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MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABU DHABI GAS LIQUEFACTION COMPANY LIMITED (ADGAS) |
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Registered Office : |
ADGAS Tower, 18th Floor, Corniche Street, PO Box 3500, Abu
Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
March 1973 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Processing of Offshore Associated Gas |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 :
ABU DHABI GAS LIQUEFACTION COMPANY LIMITED (ADGAS)
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
March 1973
Issued Capital :
UAE Dh 823,529,410
Paid up Capital :
UAE Dh 823,529,410
Total Workforce :
1,000
Line of Business :
Processing of offshore associated gas.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
ABU DHABI GAS LIQUEFACTION COMPANY LIMITED (ADGAS)
ADDRESS
Registered & Physical Address
Building : ADGAS Tower,
18th Floor
Street : Corniche
Street
PO Box : 3500
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6061111
Facsimile : (971-2)
6065500
Email : aljassmy@adgas.co.ae
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
· Das Island Gas
Terminal & processing plant
KEY PRINCIPALS
· Rashid S. Al
Jarwan General
Manager
· Jassem Sultan Commercial
Manager
· Fahim Kazim Plant
Manager
· Ahmed Bamadref Finance
Manager
· Humaid Al Ali IT
Manager
· Hassan Al Sayed Marketing
Manager
· Hassan Thabet Procurement
Manager
· Majed Khalifa Production
Manager
LEGAL FORM & OWNERS
Date of
Establishment : March 1973
Legal Form : Limited Liability
Company
Issued Capital : UAE Dh
823,529,410
Paid up Capital : UAE Dh 823,529,410
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
· Mitsui & Co 15%
Japan
· British Petroleum
(BP) 10%
United Kingdom
· Total 5%
France
AFFILIATED COMPANIES
Subject is a member of the ADNOC Group of
Companies, which consists of the following concerns:
· National Petroleum
Construction Company Ltd (NPCC)
Plot No. 71,
Street 7, Zone No. 6
Mussafah
Industrial Area
PO Box : 2058
Abu Dhabi
Tel : (971-2)
5549000 / 5599000
Fax : (971-2)
5549111 / 5599111
Email: npccnet@emirates.net.ae
· 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
· Abu Dhabi Company
For Onshore Oil Operations (ADCO)
ADCO
Building
Corniche
Street
PO Box:
270
Abu Dhabi
Tel:
(971-2) 6040000 / 6666100
Fax:
(971-2) 6669785
· 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
· Zakum Development
Company (ZADCO)
PO Box : 46808
Abu Dhabi
Tel : (971-2)
6050000
Fax : (971-2)
6789448
· Abu Dhabi Gas
Industries Limited (GASCO)
Gasco Tower
Corniche Road
PO Box: 665
Abu Dhabi
Tel : (971-2) 6041111
Fax : (971-2) 6047414
Email:
gascohq@emirates.net.ae
· Abu Dhabi Oil
Refining Company (TAKREER)
PO Box : 3593
Abu Dhabi
Tel : (971-2)
6027000
Fax : (971-2)
6027272
· 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 produces LNG and LPG gas as well as pentane and sulphur at its
plant
located on Das Island, which processes offshore associated gas.
The construction of the plant was completed
early in 1977 and on 29th April that year, the first LNG shipment
was exported to Japan.
Subject’s primary
client is Tokyo Electric Power Company (Tepco).
Production Capacity: LNG 5,149,000 tonnes per annum
LPG 1,667,000 tonnes per annum
Pantane
542,000 tonnes per annum
Sulphur
284,000 tonnes per annum
Total 7,642,000 tonnes per annum
Import Countries: Europe, Asia and the United States of America.
Export Countries: LNG has been exported to a number of major
companies in France,
Spain, Italy, USA and Korea.
Subject has a workforce of approximately 1,000 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
·
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 July
2001 July 2004 September 2006
Credit amount 50,000 68,200 101,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling Canadian Dollars Pounds Sterling
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Abu Dhabi Gas Liquefaction Company Limited (Adgas) was established in
1973 and produces LNG and LPG gas as well as pentane and sulphur at its plant
located on Das Island, which processes offshore associated gas.
The company is mainly owned by Abu Dhabi National Oil Company (Adnoc),
as well as Mitsui & Co, British Petroleum and Total of France.
During the course of this investigation nothing detrimental was uncovered
regarding subject’s operating history or the manner in which payments are
fulfilled. As such the company is considered to be a fair trade risk and the
above credit figure is within subject’s financial means.
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%)