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MIRA INFORM
REPORT
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Report Date : |
03.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
METITO (OVERSEAS) LTD. SHARJAH BRANCH |
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Formerly Known As : |
Advanced Technological
Industries (Overseas) Ltd |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
03.07.1975 |
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Com. Reg. No.: |
1023849 |
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Legal Form : |
branch of a Limited Liability Company |
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Line of Business : |
Importers and distributors of a wide range of water treatment equipment and water desalination systems |
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 : |
Dh 3,000,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Metito (Overseas) Ltd. Sharjah
Branch (Correct)
METITO (OVERSEAS) LTD
(Requested)
company ADDRESS
Building : Al
Street :
Area : Sheikh Khalid Area
P.O.Box No. : 22701
Town : Sharjah
Country :
Telephone : (971 6) 556 1818 / 556 3011
Fax : (971 6) 556 3060 / 556 4777
E-Mail : infouae@metito.com / karen.kakaria@metito.com
Website : www.metito.com
Trading Styles : Metito
Formerly Known As : Advanced Technological Industries (Overseas) Ltd
Also Known As :
SENIOR COMPANY PERSONNEL
Name Position
1. Karim Elsolh Chairman
2. Mutaz Ghandour Chief Executive Officer
3. Fareed Fady Juez Managing Director
4. John Wheatley Group Financial Director
(British national)
5. Hisham Fadda Group Human Resources Director
6. Karim Madwar Director
7. Sanjiv Banergi Financial Controller
8. Ram
9. Karen Kakaria (Mrs.) Secretary to the Board of Directors
Total Employees : 1,200 (subject)
2,000 plus (group)
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
This undertaking comprises the Sharjah branch of an
Subject is a member of METITO is an international company that was
founded in 1958 by Farouk Ghandour, its present Chairman, and has
project management capabilities to undertake similar and much larger
projects worldwide. Through its operation in 15 countries across the
Middle East, Africa and
providers of desalination plants with over 2,000 installations
worldwide. Metito is also the largest Arab water utility running 16
water concessions globally.
We consider it is acceptable to deal with subject for LARGE amounts,
however it should be borne in mind that this is only a branch
operation and international suppliers may prefer to see the complete
picture by obtaining information on the company in
Opinion on maximum credit : Dh 3,000,000
Trade risk assessment :
SIGNIFICANT CHANGES
In December 2009, Farouk Ghandour retired and Karim Elsoch took over the responsibilities as the chairman.
TRADE REFERENCES
NAME : TOREY MEMBRANE EUROPEAG
Street : Grabenaker Strasse 86
PO Box : 4142
Town : Muenchestein 1
Country :
NAME : TW METALS
Street :
Area : Nursling Estate
Town :
Country :
NAME : PULSAFEEDER
Street :
Town : Punta Gorda
State :
Country :
NAME : SPIG FM S.P.A.
Street : Pizza
Town : 28041 Arona (NO)
Country :
PRINCIPAL BANKERS
NAME : HSBC BANK MIDDLE EAST
Branch :
PO Box : 66
Town :
Telephone: (971 4) 222 7161
Fax : (971 4) 228 1714
The Company also has an account with following banks :
1. Standard Chartered Bank
Telephone: (971 4) 352 0455
Fax : (971 4) 352 6679
2. Societe Generale
20 Agias Paraskevis, 2002 Strovolos
Telephone: (357 22) 399 777
Fax : (357 22) 399 700
3. Mashreq Bank
Omer
Telephone: (971 4) 222 9131
Fax : (971 4) 222 6061
4. United Arab Bank
Telephone: (971 4) 222 0181
Fax : (971 4) 227 4309
FINANCIAL INFORMATION
Private companies in
Sales Turnover : US DLRS 258,925,987 - 2009 - exact
Net Profit : not given but stated to be profitable
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 3 July 1975
History : Farouk Ghandour founded Metito in
originally stood for Middle East Technical Industrial and
Trading Organisation. He was later joined in the business
by his brother Mutaz Ghandour. In 1973 Metito set up a
factory in
the civil
war. Metito moved out of
offices in
Metito
(Overseas) Ltd was registered in
1975 under the name Advanced Technological Industries
(Overseas) Ltd. On 17 June 1976, subject was established in
United Arab Emirates, and changed its name to the present
style. Metito Arabia Industries Ltd was established in 1983
(19.09.1404
H) in
In December 2009 Farouk Ghandour retired and Karim Elsoch
took over the responsibilities as the chairman.
