IN-DEPTH CREDIT REPORT
References
Customer ref:C1536-17211485
Our ref:1097902
Status
Date:05-08-2026
Report:Final
Identification
Given
Subject name:Gulfspan Industrial Coatings LLC
Address:Plot WB-27, Jebel Ali Industrial Area 1
Dubai
Country:United Arab Emirates
Verified
Subject name:GULFSPAN INDUSTRIAL COATINGS LLC
Address:Warehouse 4, Plot WB-27, Jebel Ali Industrial Area 1
Town:Dubai
Country:United Arab Emirates
Postal address:PO Box 456123, Dubai, United Arab Emirates
Telephone:+971 (4) 883 6120
Fax:+971 (4) 883 6121
Executive Summary
Date established:2012
Legal form:Limited Liability Company
Authorised capital:N/A
Main activities:Industrial protective coatings and pipeline services.
Employees:Approx. 45
Credit Risk Rating
Risk Rating — as at 05-08-2026
Excellent
Good
❯Satisfactory
Passable
Poor
No classification
Analysis
- Organisational structure is acceptable
- Management is reasonably experienced
- No detrimental records found
- Group financial performance is sound
- Operational trend is progressing
- No payment delays noted
Interpretation:Moderate operational base. Part of a sound Group. Small to medium credits can be considered with some confidence that commitments can be met under normal circumstances. A cautious credit control policy applies.
Credit Limit:Recommended limit: GBP 50,000
Comments:Higher credit may be considered if satisfactory full recent financial statements are provided by the Subject or if guaranteed by the Group.
Registry Data
Key Facts
Date established:2012
Legal form:Limited Liability Company
Registry auth.:Dubai Department of Economic Development
Other reg.:License no. 738124
Trade Name no. 1152966
Membership no. 204817
Registry status:Live/Active
Legal Filings / Sanctions
Legal Filings
Bankruptcy filings:None found
Court judgements:None found
Tax liens:None found
Legal cases:None found
Other:None found
Sanctions
OFAC:None found
EU:None found
UN:None found
BIS:None found
Comments:Searches covering the names of the Subject and its major corporate shareholders (holding 25% or more of the Subject's share capital or votes) were conducted using Sanctions Lists published by the American Office of Foreign Assets Control (OFAC), the European Union (EU), the United Nations (UN), and the Bureau of Industry and Security (BIS).
Country Corruption Perceptions Index
| |
2025 | |
2024 | |
2023 |
| Score (higher is better): |
68/100 | – |
68/100 | ▲ |
67/100 |
| Rank (position): |
23/180 | ▲ |
26/180 | ▲ |
27/180 |
Comments:Adapted from the Corruption Perceptions Index published by Transparency International: the global coalition against corruption. For more information, visit http://www.transparency.org
Management & Staff
Key Managers
Name:Rajesh Nair
Job title:Chief Executive Officer
Name:Ahmed Al Suwaidi
Job title:Operations Manager
Name:Maria Fernandes
Job title:Finance Manager
Staff
No of employees:Approx. 45
Board of Directors / Other Appointments
Appointments
Name:Rajesh Nair
Board function:Chief Executive Officer
Share Capital
Composition
Authorised:N/A
Shareholders/Owners
How Listed:Full List – as declared
Composition
Name:GULFSPAN HOLDINGS LIMITED
% of shares:100%
Address:Unit 412, Gate Village Building 6, Dubai International Financial Centre, Dubai, United Arab Emirates
Corporate Affiliations
Structure
Name:AL MANARA INDUSTRIAL GROUP HOLDING KSCC
Affiliation type:Ultimate Holding Company
Address:PO Box 291, 13003 Safat, Kuwait City, Kuwait
Name:GULFSPAN HOLDINGS LIMITED
Affiliation type:Parent Company
Address:Unit 412, Gate Village Building 6, Dubai International Financial Centre, Dubai, United Arab Emirates
Name:GULFSPAN COATINGS (UK) LTD
Affiliation type:Associate
Address:Riverside Park Industrial Estate, Middlesbrough, England, United Kingdom
Banking & Financing
Bankers
Bank name:EMIRATES NBD BANK PJSC
Address:United Arab Emirates
Account number:AE47 0260 0010 1462 8375 901
Comments:It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.
Financial Accounts
| |
|
|
|
| Required to file: |
N/A | N/A | N/A |
| Source: |
Group Consolidated Statements | Group Consolidated Statements | Group Consolidated Statements |
| Type of accounts: |
Full unaudited | Full audited | Full audited |
| Currency: |
Kuwaiti Dinar (KWD) | Kuwaiti Dinar (KWD) | Kuwaiti Dinar (KWD) |
| Exchange rate: |
USD 1 = KWD 0.31 as of 05-08-2026 | USD 1 = KWD 0.31 as of 05-08-2026 | USD 1 = KWD 0.31 as of 05-08-2026 |
Summarised (KWD '000)
| Date of accounts: |
31-03-2026 |
31-12-2025 |
31-12-2024 |
| Consolidation: |
Group consolidated | Group consolidated | Group consolidated |
| Period: |
3 months | 12 months | 12 months |
| Revenue: |
36,800 | 148,600 | 139,400 |
| Gross profit: |
6,940 | 27,900 | 25,480 |
| Operating profit: |
5,120 | 20,150 | 18,660 |
| Profit before tax: |
4,730 | 18,320 | 16,540 |
| Profit after tax: |
4,480 | 17,290 | 15,610 |
| Total assets: |
419,180 | 412,760 | 398,210 |
| Total liabilities: |
236,180 | 234,090 | 228,320 |
| Shareholders' equity: |
183,000 | 178,670 | 169,890 |
Comments:The above group consolidated figures relate to the Subject's Ultimate Holding Company AL MANARA INDUSTRIAL GROUP HOLDING KSCC and its subsidiaries. The Subject's own financial statements were not made available.
Operations & History
Activities
Full description:The Subject provides industrial protective coatings and pipeline services specialised in internal and external pipe coating, blasting, lining and inspection.
Products/services:Internal and external coating of line pipe from 2" to 60".
Fusion bonded epoxy and three-layer polyethylene coating systems.
Abrasive blasting and surface preparation.
Internal cement mortar lining.
Holiday detection, inspection and coating repair services.
Field joint coating for pipeline construction projects.
Property & Assets
Premises:The Subject principally operates from premises located at the heading address, consisting of a warehouse, coating yard and administrative offices.
Payments
Debt Collections / Judgements:No negative information was found.
Payment Experiences
Payment behaviour:As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
Investigative Notes
Sources:Brief interview and material provided by the Subject
Official and local business sources
Attachments
Attachments:Group consolidated financial statements
List of affiliated companies
Note:Where source documents are obtained during the investigation, they are attached to the delivered PDF report.