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Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD
(NPCC) |
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Registered Office : |
Saif Bin Gobash Building, Plot No. 71, Zayed II Street, Zone No. 6, Mussafah Industrial Area, P O Box 2058, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.04.1973 |
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Com. Reg. No.: |
17757, Abu Dhabi |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is engaged in the construction and fabrication of
steel structures such as platforms and facilities for the oil industry, as well as pipe laying, pipe coating, offshore
installation and maintenance contractors |
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No. of Employees : |
8,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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 : |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab
Emirates |
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 country 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. 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 |
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
Person Interviewed : Bahseer Al Tarazzi, Finance Manager
NATIONAL PETROLEUM CONSTRUCTION COMPANY LTD
(NPCC)
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.
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
·
Ibrahim
Bin Jaffar Marketing
Manager
·
Bahseer
Al Tarazzi Finance
Manager
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 Co (CCC) 30%
Athens
Greece
·
Al
Rawasi Rock Aggregate Company LLC
PO Box: 2313
Fujairah
Tel: (971-9) 2448225
Fax: (971-9) 2448237
·
Al
Ghandi & Consolidated Contractors International Co LLC
PO Box: 1741
Dubai
Tel: (971-4) 3045100
Fax: (971-4) 3425874
Activities: Subject is engaged in the construction
and fabrication of steel structures such as platforms and facilities for the oil industry, as well as pipe laying,
pipe coating, offshore installation and maintenance contractors.
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NPCC as an integrated
onshore and offshore EPC contractor, provides the following services and
products to its Clients: |
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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.
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.
·
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
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
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.
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.66.57 |
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UK Pound |
1 |
Rs.103.34 |
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Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.