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Report No. : |
306182 |
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Report Date : |
03.02.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al |
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Country : |
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Date of Incorporation : |
14.03.1973 |
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Com. Reg. No.: |
17330, |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject’s activities
are performed through the following divisions: · General Contracting Division Engaged as transport infrastructure
engineering contractors specialising in road making and maintenance, and track
repair, as well as providing building contracting services including
construction and refurbishment projects. · Operations Division Engaged in the leasing of cars and trucks. |
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No. of Employee : |
1,700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
Company Name :
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 14th
March 1973
Commercial
Registration Number : 17330,
Abu Dhabi
Trade Licence
Number :
1030839
Chamber Membership
Number : 359
Issued Capital : UAE Dh
20,000,000
Paid up Capital : UAE Dh
20,000,000
Total Workforce : 1,700
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rafiq
Shanoukha, Treasury Manager
AL JABER TRANSPORT AND GENERAL CONTRACTING
LLC
Building : Al Jaber Building
Area : Mussafah Area
PO Box : 2175
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5554300 / 5546550 / 5555200
Facsimile : (971-2) 5553370
Email : aje@emirates.net.ae
Subject operates
from a large suite of offices, a factory and warehousing that are owned and
located in the Industrial Area of Abu Dhabi.
Name Position
·
Obaid
Khalifa Al Jaber Managing
Director
·
Mohamed
Obaid Khalifa Al Jaber Director
·
Jaber
Obaid Khalifa Al Jaber Director
·
Hamd
Obaid Khalifa Al Jaber Director
·
Mohamed
Obaid Khalifa Al Jaber Director
·
Fatima
Obaid Khalifa Al Jaber Director
·
Rafiq
Shanoukha Treasury
Manager
·
Sam
Mohamed Deeb Finance
Manager
·
Kamal
Fouzi Doss Contracting
Manager
·
Stewart
Collins Leasing
Manager
·
Thamer
Mansour Purchasing
Manager
Date of Establishment : 14th
March 1973
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 17330, Abu
Dhabi
Trade
Licence No. : 1030839 (Expires 12/11/2015)
Chamber Member No. : 359
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
·
Obaid
Khalifa Al Jaber
·
Mohamed
Obaid Khalifa Al Jaber
·
Jaber
Obaid Khalifa Al Jaber
·
Hamd
Obaid Khalifa Al Jaber
·
Mohamed
Obaid Khalifa Al Jaber
·
Ms
Fatima Obaid Khalifa Al Jaber
Subject is a member of the Al Jaber Group of Companies, which comprises
the following concerns:
·
Al
Jaber Industries & Trading
Mussafah Area
PO Box: 2175
Abu Dhabi
Tel: (971-2) 5554300
Fax: (971-2) 5553370
·
Al
Jaber Shipping Agencies & Marine Works
Al Jaber Building
Mussafah Area
PO Box: 2175
Abu Dhabi
Tel: (971-2) 5555200
Fax: (971-2) 5553370
·
Al
Jaber Leasing Services LLC
PO Box: 2175
Abu Dhabi
Tel: (971-2) 5554300
Fax: (971-2) 5020502
·
Al
Jaber Heavy Lift
Mussafah Area
Abu Dhabi
Tel: (971-2) 5554300
Fax: (971-2) 5825115
·
Deutsche
Babcock Al Jaber WLL
PO Box: 9755
Abu Dhabi
·
Veneto
Surur Bin Mohamed Building
Corniche Road
PO Box: 2175
Abu Dhabi
Tel: (971-2) 6364539
Fax: (971-2) 6654420
·
Al
Jaber Signs Steel & Metal Works Est
PO Box: 2175
Abu Dhabi
Tel: (971-2) 5553707
Fax: (971-2) 5553977
·
Al
Jaber Aluminium
PO Box: 2175
Abu Dhabi
Tel: (971-2) 5543000
Fax: (971-2) 5553370
·
Versus
PO Box: 2175
Abu Dhabi
Tel: (971-2) 6349223
Activities: Subject’s activities are performed through
the following divisions:
· General Contracting Division
Engaged as transport infrastructure
engineering contractors specialising in road making and maintenance, and track
repair, as well as providing building contracting services including
construction and refurbishment projects.
· Operations Division
Engaged in the leasing of cars and trucks.
Subject is ISO 9001 certified.
Current Projects:
Al Jaber
Transport and General Contracting LLC has been awarded two contracts worth
about $545 million for improving the road from Mafraq, on Abu Dhabi’s
outskirts, to Al Ghuwaifat, located on the UAE-Saudi border.
Abu Dhabi
General Services Company has awarded the contracts to Al Jaber for “the
improvement of Mafraq to Al Ghuwaifat border post highway, Section No. 3A and
improvement of Mafraq to Al Ghuwaifat border post highway, Section No. 3B,”
according to a company statement.
“We are
committed to delivering the highest quality standards and look forward for another
great journey with our client throughout the execution of two major sections of
the Mafraq – Al Ghuwaifat border post highway,” said Obaid Khalifa Al Jaber,
Managing Director of Al Jaber Group.
The project
includes building highways and interchanges from Bayounah Forest to Al Mirfa
and from Al Mirfa to Abu Al Abyad. The highway will be upgraded to dual 4
lanes, the statement said.
The scope of the
work also involves relocation and protection of existing services, extension of
existing contingency ducts and construction of new contingency ducts,
construction of lighting system, construction of storm water drainage system,
construction of road furniture.
Import
Countries: United States of
America, Japan and Europe.
Operating Trend: Steady
Subject has a
workforce of approximately 1,700 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year
Ending 31/12/14:
Total Sales UAE Dh
13,380,000,000 UAE Dh 15,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Rafiq Shanoukha, Treasury Manager
·
National
Bank of Ras Al Khaimah
Al Halami Centre
Hamdan Street
PO Box: 2289
Abu Dhabi
Tel: (971-2) 215577
Fax: (971-2) 328732
·
Citibank
Al Salam Street
PO Box: 999
Abu Dhabi
Tel: (971-2) 6742484
Fax: (971-2) 6744742
·
Standard
Chartered Bank
Sheikh Hamdan Street
PO Box: 240
Abu Dhabi
Tel: (971-2) 330077
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Al Jaber Transport
& General Contracting LLC is responsible for the construction of many of
the Gulf region's major road networks, with completed road construction
totalling over 7,000 km in Abu Dhabi only.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is healthy and profitable. As such we are of the opinion
that the subject is a sound trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.88 |
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|
1 |
Rs.93.27 |
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Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
-- |
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.