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Report No. : |
352307 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DODSAL ENGINEERING AND CONSTRUCTION PTE LIMITED |
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Registered Office : |
Electra Road, PO Box : 701, Abu
Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
10.11.1970 |
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Com. Reg. No.: |
17768, Abu Dhabi |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged as general contractors, involved in the building,
water pipeline, oil and gas, electric power line and electrical fitting
contracting. |
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No. of Employee : |
20,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
DODSAL ENGINEERING AND CONSTRUCTION PTE LIMITED
Country of Origin :
Singapore
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
10th November 1970
Commercial Registration Number :
17768, Abu Dhabi
Trade Licence Number :
1001293
Chamber Membership Number :
1312
Issued Capital :
UAE Dh 5,000,000
Paid up Capital :
UAE Dh 5,000,000
Total Workforce :
20,000
Activities :
General contractors
Financial Condition :
Undetermined
Payments :
Regular
DODSAL ENGINEERING
AND CONSTRUCTION PTE LIMITED
Location : Electra Road
PO Box : 701
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6129100
/ 6129200 / 6129198 / 6129204 / 6129206 / 6277905
Facsimile : (971-2)
6129250 / 6277910
Email : mail@dodsaldxb.ae / gasco.ngl@dodsal.dxb.ae
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
· Dubai National
Insurance Building Office
premises
Sheikh Zayed Road
Al Wasl
PO Box: 8034
Dubai
Tel: (971-4) 3431515 / 3161335
Fax: (971-4) 3434757
Name Position
· Rajen Arvind
Kilachand Chairman
· Nikhil Rajan
Kilachand Vice
Chairman
· Asaad
Amin Administration
Manager
· Manan Shah Finance
Manager
· Manish Cholaw Operations
Manager
· B M Rao Project
Manager
· Maher Hussain Business
Development Manager
· Rajavan Makkottan Human
Resources Manager
Date of
Establishment : 10th
November 1970
Legal Form : Subject is the
United Arab Emirates registered branch of Dodsal Pte Ltd, a Limited Liability
Company
incorporated in Singapore.
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 Singapore.
It operates in Abu Dhabi under the local
sponsorship of Mr Saif Darwish Ahmed Al Kutbi.
Commercial Reg.
No. : 17768, Abu Dhabi
Trade Licence No. : 1001293
Membership No. : 1312
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
· Dodsal Engineering
And Construction Pte Limited
Dubai
National Insurance Building
Sheikh
Zayed Road
Al
Wasl
PO
Box 8034
Dubai
Tel:
(971-4) 3106921 / 3431515
Fax:
(971-4) 3434757 / 2661276
Email:
mail@dodsaldxb.ae
CR
No. 41791, Dubai
Activities
Engaged as general contractors, involved in the building, water
pipeline, oil and gas, electric power line and electrical fitting contracting.
Subject is currently working as sub-contractors for
Saipem Abu Dhabi, on Shah Gas Development Project, which is valued at US$ 3.5
billion. The project is expected to be completed during 2014.
In 2012, Dodsal Engineering & Construction won a
$764m contract to install two gas pipelines between Habshan and the Khalifa Port and Industrial
Zone (KPIZ) in Taweelah, Abu Dhabi.
The Abu Dhabi Gas
Industries (GASCO) pipe network will cover a total of 297km, travelling
from Habshan to Maqta and then onto Taweelah.
The contract scope
covers the engineering, procurement and construction (EPC) of the two 52-inch
diameter pipelines - a requisite for the ultimate transportation of
up to 28 million m3 a day.
The Habshan
5 mega-project, which will feed gas to the pipeline, was 90% complete
in June, 17 months early.
Import Countries: China and Europe
Subject has a workforce of approximately 20,000 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.
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box: 939
Abu Dhabi
Tel: (971-2) 6962222 / 6962222
Fax: (971-2) 6776499 / 6776499
·
ABN Amro Bank
Al Obaidly Tower
Istiqlal Street
PO Box: 2720
Abu Dhabi
Tel: (971-2) 6335400
Fax: (971-2) 6330182
Regular
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.66.52 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.70.44 |
|
UAE DH |
1 |
Rs. 18.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
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Report Prepared
by : |
ASH |
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 |
|
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 |
|
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.