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MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD (NPCC) |
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Registered Office : |
Plot No. 71, Street 7, Zone No. 6, Mussafah Industrial Area, PO Box 2058,
Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2nd April 1973 |
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Com. Reg. No.: |
17757, Abu Dhabi |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Construction and Fabrication of Steel Structures / Oil and
Gas Related Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NATIONAL PETROLEUM CONSTRUCTION
COMPANY LTD (NPCC)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Joint Stock Company
Registration Date : 2nd April 1973
Commercial Registration Number : 17757, Abu Dhabi
Economic Department Number : 1002759
Membership Number : 428
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Total Workforce : 7,300
Line of Business : Construction and fabrication of steel structures / oil
and gas related services.
Financial Condition : Unknown
Payments : Nothing detrimental uncovered
COMPANY NAME
NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD (NPCC)
ADDRESS
Registered & Physical Address
Street : Plot No. 71,
Street 7, Zone No. 6
Area : Mussafah
Industrial Area
PO Box : 2058
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5549000
/ 5599000
Facsimile : (971-2)
5549111 / 5599111
Email : npccnet@emirates.net.ae
Premises
Subject operates from a large suite of offices and a fabrication yard
that are owned and located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
·
Hussain Jasem Al Nowais Chairman
·
Mohamed Nasser Al Khaily Director
·
Ahmed Suhail Al Muhairi Director
·
Saif Nasser Al Suwaidi Director
·
Saif Ahmed Al Ghafli Director
·
Ali Rashid Al Jarwan Director
·
Tawfic S. Khoury Director
·
Munir E. Khoury Director
·
Farid B. Asfour Director
· Aqeel A. Madhi Chief
Executive Officer
· Ahmed Al Wahedi Commercial
Manager
· Michel Latouf Projects
Manager
· Ahmed O. Kharbouch Production
Manager
· Afeef Al Maskari Technical
Manager
· Mabkhoot Al
Menhali Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2nd
April 1973
Legal Form : Joint Stock
Company
Commercial Reg.
No. : 17757, Abu Dhabi
Economic Dept. No. : 1002759 (Expires on 16/10/2009)
Membership No. : 428
Issued Capital : UAE Dh
100,000,000
Paid up Capital : UAE Dh 100,000,000
Name of Shareholder (s) Percentage
· Abu Dhabi National
Oil Company (ADNOC) * 70%
Adnoc Building
Corniche Road
PO Box : 898
Abu Dhabi
Tel : (971-2) 6020000
Fax : (971-2)
6023389
Email : info@adnoc.com
· Consolidated
Contractors Group Sal ** 30%
Beirut
Lebanon
Tel :
(961-1) 830410
* Abu Dhabi National Oil Company (ADNOC) is an
independent corporate body, wholly owned by the government of Abu Dhabi, that
acts in all matters concerning the oil sector, although most major decisions
are ratified by the Supreme Petroleum Council.
** Consolidated Contractors International Sal is
a member of the Lebanese Consolidated Construction Group. The holding company
is a Liberian registered company with its headquarters based in Athens, Greece.
