MIRA INFORM REPORT

 

 

Report No. :

511231

Report Date :

30.05.2018

 

 

IDENTIFICATION DETAILS

 

Name :

BAALBAKI GROUP S.A (OFFSHORE) LTD

 

 

Registered Office :

Plot No. I J22-24, PO Box 42448 Sharjah, United Arab Emirates 

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

16.03.2005

 

 

Com. Reg. No.:

6838

 

 

Legal Form :

An offshore company, LLC

 

 

Line of Business :

Manufacture of other chemical products n.e.c

 

 

No. of Employees :

95

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

company SUMMARY 

 

COMPANY NAME

Baalbaki Group S.A (Offshore) Ltd

 

ADDRESS

Building

Area

City

PO Box

Plot No. I J22-24

Hamriyah Free Zone

Sharjah

42448

Sharjah

TEL/FAX 

Verified Phones: (+971 6) 526 0788 / Fax: (+971 6) 526 1799

EMAIL/WEBSITE

Email: mmasri@bciholding.com / Website: www.bciholding.com

ACTIVITY

NACE 2059 - Manufacture of other chemical products n.e.c.; 

PRINCIPAL 

Dr. Ihsan Baalbaki 

Workforce 

Chairman

95     

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

16/03/2005

6838

An offshore company, LLC

Active

 

 

BUSINESS INFORMATION

 

IDENTIFICATION

CO. NAME

Baalbaki Group S.A (Offshore) Ltd

ENQUIRED NAME

BAALBAKI GROUP SA

BUILDING

Plot No. I J22-24

AREA 

Hamriyah Free Zone, Near Seitco

POSTAL ADDRESS

42448 Sharjah

CITY

Sharjah

COUNTRY

United Arab Emirates

TELEPHONE

(+971 6) 526 0788 / (+961 1) 347 616 (Head Office)

FAX

(+971 6) 526 1799

VERIFIED EMAIL

mmasri@bciholding.com / adarwish@bciholding.com / kbaalbaki@baalbaki.com / hnajjar@bciholding.com

WEBSITE

www.bciholding.com

BUSINESS HOURS (DURING RAMADAN)

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-15:00

Without Break

REGISTERED ADDRESS

Plot No. I J22-24, PO Box 42448 Sharjah, United Arab Emirates 

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Dr. Ihsan Baalbaki 

Chairman 

Zuheir Baalbaki

 

Hassane Baalbaki

 

Karim Baalbaki

 

Marwan Kawas

 

Wassim Bawab

 

Ali Darwish

 

Khaled Khayyat

 

Abdulfatah Haddad

 

Mohammed Al Masri

 

Hadi Najjar    

Non-Executive Director

 

Group Managing Director

 

Executive Chairman

 

Commercial Director

 

Group Finance Director

 

Managing Director

 

Sales Manager

 

Administrative Manager

 

Head of Accounts

 

Group Finance Manager     

WORKFORCE

NO. OF EMPLOYEES

PERIOD

95

05.2018

800 (Baalbaki Group)

01.2016

 

 

FINANCIAL SUMMARY

 

NOTES     

Private companies in UAE are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

 

LEGAL STATUS

 

INCORPORATION

16/03/2005

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 6838 (expiry date: 15/03/2019)

Hamriyah Free Zone Authority (HFZA) 

OTHER REGISTRATION NO.     

Industrial License No.: 1072

CAPITAL     

Not applicable

BUSINESS HISTORY

Subject was established in Hamriyah Free Zone on 16 March 2005.   

STATUS

Active

OWNERSHIP   

NAME  

LEGAL FORM

Hamriyah Free Zone Branch* of a British Virgin Islands registered Limited Liability Company with the following officials :

 

1. Dr. Ihsan Baalbaki  

 

2. Zuheir Baalbaki

 

3. Hassane Baalbaki

 

4. Karim Baalbaki

 

Subject’s parent company is the following:

 

BCI Holding SA

British Virgin Islands

Est.: 02/06/2004

Baalbaki Group of companies is engaged in commercial & industrial activities, financial investments and real estate investments with a diversified workforce with over 800 employees having offices and factories in 5 countries. The group has more than 100,000 sq. m. of owned covered area allocated to manufacturing and more than 2 million square meters of owned real estate.

An offshore company, LLC    

 

 

OPERATION 

 

BANKERS   

1.  Blom Bank France SA

   Corniche Al Buhairah

   P.O. Box : 5803

   Sharjah

   Telephone: (971 6) 573 6700

   Fax      : (971 6) 573 6080

 

2. Arab Bank

   Al Aroba Street

   Rolla Area

   PO Box 130

   Sharjah

   Telephone: (+971 4) 445 0000

   Fax      : (+971 6) 562 8080

ACTIVITY CODE (NACE)    

2059 - Manufacture of other chemical products n.e.c.;

LINE OF BUSINESS    

Manufacturers and suppliers of polyurethanes & specialty chemicals as well as polyester polyols, polyurethane systems, polyurethane auxiliaries, specialty adhesives and prepolymer coatings.

 

Production capacity: 72.5 KT p.a.

 

1,000 MT Bulk Store Capacity

IMPORT FROM  

Europe, Belgium, Germany, India and Far East Asian countries.

EXPORT TO 

India, Pakistan, the GCC and the Levant countries.

FACILITIES

30,000 sq. m. leased premises comprising administrative offices and 2 manufacturing units with storage facilities located at the heading address.

RELATED COMPANIES

Subject is a member of Baalbai Group of Companies, which also includes the following companies:

 

Associates

 

1. Unimetco Holding SAL

 

2. Baalbaki Financial Invetments SAL Offshore

 

3. B.G. Capital Holding SAL

 

4. Baalbaki Group SA

 

5. Baalbaki For Industry & Trade LLC

 

6. Baalbaki Industries SAS

 

7. Baalbaki Industrial Properties SAS

 

8. Baalbaki For Industry & Trade Iraq LLC

 

9. Baalbaki Properties LLC

 

10.Cedar Invest Holding SA

 

11.Baalbaki Chemical Industries SAE

   6 October City First Industriel Zone

   Plot No. 178

   Street No.64

   Cairo

   Egypt

   Telephone: (20 2) 3830 8135/6/7

   Fax      : (20 2) 3830 8138

 

12.Baalbaki Chemical Industries

   Gülbahar street no: 17 / 2 office :26

   Kadiköy, İstanbul

   Turkey

   Telephone: (90 216) 373 7583 / 373 6478

   Fax      : (90 216) 373 6478

 

13.BCI Polyurethane Europe S.r.l.

   Italy

 

14.EMPC SARL

   Cite Mazafran, propriete 605, lot N’05 Kolea 

   Tipiza

   Algiers, Algeria

   Telephone: (+213 21) 564 044

 

15.BCI Baalbaki Kimya Sanayi

   Turkey

 

16.Zuha Sponge

   Jordan

 

 

SPECIAL REMARKS

 

INTERVIEWED   

Mohammed Al Masri (Head of Accounts) & Hadi Najjar (Group Finance Manager).

COMMENTS    

You enquired on: BAALBAKI GROUP SA. Please note subject’s correct registered name is as per heading.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.82

UK Pound

1

INR 91.17

Euro

1

INR 78.70

UAE DH

1

INR 18.44

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.