MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ADYARD ABU DHABI
LLC |
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Registered Office : |
Mussafah, Plot
No. 10, |
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Country : |
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Date of Incorporation : |
24th December 1996 |
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Com. Reg. No.: |
33874, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Heavy steel fabrications
for the offshore oil and gas industry and offshore contracting. Operation and
maintenance of sewage and water treatment plants, as well as electrical
works. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ADYARD ABU DHABI LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 24th December 1996
Commercial Registration Number :
33874,
Membership Number : 73048
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Total Workforce : 300
Line of Business : Subject operates through several divisions (see below).
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ADYARD ABU DHABI
LLC
ADDRESS
Registered & Physical Address
Location : Mussafah, Plot No. 10
PO Box : 7604
Town :
Country :
Telephone : (971-2) 5546485 / 5547722
Facsimile : (971-2) 5546767
Email : pro@adyarduae.com
Premises
Subject operates
from a medium sized suite of offices that are leased and located in the
Industrial Area of Abu Dhabi.
Branch Office (s)
Location Description
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Tel : (971-4) 3382135
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Tel : (971-9) 2228424
KEY PRINCIPALS
·
Goran
Wijmark Chairman
·
Steinar
Draegebo Managing
Director
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Inge
Wernersson Director
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David
Knights Director
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Jim
Masteron General
Manager
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Michel
Bret Technical
Manager
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Jeremy
Weeks Marketing
Manager
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Munir
Saad Public
Relations Manager
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Sridhar
Gopalan Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 24th
December 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 33874,
Economic Dept. No. : 50920
Membership No. : 73048
Issued Capital : UAE Dh 25,000,000
Paid up Capital : UAE Dh 25,000,000
Name of Shareholder
(s) Percentage
·
Abu
Dhabi Investment Co ]
National Bank of
PO Box : 46309 ]
Tel : (971-2) 6658100 ]
Fax : (971-2) 6650575 ]
Email : info@adic.co.ae ] 51 %
]
·
Dhafir
Group ]
PO Box : 4330 ]
Tel : (971-2) 342555 ]
Fax : (971-2) 348562 ]
]
·
Saif
Group ]
·
Nico
International UAE (Ltd) * 49 %
PO Box : 12068
Tel : (971-4) 582135
Fax : (971-4) 581832
* Nico International UAE (Ltd)
is wholly owned by Topaz Energy & Marine SAOG (TEAM) of
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
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Nico
International Hydro Space (
PO Box : 590
Tel : (971-7) 228424
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Nico
International (
PO Box : 244
Tel : (971-2) 452472
LINE OF BUSINESS
Operations : Subject’s operations are performed by the
following divisions :
- Fabrication and
Marine Projects Division
The division specialises in heavy steel fabrications for the offshore
oil and gas industry and offshore contracting. It also has its own jack-up
barge, complete with helideck and working platform. Through the Adyard workshop
subject provides a comprehensive range of electrochemical facilities, including
valve refurbishment, repair and overhaul of high and low voltage AC and DC
electrical equipment, dynamic balancing of rotors and shafts, surface
engineering, pump and rotating equipment repair.
Adyard is fully ISO 9001 certified.
- Maintenance
Services Division
Under this division, subject specialises in the operation and
maintenance of sewage and water treatment plants, as well as electrical works.
This division’s operations incorporates Adyard’s wholly owned Maintenance
Services Gulf Ltd (MSG).
Current Contracts
Adyard
was awarded a major Oil and Gas Fabrication contract by CTJV, a joint venture
between Technip and Chiyoda. The contract involves fabrication, procurement,
construction, load out and hook-up of a Loading Module for the Qatar Gas II LNG
Onshore Facilities Project. Under the contract, Adyard will undertake
construction engineering, procurement, fabrication and erection of the
approximately 1,000-ton module at its purpose built yard located in
Adyard
announced a second contract award for construction engineering, fabrication and
load out of a Sulphate Removal Package (SRP) for Violia Water. The contract
award comes on the successful completion of a similar contract last year, which
was delivered on time. Adyard and Violiawater are also very proud of the
excellent safety statistics for the project. The structural fabrication work
will commence in the first quarter for 2007 with the expected delivery date in
the fourth quarter of 2007.
Import Countries
: The
Export Countries
:
Subject has a
workforce of 300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
·
The
Standard Chartered Bank
PO Box : 240
Tel : (971-2) 6330077
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National
Bank of
PO Box : 4
Tel : (971-2) 345777 / 327113 / 335262
Fax : (971-2) 336078
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction October 2000
Credit amount 18,200
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1996, Adyard Abu Dhabi LLC has made good progress in the local and regional business
community. It is gaining a good reputation for the quality of its services and
has won several high profile contracts. It is owned by a number of Emirati
investors as well as Nico International UAE (Ltd) which is owned by Topaz
Energy & Marine SAOG (TEAM) of
According to local
sources subject meets its payment obligations in a timely manner and the above
credit figure is considered to be within subject’s financial means.
We suggest a
maximum credit figure of : US$ 750,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)