MIRA INFORM
REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI ENGINEERING & CONSTRUCTION CO |
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Registered Office : |
Makeen Tower, 16th
Floor, Office No. 1601, Tourist Club Area, P O Box 46101, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.05.1978 |
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Com. Reg. No.: |
12307, Abu Dhabi |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
General building and maintenance construction contractors |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 10,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
United Arab Emirates |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : HYUNDAI ENGINEERING & CONSTRUCTION CO
Country of Origin : South Korea
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1st May 1978
Commercial Registration Number : 12307, Abu Dhabi
Trade Licence Number : 1001313
Chamber Membership Number : 1761
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Total Workforce : 1,200
Activities : General building and maintenance construction contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 10,000,000
COMPANY
NAME
HYUNDAI ENGINEERING
& CONSTRUCTION CO
company
ADDRESS
Registered & Physical
Address
Building : Makeen Tower, 16th
Floor, Office No. 1601
Area : Tourist Club Area
PO Box : 46101
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6432865
Facsimile : (971-2) 6432928
Email : hdecauh@emirates.net.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch
Offices
Location Description
·
Mussafah
Industrial Area Warehouse
& workshop premises
PO Box: 51929
Abu Dhabi
Tel: (971-2) 5595801
Fax: (971-2) 5595816
KEY
PRINCIPALS
Name Position
·
H. J.
Lee General
Manager
·
K. I.
Lim Finance
Manager
·
Y. H.
Kim Administration
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1st
May 1978
Legal Form :
Subject is the United Arab
Emirates registered branch of Hyundai Corporation, a LimitedLiability Company
incorporated in South Korea.
Hyundai Engineering &
Construction Co in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation with its registered office located at the
following address:
Hyundai Corporation
Seoul
South Korea
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered office, in this case
South Korea.
Commercial Reg. No. : 12307, Abu
Dhabi
Trade Licence No. : 1001313
(Expires 25/11/2011)
Chamber Member No. : 1761
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
OPERATIONS
Activities: Engaged as general building and maintenance
construction contractors.
In July 2010, Hyundai Engineering and Construction Co was awarded a US$ 930 million order to build petrochemical facilities from the UAE's Abu Dhabi Polymer Company. Hyundai said the order was part of a US$ 2.6 billion project to build the world's largest petrochemical plant.
In September 2010, Hyundai Engineering and Construction
Company was awarded a US$ 329 million contract to carry out building works at
the Khalifa Port and Industrial Zone (KPIZ) project.
The works, which involve the project management, design,
procurement, construction, testing and commissioning of civil works for the
Offshore Terminal Area, will commence immediately - scheduled to complete by Q4 2012 in time for the port to
become operational that year. Specifically, this will include the construction of a 1,000m semi-automated
container terminal and a 1,400m break bulk / general cargo terminal intended to handle two million TEUs
(Twenty Foot Equivalent Units) of containers and nine million tonnes of general
cargo as an initial capacity.
Subject has a
workforce of approximately 1,200 employees.
FINANCIAL
DATA
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.
GENERAL
COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.