MIRA INFORM REPORT

 

 

Report Date :

30.10.2012

 

IDENTIFICATION DETAILS

 

Name :

DODSAL ENGINEERING AND CONSTRUCTION PTE LIMITED

 

 

Registered Office :

 

Electra Road PO Box 701 Abu Dhabi

 

 

 

 

Country :

United Arab Emirates

 

 

 

 

Date of Incorporation :

10.11.1970

 

 

 

 

Com. Reg. No.:

17768, Abu Dhabi

 

 

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

 

 

Line of Business :

General contractors

 

 

 

 

No. of Employees :

20,000

 

 

 

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 :

Branch of a Foreign Registered Corporation

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UAE - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                     : DODSAL ENGINEERING AND CONSTRUCTION PTE LIMITED

Country of Origin                                    : Singapore

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 10th November 1970

Commercial Registration Number            : 17768, Abu Dhabi

Trade Licence Number                            : 1001293

Chamber Membership Number                : 1312

Issued Capital                                        : UAE Dh 5,000,000

Paid up Capital                                      : UAE Dh 5,000,000

Total Workforce                                     : 20,000

Activities                                               : General contractors

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

DODSAL ENGINEERING AND CONSTRUCTION PTE LIMITED

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Electra Road

 

PO Box             : 701

 

Town                 : Abu Dhabi

Country             : United Arab Emirates

 

Telephone         : (971-2) 6129100 / 6129200 / 6129198 / 6129204 / 6129206 / 6277905

Facsimile          : (971-2) 6129250 / 6277910

Email                : mail@dodsaldxb.ae / gasco.ngl@dodsal.dxb.ae

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Offices

 

     Location                                                                                           Description

 

·       Dubai National Insurance Building                                                       Office premises

Sheikh Zayed Road

Al Wasl

PO Box: 8034

Dubai

Tel: (971-4) 3161143

Fax: (971-4) 3161200

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Rajen Arvind Kilachand                                                                      Chairman

 

·       Nikhil Rajan Kilachand                                                                       Vice Chairman

 

·       Asaad Amin                                                                                      Administration Manager

 

·       Asim Malik                                                                                       Commercial Manager

 

·       Ramesh Butra                                                                                   Finance Manager

 

·       G V Sharma                                                                                     Operations Manager

 

·       B M Rao                                                                                           Project Manager

 

·       Wilfred D’Souza                                                                                Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th November 1970

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Dodsal Pte Ltd, a Limited Liability

  Company incorporated in Singapore.

 

  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 Singapore.

 

Commercial Reg. No.  : 17768, Abu Dhabi

 

Trade Licence No.       : 1001293 (Expires 13/02/2013)

 

Membership No.          : 1312

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

 

OPERATIONS

 

Activities: Engaged as general contractors, involved in the building, water pipeline, oil and gas, electric power line and electrical fitting contracting.

 

Subject is currently working as sub-contractors for Saipem Abu Dhabi, on Shah Gas Development Project, which is valued at US$ 3.5 billion. The project is expected to be completed during 2014.

 

Import Countries: China and Europe

 

Subject has a workforce of approximately 20,000 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

 

·       Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank Building

Al Salam Street

PO Box: 939

Abu Dhabi

Tel: (971-2) 6962222 / 6962222

Fax: (971-2) 6776499 / 6776499

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2007

Credit amount                                        99,000

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

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.53.81

UK Pound

1

Rs.86.52

Euro

1

Rs.69.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.