MIRA INFORM
REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CEGELEC ABU DHABI |
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Registered Office : |
Al Ain Ahlia
Insurance Building, 2nd Floor, Hamdan Bin Mohamed Street, P O Box
47055, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.06.1975 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Electrical and Electromechanical Contractors |
RATING & COMMENTS
|
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$ 150,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United Arab Emirates |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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 |
SUMMARY
Company Name : CEGELEC ABU DHABI
Country of Origin : France
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 11th June 1975
Trade Licence Number : 1002804
Membership Number : 2802
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 500
Activities : Electrical and electromechanical contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
CEGELEC ABU DHABI
company ADDRESS
Registered & Physical Address
Building : Al Ain Ahlia Insurance Building,
2nd Floor
Street : Hamdan Bin Mohamed Street
PO Box : 47055
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6272680
Facsimile : (971-2) 6272363
Mobile : (971-50) 6176596
Email : cegelec.ae@cegelec.com / declan.o'meara@cegelec.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Position
·
Declan
Patrick O’Meara General
Manager
·
Alex
Gowie Finance
Manager
·
Khalid
Al Atroos Human
Resources Manager
·
Yohan
El Makawi Project
Manager
·
Mazen
Bohasan Public
Relations Manager
·
Mohamed Abdulaziz Rabee Al Muhairi Local
Sponsor
LEGAL FORM & OWNERS
Date of Establishment : 11th
June 1975
Legal Form :
Subject is the United Arab
Emirates registered branch of Cegelec, a Limited Liability
Company incorporated in France.
Cegelec Abu Dhabi in the United Arab
Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 France.
Trade Licence No. : 1002804
(20/03/2012)
Membership
No. : 2802
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
OPERATIONS
Activities: Engaged as electrical and electromechanical
contractors.
Cegelec, has
been selected by the Technip group to supply an active transmission network for
controlling and managing oil wells in Abu Dhabi on behalf of ADCO (Abu Dhabi
Company for Onshore Oil Operations). The high-speed optical network manages all
voice, image and data transmissions, which are crucial to the smooth running of
the operation. Cegelec has been entrusted with the task of designing, creating,
setting up and overseeing the 49 nodes of the existing optical network. The
highly sensitive nature of the information to be transmitted over this network
requires an extremely secure and reliable structure to be put into place.This
contract comes after Cegelec became part of the Lucent Business Partner
programme, which is designed to strengthen and expand Lucent’s sales channel.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 500 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.
Bottom of Form
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
UK Pound |
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
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 |
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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 |
|
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 |
|
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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.