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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Name : |
AL FUTTAIM CARILLION LLC |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
21.09.1978 |
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Com. Reg. No.: |
62491, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Construction contractors |
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No. of Employees : |
26,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
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 |
Company Name : AL FUTTAIM CARILLION LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 21st September 1978
Commercial Registration Number : 62491,
Trade Licence Number : 216864
Chamber Membership Number : 186
Issued Capital : UAE Dh 40,000,000
Paid up Capital : UAE Dh 40,000,000
Total Workforce : 26,000
Activities : Construction contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ms Sam Emery, Finance Manager
AL FUTTAIM
CARILLION LLC
Registered &
Physical Address
Building : Al
Street :
Area : Ras Al Khor Industrial Area
PO Box : 1811
Town :
Country :
Telephone : (971-4) 3331200
Facsimile : (971-4) 3331018
Email : afc@afcarillion.ae / kay.parmar@afcarillion.ae
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Dubai.
Name Position
·
Abdullah
Hamad Al Futtaim Managing
Director
·
Omar
Abdullah Al Futtaim Director
·
Simon
Webb General
Manager
·
Richard
Benson Assistant
General Manager
·
Allan
Ferguson Contracts
Manager
·
Derek
Lewis Operations
Manager
·
Chris
Vessey Procurement
Manager
·
Kay
Parmar Finance
Manager
Date of Establishment : 21st
September 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62491,
Trade Licence No. : 216864
(Expires 22/05/2013)
Chamber Member No. : 186
Issued Capital : UAE Dh 40,000,000
Paid up Capital : UAE Dh 40,000,000
Name of Shareholder
(s) Percentage
·
Al
Futtaim Real Estate Investment Company LLC 51%
Al
PO Box: 152
Tel: (971-4) 2224101 / 2284101
Fax: (971-4) 2212933
·
Carillion
Construction Overseas Ltd Co 49%
Subject is a member
of the Al Futtaim Trading Group, which was established in the 1930's, operating
essentially as a trading enterprise. Pearls, textiles, foodstuffs and timber
formed the foundation of Al Futtaim's initial trading enterprise. The forties and fifties saw the Trading Group extend its
capacity and scope of operations to establish itself as a leading organisation
in the region. The most obvious example of this expansion was the introduction
of Japanese automobiles into the
Today,
the Al Futtaim Trading Group of Companies is one of the largest and most
successful privately owned business houses in the lower Gulf region. A
workforce numbering upwards of 8,000 and forever on the increase, is drawn from
over twenty nations and encompasses a number of areas which include
automobiles, electronic, insurance, civil engineering, computers, furnishings,
hardware, advertising, construction, real estate, property development, light
and heavy engineering, ship repair and steel fabrication.
The Al Futtaim Trading Group of Companies consists of the
following concerns:
·
MAF
Telecommunications & Receiving Systems Trading
PO Box: 60811
Tel: (971-4) 3366990
Fax: (971-4) 3366991
·
MAF
Leisure & Entertainment Co LLC
PO
Box: 60811
Tel: (971-4) 2894333
Fax: (971-4) 2894334
·
PO Box: 7880
Tel: (971-4) 3381416
Fax: (971-4) 3386151
·
Aftron
PO Box: 159
Tel: (971-4) 2824080
Fax: (971-4) 2825383
·
Al Futtaim Motors
PO Box: 11052
Tel: (971-4) 2282261
Fax: (971-4) 2286885
·
Al Futtaim Auto and Machinery Company (FAMCO)
PO Box: 5502
Tel: (971-4) 2858861/
2858697
Fax: (971-4) 2858446
·
Al Futtaim Engineering
PO Box: 159
Tel: (971-4) 2823215
/ 2823235 / 2823261
Fax: (971-4) 2823429
/ 2823847
·
Al
PO Box: 5502
Tel: (971-4) 2858776
/ 2858861
Fax: (971-4) 2858592
·
Al Futtaim Electronics (Sanyo)
PO Box: 5559
Tel: (971-4) 2823215
/ 2824080
Fax: (971-4) 2825383
·
Al Futtaim Electronics (Toshiba)
PO Box: 5866
Tel: (971-4) 2213600
Fax: (971-4) 2222140
·
Al Futtaim Computer Software Products Company (Afcomp)
PO Box: 152
Tel: (971-4) 3933878
Fax: (971-4) 3933832
·
Al Futtaim Watches & Jewellery
PO Box: 7916
Tel: (971-4) 2224142
Fax: (971-4) 2224599
·
Al Futtaim Logistics
Jebel Ali
PO Box: 61450
Tel: (971-4) 8818288
Fax: (971-4) 8819157
·
Al Futtaim Travel
PO Box: 7880
Tel: (971-4) 2213030
Fax: (971-4) 2230534
·
Al Futtaim Market Research
PO Box: 152
Tel: (971-4) 2270503
Fax: (971-4) 2242563
·
Al Futtaim Willis Faber (Pvt) Limited
PO Box: 152
Tel: (971-4) 2952277
Fax: (971-4) 2950103
·
Arab Orient Insurance Company
PO Box: 152
Tel: (971-4) 2953425
Fax: (971-4) 2955701
·
Gulf Marketing and Servicing Company (Gmasco)
PO Box: 5830
Tel: (971-4) 2282101
Fax: (971-4) 2279801
·
IKEA
PO Box: 50618
Tel: (971-4) 2950434
Fax: (971-4) 2950162
·
PO Box: 531
Tel: (971-4) 2719000
Fax: (971-4) 2710284
·
Panatech Engineering
PO Box: 531
Tel: (971-4) 2719000
/ 2826700
Fax: (971-4) 2719517
·
Paragon International Co
PO Box: 5502
Tel: (971-4) 2714949
Fax: (971-4)
2714934
·
Trading Enterprises
PO Box: 5628
Tel: (971-4) 2954246
Fax: (971-4) 2954381
·
Maf
Hypermarket LLC
Activities:
Construction
contractors specialising in buildings, road construction, sewage and drainage
works, electromechanical equipment
installation and maintenance.
In 2011, subject
won a number of new contracts, the largest of which was a GBP 112 million
contract to build the Al Jalila Children’s
On 6th December 2011, Meraas,a Dubai-based real estate company,
announced it has appointed Al Futtaim Carillion as project contractors for
phase-1 of 'The Avenue', which is part of a three-phase project
spanning 1.1 kilometers at a prime location in
Subject is currently engaged in expansion work on Le Meridian
Hotel, a five star hotel in
Subject is also engaged in the construction of
a complex in the
Import
Countries:
Subject has a
workforce of approximately 26,000 employees, which varies depending on the
volume of work.
Companies
registered in
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
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.55.92 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED s 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 |
|
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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.