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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
METITO (OVERSEAS) LTD (MOL) |
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Registered Office : |
Crescent Tower Buheria Corniche Area PO Box 22701
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1958 |
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Com. Reg. No.: |
24000, Sharjah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
General contractors, specialising in the construction of waste water treatment plants and sewage works. |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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 : |
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 – 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 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 : METITO (OVERSEAS) LTD (MOL)
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1958
Registration Date : 15th June 1993
Commercial Registration Number : 24000, Sharjah
Trade Licence Number : 215824
Chamber Membership Number : 31992
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
Total Workforce : 300
Activities : General contractors, specialising in the construction of waste water
treatment plants and sewage works.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Aftab Haider, Finance Manager
METITO (OVERSEAS) LTD (MOL)
Building : Crescent
Tower
Area : Buheria Corniche Area
PO Box : 22701
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5561818
Facsimile : (971-6)
5564777
Email : infouae@metito.com
/ metito@emirates.net.ae
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Sharjah.
Branch Office (s)
Location Description
· Hamriya Free Zone Factory
& laboratory
Sharjah
Tel:
(971-6) 5563011
Name Position
· Fadi Al Jouz Managing
Director
· Farooq Ghandour Director
· Mutaz Ghandour Director
· Rashad Moukaddem Director
· Mohamed Wehbe Commercial
Manager
· Bassem Halabi Business
Development Manager
· Saleh Al Aqad Assistant
General Manager
· Aftab Haider Finance
Manager
· Mohit Agrawal Assistant
General Manager
Date of
Establishment : Subject’s
operations date back to 1958, however it was registered on 15th June
1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 24000, Sharjah
Trade Licence No. : 215824
Chamber Member No. : 31992
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
· Metito Ltd 100%
United Kingdom
· Metito Chemical
Industries Ltd
Metito
Building
Prince
Messaoud Ibn Abdulaziz Street
Suleimaniyah
PO Box:
58515
Riyadh
11515
Saudi
Arabia
Tel:
(966-1) 4787721
Fax:
(966-1) 4794250
· Arabian Trading
& Chemical Industries Co (ATCI)
Prince
Messaoud Ibn Abdulaziz Street
Suleimaniyah
PO Box:
58515
Riyadh
11515
Saudi
Arabia
Tel:
(966-1) 4771628
Fax:
(966-1) 4782560
· Metito Arabia
Industries Ltd
Metito Building
“A”
Prince Musaed Bin
Abdul Aziz Street
Suleimaniyah
PO Box: 6133
Riyadh 11442
Saudi Arabia
Tel: (966-1)
4787001
Fax: (966-1)
4794250
· Metito Overseas
Ltd
PO Box: 47881
Abu Dhabi
United Arab
Emirates
Tel: (971-2)
6333942
Fax: (971-2)
6332257
· Metito Egypt Ltd
14 Ghaza Street, 1st
Floor, Apt No. 2
Mohandessin, Giza
Cairo
Egypt
Tel: (20-2)
33042797 / 33044696
Fax: (20-2)
33044697
· Metito Lebanon
Sarl
Ghandour Building
Beirut
Lebanon
Tel: (961-1)
814028
Fax: (961-1)
603029
Activities: Engaged as general contractors, specialising in the construction of
waste water treatment plants, sewage works, water treatment and desalination
units, as well as distributors of swimming pool equipment and supplies,
water treatment chemicals, pumps and pumping equipment, reverse-osmosis
equipment and
chlorine gas injection apparatus.
Clients include Sabic,
Coco Cola, Bechtel, Enppi, Jumeirah, Hilton, BP & Petrofac.
Current Projects:
Project Name Country Value Status
ADMA OPCO - Das Island Water Treatment Plant UAE USD 21,000,000 Ongoing
Kuwait MEW - Shuwaikh Desalination Plant Kuwait
USD 320,000,000 Ongoing
MISC - Sohar Desalination Plant Oman
USD 37,120,000 Ongoing
Palm Water - JAFZA Water and Waste Water Plants UAE USD 550,000,000 Ongoing
Import Countries: United Kingdom, Netherlands, United States of
America and Canada.
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 209,000,000 UAE Dh
220,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Aftab Haider, Finance Manager
·
HSBC Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6)
5537222
Fax: (971-6)
5537880
·
Banque Libanaise pour le Commerce SA
Al Arooba Street
PO Box: 854
Sharjah
Tel: (971-6)
5354561
No complaints regarding subject’s payments have been reported.
Credit amount 68,200 62,200
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
Established in 1958, Metito (Overseas) Ltd (MOL) is a leading concern for
the provision of wastewater treatment, desalination and water supply projects.
It has completed work on over a 1,000 installations since trading began.
Its clients include Municipalities, Oil and Petrochemical Companies,
Industries (food & beverage, textile, paper & pulp to name a few),
Tourism Sector and various government departments and agencies.
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.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.