MIRA INFORM REPORT

 

 

Report Date :

27.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD (NPCC)

 

 

Registered Office :

Saif Bin Gobash Building, Plot No. 71, Zayed II Street, Zone No. 6, Mussafah Industrial Area, P O Box 2058, Abu Dhabi

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

02.04.1973

 

 

Com. Reg. No.:

17757, Abu Dhabi

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Construction and fabrication of steel structures / oil and gas related services

 

 

No. of Employees :

8,500

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

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

Trade Licence Number                            : 1002759

Chamber Membership Number                : 428

Issued Capital                                        : UAE Dh 100,000,000

Paid up Capital                                      : UAE Dh 100,000,000

Total Workforce                                     : 8,500

Activities                                               : Construction and fabrication of steel structures / oil and gas related

                                                              services.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD (NPCC)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Saif Bin Gobash Building

Street               : Plot No. 71, Zayed II Street, 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 / saeedmb@npcc.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

 

     Name                                                                                              Position

 

·       Hussain Jasem Al Nowais                                                                  Chairman

 

·       Ahmed Al Dhaheri                                                                             Director

 

·       Ahmed Suhail Al Muhairi                                                                    Director

 

·       Saif Nasser Al Suwaidi                                                                      Director

 

·       Saif Ahmed Al Ghafli                                                                         Director

 

·       Ali Rashid Al Jarwan                                                                          Director

 

·       Toufic S El Khoury                                                                            Director

 

·       Munir E Khoury                                                                                 Director

 

·       Farid B Asfour                                                                                   Director

 

·       Aqeel A Madhi                                                                                  Chief Executive Officer

·       Mabkhoot T N Al Menhali                                                                   Chief Financial Officer

 

·       Ahmed Al Wahedi                                                                             Commercial Manager

 

·       Victor E Haralambous                                                                        Factory Manager

 

·       Michel Latouf                                                                                    Projects Manager

 

·       Ahmed O. Kharbouch                                                                        Production Manager

 

·       Afeef Al Maskari                                                                                Technical Manager

 

·       Janine Lau Pope                                                                               Human Resources Manager

 

·       Jassim Al Hosani                                                                              Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd April 1973

 

Legal Form                  : Joint Stock Company

 

Commercial Reg. No.  : 17757, Abu Dhabi

 

Trade Licence No.       : 1002759

 

Chamber Member No. : 428

 

Issued Capital              : UAE Dh 100,000,000

 

Paid up Capital            : UAE Dh 100,000,000

 

Name of Shareholder (s)                                                       Percentage

 

·       General Holding Corporation                                                      70%

PO Box: 4499

Abu Dhabi

United Arab Emirates

Tel: (971-2) 6144444

Fax: (971-2) 6312857

 

·       Consolidated Contractors Group Sal                                          30%

Beirut

Lebanon

     Tel: (961-1) 830410

 

 

OPERATIONS

 

Activities: Subject is engaged in the construction and fabrication of steel structures such as platforms facilities for

     the oil industry, as well as pipe laying, pipe coating, offshore installation and maintenance contractors.

 

                  NPCC as an integrated onshore and offshore EPC contractor, provides the following

                  services and products to its Clients:.

 

               EPC and EPIC Project Management providing Engineering, Procurement and

               Construction (Turnkey) services

                

               Fabrication and offshore installation of Wellhead Jackets, Topsides and Modules

 

               Sub sea Pipe Laying, Shore Pull, Riser Installation, Sub sea Tie-In, Mechanical

               Anchoring and Pipeline Testing

 

               Offshore Modification and Shut-down

 

               Offshore Hook-up, Pre-commissioning and Commissioning

 

               Offshore Survey Services - ROV, Geographical and Geotech- nical

 

               SPM and PLEM Fabrication and Installation

 

               Onshore Pipe Laying and Onshore Plants Construction

 

               Supply and Construction of Storage Tanks

 

               Anti-corrosion Coating (Coal-Tar, FBE, PE & PP) of Line pipes

 

               Offshore Hook-up, Pre-commissioning and Commissioning

 

               Concrete Weight Coating of Line pipes

 

               Manufacture and Supply of Separators, Pressure Vessels, Columns,
               Modules, Packaged Equipment and other related products for Petrochemical Projects

 

NPCC owns a dedicated marine fleet consisting 13 construction barges, capable of transportation of up to 12,000 tons, lifting single structures weighing up to 2,600 tons, laying submarine pipelines up to 60" in diameter and hook-up and maintenance works.

 

Import Countries: United States of America and Germany.

 

Export Countries: Qatar, Kuwait, Iran and India.

 

Subject has a workforce of approximately 8,500 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

 

·       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.

 

 

GENERAL COMMENTS

 

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.

 

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.55.95

UK Pound

1

Rs.86.56

Euro

1

Rs.67.95

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.