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Report No. : |
308659 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TECHNIP FRANCE
ABU DHABI |
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Registered Office : |
National Bank of Abu Dhabi Tower, 6th Floor, Suite No. 22284, Muroor Road, P O Box: 7657, Abu Dhabi |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
27.03.1993 |
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Com. Reg. No.: |
24786, Abu Dhabi |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
General
contractors for engineering works and electromechanical projects,
specialising in industrial plant design, procurement and construction. |
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No. of Employees : |
690 |
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 |
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Status : |
Branch of a Foreign
Registered Corporation |
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|
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 : TECHNIP
FRANCE ABU DHABI
Country of Origin : France
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 27th
March 1993
Commercial
Registration Number : 24786, Abu
Dhabi
Trade Licence
Number : 1001679
Chamber Membership
Number : 15621
Issued Capital : UAE Dh
250,000
Paid up Capital : UAE Dh
250,000
Total Workforce : 690
Activities :
General contractors for engineering works and electromechanical projects
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
TECHNIP FRANCE ABU
DHABI
Building : National Bank of Abu Dhabi Tower,
6th Floor, Suite No. 22284
Street : Muroor Road
PO Box : 7657
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6322307 / 6116000
Facsimile : (971-2) 6328204 / 6355285 / 6116111
Email : tpauhmarketing@technip.com / mithomas@technip.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office
(s)
Location Description
·
Jebel
Ali Free Zone Rented
manufacturing plant
Dubai and
storage facilities
Tel: (971-4) 8818099
Name Position
·
Arturo Grimaldi Senior
Vice President
·
Vaseem Khan Chief
Executive Officer
·
Philip Dolrencurt Finance
Officer
Date of Establishment : 27th
March 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of Technip Geoproduction SA , a
Limited Liability Company incorporated in
France.
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 France.
Commercial Reg. No. : 24786, Abu
Dhabi
Trade Licence No. : 1001679
(Expires 19/04/2015)
Chamber Member No. : 15621
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Activities: General contractors for engineering works
and electromechanical projects, specialising in industrial plant design,
procurement and construction.
Subject has been awarded by Abu Dhabi Gas Industries Ltd (GASCO) a lump
sum turnkey EPC contract worth approximately US$415 million for the ASAB 3
Project. This project is a revamp of existing facilities to support an increase
in oil production from the new ADCO facilities and accommodate up to 150
million standard cubic feet per day (MMSCFD) of additional associated gas from
the existing Asab, Shah and Sahil oil fields. Technip is responsible for the
installation of a new booster compression station, transfer lines, and the
debottlenecking of existing ASAB 0 facilities.
In July 2012, National Petroleum Construction Co
(NPCC) and French group Technip have been jointly awarded a nearly Dhs 3bn
contract to build offshore facilities at an oil field in Abu Dhabi. The
contract is for the first phase of Zakum Development Co's (Zadco) expansion at
its offshore oil field whose production will rise 100,000 bpd when completed.
In April 2014, subject was awarded a contract for a
facility that is part of a US$17 billion project to capture gas from Iraq’s
southern oilfields.
Basra
Gas – which has a co-shareholding between Iraq’s government, Royal Dutch Shell
and Mitsubishi – has been described as the world’s biggest flare reduction
project by Shell and the largest gas project in the country’s history.
The
plant began operations in April last year with an initial capacity to produce
400 million cubic feet a day, but once completed in 2017, the project will
process 2 billion cubic feet a day. It captures associated gas, or natural gas
found in oil deposits, from three oilfields in the south of Iraq – Rumaila,
West Qurna 1 and Zubair.
The Ar Ratawi
facility will have a capacity to produce 530 million cubic feet a day worth of
liquefied petroleum gas, natural gas liquids and condensate for domestic
markets.
Import
Countries: Europe, the
United States of America and the Far East
Subject has a
workforce of approximately 690 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.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
No complaints
regarding subject’s payments have been reported.
Credit amount 500,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
Established in
1993, subject is a branch of a foreign corporation, namely Technip
Geoproduction SA of France. It is engaged as general contractors for engineering
works and electromechanical projects, specialising in industrial plant design,
procurement and construction.
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.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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 |
-- |
|
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.