|
|
|
MIRA INFORM REPORT
|
Report No. : |
499349 |
|
Report Date : |
24.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
LATTICE GENERAL CONTRACTING LLC |
|
|
|
|
Registered Office : |
Nahel Tower, Office No. 2, 1st Floor Najda Street
PO Box 39081 Abu Dhabi |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
29.07.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Subject is engaged in the provision of construction
services, specialising in electrical works (5th Grade), mechanical works (5th
Grade), power distribution and transmission networks, as well as submain
sewerage networks and houses connection contracting. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company Name : LATTICE GENERAL CONTRACTING LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th July 2008
Trade Licence Number : 1148496
Chamber Membership Number : 364173
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 30
Activities : Providers of construction services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
LATTICE GENERAL
CONTRACTING LLC
ADDRESS
Registered &
Physical Address
Building :
Nahel Tower, Office No. 2, 1st Floor
Street :
Najda Street
PO Box :
39081
Town :
Abu Dhabi
Country : United Arab
Emirates
Telephone :
(971-2) 6719888
Facsimile : (971-2) 6719889
Email :
info@latticegroup.ae
Premises
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Abu Dhabi.
KEY
PRINCIPALS
Name Position
· Tarek
Bashier Managing
Director
· Wael
Kamal Vice
President
· Ansar
Fayyaz Project
Coordinator
· Rukmanand
Parasa Ram Executive
Finance Manager
· Mohamed
Nazmi Project
Manager
· Fanal
Kutchet Human
Resources Manager
· Mohamed
Riyad Finance
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 29th
July 2008
Legal
Form : Limited
Liability Company - LLC
Trade
Licence No. : 1148496
(Expires 08/05/2018)
Chamber
Member No. :
364173
Issued Capital : UAE
Dh 1,500,000
Paid up Capital :
UAE Dh 1,500,000
Name of Shareholder (s) Percentage
· Mitsi
Abdul Aziz Zainuddin 51%
· Tarek
Bashier ]
]
· Wael
Kamal ] 49%
]
· Other
Unnamed shareholders ]
OPERATIONS
Activities: Engaged in the provision of
construction services, specialising in electrical works (5th Grade), mechanical
works (5th Grade), power distribution and transmission networks, as well as
submain sewerage networks and houses connection contracting.
Import Countries: China, United Kingdom, Germany
and Spain
Operating Trend: Steady
Subject has a workforce of 30 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 17,220,000 UAE Dh
17,500,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Emirates National Bank of Dubai
Ground
Floor, Al Wahda Office Tower
Hazza
Bin Zayed Street
Old
Airport Road
Abu
Dhabi
·
Commercial Bank of Dubai
Abu
Dhabi
Tel:
(971-2) 6268400
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
Local sources report that the subject’s operating history is
clear with payment obligations met in a generally timely manner. The financial
position is satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.95 |
|
Euro |
1 |
INR 80.34 |
|
UAE DH |
1 |
INR 17.70 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.