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Report No. : |
354125 |
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Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
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Name : |
MCDERMOTT MIDDLE EAST INC |
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Registered Office : |
Sheikh Zayed Road, Plot No. 42, 56th Street, Jebel Ali Free
Zone, PO Box 3098 & 16961, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
18.10.1994 |
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Com. Reg. No.: |
300332 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the engineering, procurement, construction and installation
of specialized offshore fixed platforms and marine pipelines used for development
drilling, production and transportation of oil and gas in the Middle East. |
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|
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No. of Employees : |
2,300 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
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 |
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Status : |
Branch of a 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 |
|
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 :
MCDERMOTT MIDDLE EAST INC
Also Known As :
J RAY MCDERMOTT MIDDLE EAST INC
Country of Origin :
Panama
Legal Form :
Branch of a Foreign Registered Corporation
Start Date :
April 1989
Registration Date :
18th October 1994
Commercial Registration Number :
300332, Dubai
Trade Licence Number :
747
Chamber Membership Number :
32237
Issued Capital :
UAE Dh 370,000,000
Paid up Capital :
UAE Dh 370,000,000
Total Workforce :
2,300
Activities :
Engineering and construction services to the oil and gas industry
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Malik Sattar, Financial Controller
MCDERMOTT MIDDLE EAST INC
J
RAY MCDERMOTT MIDDLE EAST INC
Registered & Physical
Address
Street : Sheikh Zayed
Road, Plot No. 42, 56th Street
Area : Jebel Ali
Free Zone
PO Box : 3098 &
16961
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8835200
/ 8835100 / 8043593 / 8115025
Facsimile : (971-4)
8835486 / 8855527
Email : jray.epic@mcdermott.com
/ msattar@mcdermott.com
Premises
Subject operates from a large suite of offices and a fabrication yard that
are leased and located in the Jebel Ali Free Zone.
Name Position
Tom Mackey Vice
President
Stewart Smith General
Manager
Nick Higgins Finance
Manager
Malik Sattar Financial
Controller
Ayoub Abbass Human
Resources Manager
Lakshimim Rajh Procurement
Manager
Maurice Navaro Public
Relations Officer
Date of Establishment : Subject was
incorporated in April 1989 and was established in the Jebel Ali
Free Zone on 18th
October 1994.
Legal Form : Subject is the
United Arab Emirates registered branch of McDermott International Inc, a Limited Liability Company incorporated in
Panama, which in turn is a subsidiary of
McDermott International Inc of the US.
McDermott Middle East Inc in the United Arab Emirates, operates as a Branch
of a Foreign Registered
Corporation with its registered office located at the following address:
McDermott International Inc
757 North Eldridge Parkway
Houston, TX 77079
United States of America
Tel: (1-281) 8705011
Fax: (1-281) 8705095
Email: mdrinvestorrelations@mcdermott.com
Commercial Reg. No. : 300332, Dubai
Trade Licence No. : 747
Chamber Member No. : 32237
Issued Capital : UAE Dh
370,000,000
Paid up Capital : UAE Dh 370,000,000
Subject is a member of the McDermott Group, headed by McDermott
International Inc, a US company incorporated in Panama and engaged in various
petroleum activities. The McDermott Group consists of the following concerns:
McDermott Dubai
Babcock & Wilcox Investment
Babcock & Wilcox Company
B&W Energy Investment Co
Creole Insurance Co Ltd
Hudson Engineering & Management Corp
Hydro Marine Services Inc
McDermott – ETPM VOF
McDermott (Holland) BV
McDermott International Investments Inc
McDermott Scotland Ltd
Varsy International NV
HeereMac
Activities: Engaged in the engineering, procurement, construction and installation
of specialized offshore fixed platforms
and marine pipelines used for development drilling, production and
transportation of oil and gas in the Middle East.
In July 2006, subject announced it was awarded a contract by ExxonMobil
Middle East Gas Marketing Ltd. to provide engineering, procurement,
construction and installation (EPCI) services for two wellhead platforms and
pipelines, as part of the Al Khaleej Gas (AKG) Development Phase 2 Offshore
Expansion Project.
Import Countries: The United States of America, Europe and the Far
East.
Subject has a workforce of approximately 2,300 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.
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints regarding subject’s payments have been reported.
Date of transaction January
2003 December 2005 January 2014
Credit amount 450,000 158,000 251,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Euros Pounds Sterling Euros
Please note that the subject’s commercial registration number is 300332.
The number “2051012872” belongs to McDermott Arabia Co Ltd based in Saudi
Arabia.
Subject is a leading worldwide marine construction company and is a
branch office of the Panamanian registered company “McDermott International
Inc”, which in turn is a subsidiary of the well-known McDermott International
Inc of the United States. As such it is deemed reliable for respecting its
financial trade commitments.
McDermott's Middle Eastern facility has fabricated and installed over
630 structures, 330,693ST of steel, and has installed over 2,610 miles of
pipeline throughout the Arabian Gulf, Egypt, India, the Caspian, Africa and the
North Sea.
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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
UAE Dirham |
1 |
Rs.18.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.