AFFILIATED COMPANIES
Subject is a member of the ADNOC Group of
Companies, which consists of the following concerns :
· Abu Dhabi Company
for Onshore Oil Operations (ADCO)
PO Box : 270
Abu Dhabi
Tel : (971-2)
6040000
Fax : (971-2)
6669785
· Abu Dhabi Drilling
Chemicals And Products Co Ltd (ADDCAP)
Mussafah
Industrial Area
PO Box : 46121
Abu Dhabi
Tel : (971-2)
6029000
Fax : (971-2)
6029010
Email : addcap@addcap.co.ae
· Zakum Development
Company (ZADCO)
PO Box : 46808
Abu Dhabi
Tel : (971-2)
6050000
Fax : (971-2)
6669448
· Abu Dhabi Marine
Operating Company (ADMA-OPCO)
ADMA-OPCO
Building
Umm Al
Nasr Street
Tourist
Club Area
PO Box :
303
Abu Dhabi
Tel :
(971-2) 6060000 / 6064320
Fax :
(971-2) 6266005 / 6064848
· National Drilling
Company (NDC)
PO Box : 4017
Abu Dhabi
Tel : (971-2)
6776100
Fax : (971-2)
6779937
· Abu Dhabi Petroleum
Ports Operating Company (ADPPOC)
PO Box : 61
Abu Dhabi
Tel : (971-2)
6777300
Fax : (971-2)
6766903
· The National
Marine Services Company (NMS)
PO Box : 7202
Abu Dhabi
Tel : (971-2)
6277777
Fax : (971-2)
6268239
· Abu Dhabi Gas
Industries Limited (GASCO)
PO Box : 665
Abu Dhabi
Tel : (971-2)
6041111
Fax : (971-2)
6047414
· Abu Dhabi Gas
Liquefaction Limited (ADGAS)
PO Box : 3500
Abu Dhabi
Tel : (971-2)
6061111
Fax : (971-2)
6065500
· Abu Dhabi Oil
Refining Company (TAKREER)
PO Box : 3593
Abu Dhabi
Tel : (971-2)
6027000
Fax : (971-2)
6027272
· Abu Dhabi Gas
Company (ATHEER)
Abu Dhabi
Tel : (971-2)
6027533
Fax : (971-2)
6027588
· Ruwais Fertilizer
Industries (FERTIL)
PO Box : 2288
Abu Dhabi
Tel : (971-2)
6021111
Fax : (971-2)
6728084
· Abu Dhabi Polymers
Company Limited (Borouge)
PO Box : 6925
Abu Dhabi
Tel : (971-2)
6312333
Fax : (971-2)
6312299
· Abu Dhabi National
Tanker Company (ADNATCO)
PO Box : 2977
Abu Dhabi
Tel : (971-2)
6277733
Fax : (971-2)
6272940
· National Gas
Shipping Company (NGSCO)
PO Box : 2600
Abu Dhabi
Tel : (971-2)
6271400
Fax : (971-2)
6274305
· Abu Dhabi National
Oil Company For Distribution (ADNOC Distribution)
PO Box : 4188
Abu Dhabi
Tel : (971-2)
6771300
Fax : (971-2)
6722322
LINE OF BUSINESS
Operations : Subject is engaged in the construction and
fabrication of steel structures such as platforms and facilities for the oil
industry, as well as pipe laying, pipe coating, offshore installation and
maintenance contractors.
The company’s fabrication yard is capable of
producing 67,000 tons of fabricated steel structures per year and pipe-coating
plants for coal, concrete, fusion bonded epoxy, polypropylene coatings.
NPCC owns and operates an extensive marine
fleet capable of lifting single structures weighing up to 2,000 tons and laying
submarine pipelines up to 60 inches in diameter.
Import Countries: United States of America and Germany.
Export Countries : Qatar, Kuwait, Iran and India.
Subject has a workforce of approximately 7,300 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Abu Dhabi, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
Arab Bank Plc
Sheikh Khalifa Street
PO Box :
875
Abu Dhabi
Tel :
(971-2) 6334111
Fax :
(971-2) 6336433
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box : 4
Abu Dhabi
Tel : (971-2)
6345777 / 6327113 / 6335262
Fax : (971-2)
6336078
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January
1999
Credit amount 55,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
National Petroleum Construction Company Ltd was incorporated in 1973 to
provide a facility for the fabrication of steel structures required by the Onshore
and Offshore Oil and Gas Production Industry.
The company is partly owned by ADNOC, which is among the top ten oil
producers in the world and wholly owned by the Abu Dhabi government.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the business is considered to be a
fair trade risk and the above credit figure is admissible.
Maximum suggested credit figure: US$ 3,000,000
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. |
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%)