|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST)
LTD |
|
|
|
|
Registered Office : |
Mohamed Saeed
Alghaith Building, Sheikh Zayed Road, Al Wasl, P O Box 17029, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
12.11.1996 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
provision of
market research and management consultancy services. |
|
|
|
|
No. of Employees |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST) LTD
Country of Origin : Channel Islands - Jersey
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 12th November 1996
Trade Licence Number : 129935
Chamber Membership Number : 37658
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
Total Workforce : 12
Activities : Providers of market research and management consultancy services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST) LTD
Registered &
Physical Address
Building : Mohamed Saeed Alghaith
Building
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 17029
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836100
Facsimile : (971-4) 8836056
Email : wgedubai@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Andy Gove General
Manager
Date of Establishment : 12th
November 1996
Legal Form :
Subject is the United Arab
Emirates registered branch of Wood Group Engineering Services Ltd, a Limited
Liability Company incorporated in Channel Islands, United Kingdom.
Wood Group Engineering Services
Ltd in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 Channel Islands, United Kingdom.
Trade Licence No. : 129935
(Expires 11/11/2014)
Chamber Member No. : 37658
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
·
Wood
Group Engineering Services Abu Dhabi LLC
Hamel Bin Kadem Al Ghaith Building
M 15, Plot No. 31, Mussafah Area
PO Box: 7312
Abu Dhabi
Tel: (971-2) 5553045 / 5559303
Fax: (971-2) 5559303
Activities: Engaged in the provision of market research
and management consultancy services.
Subject has a
workforce of 12 employees.
Companies
registered in Dubai, 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.
·
Union
National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints
regarding subject’s payments have been reported.
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.59.64 |
|
UK Pound |
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST)
LTD |
|
|
|
|
Registered Office : |
Mohamed Saeed
Alghaith Building, Sheikh Zayed Road, Al Wasl, P O Box 17029, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
12.11.1996 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
provision of
market research and management consultancy services. |
|
|
|
|
No. of Employees |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST) LTD
Country of Origin : Channel Islands - Jersey
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 12th November 1996
Trade Licence Number : 129935
Chamber Membership Number : 37658
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
Total Workforce : 12
Activities : Providers of market research and management consultancy services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
WOOD GROUP ENGINEERING SERVICES (MIDDLE EAST) LTD
Registered &
Physical Address
Building : Mohamed Saeed Alghaith
Building
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 17029
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836100
Facsimile : (971-4) 8836056
Email : wgedubai@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Andy Gove General
Manager
Date of Establishment : 12th
November 1996
Legal Form :
Subject is the United Arab
Emirates registered branch of Wood Group Engineering Services Ltd, a Limited
Liability Company incorporated in Channel Islands, United Kingdom.
Wood Group Engineering Services
Ltd in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
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 Channel Islands, United Kingdom.
Trade Licence No. : 129935
(Expires 11/11/2014)
Chamber Member No. : 37658
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
·
Wood
Group Engineering Services Abu Dhabi LLC
Hamel Bin Kadem Al Ghaith Building
M 15, Plot No. 31, Mussafah Area
PO Box: 7312
Abu Dhabi
Tel: (971-2) 5553045 / 5559303
Fax: (971-2) 5559303
Activities: Engaged in the provision of market research
and management consultancy services.
Subject has a
workforce of 12 employees.
Companies
registered in Dubai, 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.
·
Union
National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints
regarding subject’s payments have been reported.
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.59.64 |
|
UK Pound |
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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.