MIRA INFORM REPORT
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Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ACTCO GENERAL
CONTRACTING COMPANY LLC |
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Registered Office : |
Corniche Road,
P O Box 2361, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
24.04.1978 |
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Com. Reg. No.: |
17329, Abu Dhabi |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Construction and electro
mechanical contractors |
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No. of Employees : |
840 |
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 : |
Satisfactory |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 : ACTCO GENERAL
CONTRACTING COMPANY LLC
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 24th
April 1978
Commercial
Registration Number : 17329,
Abu Dhabi
Trade Licence
Number :
1028162
Chamber Membership
Number : 8122
Issued Capital : UAE Dh
5,000,000
Paid up Capital : UAE Dh
5,000,000
Total Workforce : 840
Activities :
Construction and electro mechanical contractors
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
ACTCO GENERAL
CONTRACTING COMPANY LLC
Location : Corniche Road
PO Box : 2361
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6812255
Facsimile : (971-2) 6815081
Email : actco@emirates.net.ae
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
PO Box:
1927 Office
premises
Sharjah
Tel: (971-6) 5431068
Fax: (971-6) 5431904
Name Position
·
Rashed
Khalfan Al Mazroui Al Zaheri Managing
Director
·
Abdulrahman
Hassan Hussain Khawaja Director
·
Bashar
Kamal General
Manager
·
Ayman
Al Refai Financial
and Purchase Manager
Date of Establishment : 24th
April 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 17329, Abu
Dhabi
Trade Licence No. : 1028162
(Expires 10/02/2014)
Chamber Member No. : 8122
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
·
Rashed
Khalfan Al Mazroui Al Zaheri
·
Abdulrahman
Hassan Hussain Khawaja
·
Actco
General Contracting Co LLC
Hamad Mohamed Al Huraiz Building
Al Garhoud Road
Al Garhoud
PO Box: 4694
Dubai
Tel: (971-4) 2820404
Fax: (971-4) 2869145
Activities: Engaged as construction and electro
mechanical contractors. Subject’s services include civil works, steel
structures, energy, water and electro mechanical services and gas and fire detection
services.
Subject has a
workforce of approximately 840 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.
·
HSBC
Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2) 8004440 / 6147259
Fax: (971-2) 6331564
No complaints regarding
subject’s payments have been reported.
Local sources
report that subject meets its payments in a timely manner and is considered to
be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.