Form : Free Zone Establishment -
FZE
Trade
Licence No. : 1288 (Expires 30/04/2019)
Chamber
Member No. : 46151
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name
of Shareholder (s) Percentage
Marwan
Fouad Bardawil 20%
Albert
Fouad Bardawil 20%
Semya
Bardawil 20%
Philip
Fouad Bardawil 20%
Madlin
Bardawil 10%
Fouad
Bardawil 10%
AFFILIATED
COMPANIES
Emirate
Speciality Co LLC
Dubai
OPERATIONS
Activities: Engaged in the manufacture
and distribution of a comprehensive range of specialist chemical building
products, including concrete
repair, flooring, coatings, waterproofing, sealants, grouts and adhesives.
Import
Countries:
Europe and the Far East
Operating
Trend:
Steady
Subject
has a workforce of 16 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total
Sales UAE
Dh 14,800,000 UAE Dh
15,325,000
Local
sources consider subject’s financial condition to be Fair.
The
above financial figures are based on estimations by our local sources.
BANKERS
Emirates
National Bank of Dubai
Baniyas
Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Investment
Bank for Trade & Finance LLC
Al
Arooba Street
PO Box: 1885
Sharjah
Tel : (971-6) 5355391 / 5355392
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
Local sources report that the subject’s
operating history is clear with payment obligations met in a generally timely
manner. The financial position is satisfactory and the company is deemed a fair
trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.78 |
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1 |
INR 93.41 |
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Euro |
1 |
INR 81.38 |
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UAE DH |
1 |
INR 17.99 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.