C.R. No. : 04665 (
C.R. No. : 1023849 (Registered in
Company)
(issue date: 14/11/2005, expiry date: 31/12/2010)
Chamber of Commerce Membership No. : 31992
Trade License No. : 215824 (Sharjah)
Authorised Capital : US DLRS 5,000,000
Paid up Capital : US DLRS 5,000,000
Subject is a branch of a Limited Liability Company
registered in
1. Karim Elsoch
2. Mutaz Ghandour
3. Fareed Fady Juez
Subject is a branch of the following company :
Metito (Overseas) Ltd
26 Glategny Esplanade
St
Registration No. : 04665
Subject's local agent is Tariq Said Abdulla (UAE national).
Shareholders :
Percentage
1. Gulf Capital PJS 60%
Telephone : (971 6) 645 1118
Established on 4 June 2006
Paid-Up Capital : Dh 122,500,000
CEO : Dr Kareem Al Solh
2. Metito (Overseas) Ltd 35%
3. International Financial Corporation 5%
Member of World Bank.
Affiliated companies of Metito (Overseas) Ltd. Sharjah Branch :
Subsidiaries
1. Metito LLC
Telephone: (971 2) 633 3942
Fax : (971 2) 633 2257
2. Metito (Overseas)
Al Hilal, Villa No. 93
(In front of Kahramaa)
Telephone: (974) 456 8650
Fax : (974) 456 8750
Associates
1. Metito Universal Ltd
Telephone: (357 2) 361361
Fax : (357 2) 472541
2.
Tlat Ali
Telephone: (962 6) 818 273 / 819 338
Fax : (962 6) 826 984
3.
Telephone: (963 11) 333 6257
4.
Telephone: (961 1) 238 055
5. Metito Arabia Manufacturing Co
Metito House
Telephone: (966 1) 478 7001
Fax : (966 1) 479 4250
6. Metito Chemical Industries Ltd
Behind the
Telephone: (966 1) 478 7721
Fax : (966 1) 479 4250
7. Metito Arabia Industries Ltd
Metito House
Suleimaniyah
Telephone: (966 1) 478 7001 (10 Lines)
Fax : (966 1) 479 4250
8. Metito (
82 Park Side
Wimbeldon
Telephone: (181) 780 3366
9. Metito International Inc.
Telephone: (1 281) 293 8500
Fax : (1 281) 759 3646
10. PT Metito
Jl Ampera Raya, No. 18A Cilandak Timur - Ps.Minggu
Telephone: (62 21) 780 0394
Fax : (62 21) 780 0395
11. Metito Water Treatment SAE.
Regional Office
for
Bldg 7, Km 22,
Telephone: (20 2) 2536 8100
Fax : (20 2) 2536 2400
12. Metito Chemicals LLC
Telephone: (971 2) 633 3942
Fax : (971 2) 633 2257
13. Metito Utilities
est. in 2007
handling of concession and utilities contracts
14. METITO (Overseas)
Telephone: (974) 4456 8650
Fax : (974) 4456 8750
15. Metito Emirates
Telephone: (971 2) 633 3942
Fax : (971 2) 633 2257
16. Metito Berlinwasser
17. Metito
18. Edara for Operating Water and Waste Water Treatment Plants
Eygpt
19. International Water Treatment Company
20. Metito Water Projects Holding Company
21. International Utilities
22. Metito Pollution Control
23. International Water Projects Company – Nabq
24. International Utilities –
25. International Water Projects Company – Sinai
ACTIVITIES
The Company is involved in the following activities :
Importers and distributors of a wide range of water treatment
equipment and water desalination systems for which the company offers
installation and servicing facilities.
