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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MCDERMOTT MIDDLE EAST INC |
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Registered Office : |
Sheikh Zayed
Road, Plot No. 42, Jebel Ali Free Zone, P O Box 3098 & 16961, Dubai |
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Country : |
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Date of Incorporation : |
April 1989 |
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Com. Reg. No.: |
300332, |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engineering and construction services to the oil and gas industry |
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No. of Employees : |
2,150 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
Regular |
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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) |
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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 |
United Arab Emirates - 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
|
Source : CIA |
Company Name : MCDERMOTT MIDDLE EAST INC
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Start Date : April 1989
Registration Date : 18th October 1994
Commercial Registration Number : 300332,
Trade Licence Number : 747
Chamber Membership Number : 32237
Issued Capital : UAE Dh 370,000,000
Paid up Capital : UAE Dh 370,000,000
Total Workforce : 2,150
Activities : Engineering and construction services to the oil and gas industry
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
MCDERMOTT MIDDLE
EAST INC
Registered &
Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 3098 & 16961
Town :
Country :
Telephone : (971-4) 8835200 / 8835100 / 8043593
Facsimile : (971-4) 8835486 / 8855527
Email : jray.epic@mcdermott.com
Premises
Subject operates
from a large suite of offices and a fabrication yard that are leased and
located in the Jebel Ali Free Zone.
Name Position
·
Stewart Smith General
Manager
·
Peter
Marlow Marketing
Manager
·
Nick Higgins Finance
Manager
·
Barry Blytha Procurement
Manager
Date of Establishment : Subject was
incorporated in April 1989 and was established in the Jebel Ali
Free Zone on 18th October 1994.
Legal Form :
Subject is the United Arab
Emirates registered branch of McDermott International Inc, a
Limited Liability Company incorporated in
McDermott International Inc of
the
McDermott Middle East Inc in the
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
the
Commercial Reg. No. : 300332,
Trade Licence No. : 747
Chamber Member No. : 32237
Issued Capital : UAE Dh 370,000,000
Paid up Capital : UAE Dh 370,000,000
Subject is a member of the McDermott Group, headed by McDermott
International Inc, a
·
McDermott
Dubai
·
Babcock
& Wilcox Investment
·
Babcock
& Wilcox Company
·
B&W
Energy Investment Co
·
Creole
Insurance Co Ltd
·
Hudson
Engineering & Management Corp
·
Hydro
Marine Services Inc
·
McDermott
– ETPM VOF
·
McDermott
(
·
McDermott
International Investments Inc
·
McDermott
Scotland Ltd
·
Varsy
International NV
·
HeereMac
Activities: Engaged in the engineering, procurement, construction
and installation of specialised offshore fixed
platforms and marine pipelines used for development drilling, production
and transportation of oil and gas in the
In July 2006, subject announced it was awarded a
contract by ExxonMobil Middle East Gas Marketing Ltd. to provide engineering,
procurement, construction and installation (EPCI) services for two wellhead
platforms and pipelines, as part of the Al Khaleej Gas (AKG) Development Phase
2 Offshore Expansion Project.
Import Countries: The
Subject has a
workforce of approximately 2,150 employees.
Companies
registered in
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Tel: (971-4) 8856600
·
Citibank
Bur
PO Box: 749
Tel: (971-4) 2522100
Fax: (971-4) 2524942
·
Emirates
Bank International Ltd
PO Box: 2923
Tel: (971-4) 2281181
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling Euros Pounds
Subject is a
leading worldwide marine construction company and is a branch office of the
Panamanian registered company “McDermott International Inc”, which in turn is a
subsidiary of the well-known McDermott International Inc of the
McDermott's Middle
Eastern facility has fabricated and installed over 630 structures, 330,693ST of
steel, and has installed over 2,610 miles of pipeline throughout the Arabian
Gulf,
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.54.73 |
|
|
1 |
Rs.88.61 |
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Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.