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Report No. : |
304897 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
METITO (OVERSEAS)
LTD (MOL) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1958 |
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Com. Reg. No.: |
24000, Sharjah |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject is
engaged as general contractors, specialising in the construction of waste
water treatment plants, sewage works, water treatment and desalination units,
as well as distributors of swimming pool equipment and supplies, water
treatment chemicals, pumps and pumping equipment, reverse-osmosis equipment
and chlorine gas injection apparatus. |
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|
|
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No. of Employees : |
300 |
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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : METITO (OVERSEAS) LTD
(MOL)
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Start Date :
1958
Registration Date : 15th
June 1993
Commercial
Registration Number : 24000, Sharjah
Trade Licence
Number : 215824
Chamber Membership
Number : 31992
Issued Capital : UAE Dh
20,000,000
Paid up Capital : UAE Dh
20,000,000
Total Workforce : 300
Activities :
General contractors, specialising in the construction of waste water
treatment plants and sewage works.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Akram Dawood,
Finance
Manager
METITO (OVERSEAS)
LTD (MOL)
Building : Crescent Tower, 14th
Floor
Area : Buheria Corniche
Area
PO Box : 22701
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5561818
Facsimile : (971-6) 5564777
Email : infouae@metito.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Sharjah.
Branch Office
(s)
Location Description
·
Techno
Park Factory premises
Dubai
Tel: (971-4) 8103333
Fax: (971-4)
8103300
Name Position
·
Fadi Al Jouz Managing
Director
·
Farooq
Ghandour Director
·
Mutaz
Ghandour Director
·
Walid
Madawar General
Manager
·
Bassem Halabi Business
Development Manager
·
Akram
Dawood Finance
Manager
Date of Establishment : Subject’s
operations date back to 1958, however it was registered on 15th June
1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 24000,
Sharjah
Trade Licence No. : 215824
Chamber Member No. : 31992
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
·
Metito
Ltd 100%
United Kingdom
·
Metito
Chemical Industries Ltd
Metito Building
Prince Messaoud Ibn Abdulaziz
Street
Suleimaniyah
PO Box: 58515
Riyadh 11515
Saudi Arabia
Tel: (966-1) 4787721
Fax: (966-1) 4794250
·
Arabian
Trading & Chemical Industries Co (ATCI)
Prince Messaoud Ibn Abdulaziz
Street
Suleimaniyah
PO Box: 58515
Riyadh 11515
Saudi Arabia
Tel: (966-1) 4771628
Fax: (966-1) 4782560
·
Metito
Arabia Industries Ltd
Metito Building “A”
Prince Musaed Bin Abdul Aziz Street
Suleimaniyah
PO Box: 6133
Riyadh 11442
Saudi Arabia
Tel: (966-1) 4787001
Fax: (966-1) 4794250
·
Metito
Overseas Ltd
PO Box: 47881
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6333942
Fax: (971-2) 6332257
·
Metito
Egypt Ltd
14 Ghaza Street, 1st Floor, Apt
No. 2
Mohandessin, Giza
Cairo
Egypt
Tel: (20-2) 33042797 / 33044696
Fax: (20-2) 33044697
·
Metito
Lebanon Sarl
Ghandour Building
Beirut
Lebanon
Tel: (961-1) 814028
Fax: (961-1) 603029
Activities: Engaged as general contractors,
specialising in the construction of waste water treatment plants, sewage works,
water treatment and desalination units, as well as distributors of swimming
pool equipment and supplies, water treatment chemicals, pumps and pumping
equipment, reverse-osmosis equipment and chlorine gas injection apparatus.
Clients include Sabic, Coco Cola, Bechtel,
Enppi, Jumeirah, Hilton, BP & Petrofac.
Current Projects:
Project Name Country Value Status
ADMA OPCO - Das
Island Water Treatment Plant UAE
USD 21,000,000 Ongoing
Kuwait MEW -
Shuwaikh Desalination Plant Kuwait
USD 320,000,000 Ongoing
MISC - Sohar
Desalination Plant Oman
USD 37,120,000 Ongoing
Palm Water - JAFZA
Water and Waste Water Plants UAE
USD 550,000,000 Ongoing
Water solutions provider Metito has won a contract from the Abu Dhabi
National Oil Company (ADNOC) to develop a US$54mn sewage treatment project for
its Ruwais Housing Complex Housing Complex, developed
by ADNOC for its employees, has 1,357 residential units. Metito will design and construct a new
sewage treatment plant, sewage receiving and pumping stations, irrigation lines
and a storage tank at the site, 240km west of Abu Dhabi. The new plant will
treat up to 25,000 cubic metres of raw sewage each day and is expected to be
extended to treat up to 30,000 cubic metres of waste in the future. The treated
water can be re-used for irrigation and landscaping within the housing complex.
Metito has earlier worked on two sewage treatment plant projects in the Ruwais
Housing Complex. The Ruwais Housing Complex, developed by ADNOC for its employees, has around 1,357 residential units.
The site also houses shopping centres, schools, mosques, medical centres,
sports and recreation centres, banking and postal services, and a TV and video
station, covering six square kilometre of area.
Import
Countries: United Kingdom,
Netherlands, United States of America and Canada.
Operating Trend: Steady
Subject has a
workforce of approximately 300 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:
Consolidated Total
Sales UAE Dh
202,000,000 UAE Dh
198,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Akram Dawood, Finance Manager
·
HSBC
Bank Middle East
Al Arooba Street
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
·
Banque
Libanaise pour le Commerce SA
Al
Arooba Street
PO Box: 854
Sharjah
Tel: (971-6) 5354561
No complaints
regarding subject’s payments have been reported.
Credit amount 68,200 62,200
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
Established in
1958, Metito (Overseas) Ltd (MOL) is a leading concern for the provision of
wastewater treatment, desalination and water supply projects. It has completed
work on over a 1,000 installations since trading began.
Its clients include
Municipalities, Oil and Petrochemical Companies, Industries (food &
beverage, textile, paper & pulp to name a few), Tourism Sector and various
government departments and agencies.
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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
-- |
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.