Water desalination, sewage treatment contractors and water treatment,
chlorination and chemical treatment contractors.
Assemblers of water treatment and sewage plants, water pressure
installation, control valves and associated equipment as well as
maintenance.
Projects awarded :
In November 2000 subject commenced work on building three sewerage
treatment plants at Baaya, Sila and Ghuwaifat in western
following the signing in early September 2000 of a Dh 23 million
contract with
of 11,000 residents lining in three towns. The 720-days contract
include design, supply, construction, commissioning, handover,
operation and maintenance of mechanical and electrical works drawn up
by the Municipality and the consultants,
International and
Awarded May 2000 a UAE Dh 16.5 million contract to install a
fully-integrated sewerage system to serve the needs of up to 10,000
people on
for detailed designs, material supply and construction of the system,
which became operational in late 2001. The consultants were the local
KEO International in joint venture with the
The client was the Sewerage Projects Committee at
Municipality.
In May 2005 Metito won a Dh 8 million contract to provide a range of
highly specialized water desalination and treatment services for an
oil field development project in
Imports from
Exports to GCC countries.
FACILITIES
The Company has the following facilities :
Rented premises comprising several administrative offices located
at the heading address and a workshop with storage facilities
located elsewhere in Sharjah as well as a branch in
Offices section).
BRANCH OFFICES
Telephone : (971 4) 810 3333
Fax : (971 4) 810 3300
GENERAL INFORMATION
From its beginning in 1958, Metito has grown to become a world leader
in the design and supply of water / wastewater treatment and water
desalination systems. Over a thousand installations to Metito's
credit has earned it a reputation for professional excellence through
a proven record of strong and reliable performance.
In today's increasingly competitive and complex business environment,
effective implementation of new technology is critical to the success
of any project. Metito is committed to developing and maintaining the
special skills necessary to evaluate, select, and implement
state-of-the-art water treatment technologies. Metito's approach
combines theoretical expertise with the practical experience of an
engineering and contracting company.
Metito staff comprises over 2,000 highly motivated executives,
managers, engineers and support staff, whose industry experience runs
collectively in the hundreds of years. The extensive in-the-field
experience of Metito staff is continuously enhanced by company
training and development programs which assure the constant expansion
and updating of knowledge.
In November 2006 Gulf Capital, one of the most active buy-out firms
in the
in Metito in the largest Private Equity Investment to date in the
fast-growing Middle Eastern water industry.
To alleviate the acute water shortages, investments to the tune of
US$ 117 billion are expected to be invested in the
between now and 2015.
waste water in the region, is expected to invest $28 billion in the
sector over the next 10 years, of which around $6 billion will be
allocated for building new desalination water plants. UAE,
to invest heavily in their water sector just to keep up with demand
and avoid social and economic problems.
Metito Group was regarded to be is ideally positioned to meet these
demands and further cement its position as the leading Arab provider
of water solutions.
Mutaz Ghandour, co-founder and CEO of Metito, stated that Gulf
Capital’s investment represents a strong endorsement of Metito's
management, business plan, market leadership and future growth plans.
To-date Metito has completed over 2000 projects worldwide, many of
these are large turnkey contracts for the government sector as well
as various industries and private enterprises.
SPECIAL NOTE
You enquired on : METITO (OVERSEAS) LTD. Please note that the correct name is as per heading.
Interviewed: Karen Kakaria (Ms) (Secretary to the Board of Directors)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.81 |
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|
1 |
Rs.59.81 |
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Euro |
1 |
Rs.69.29 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.