MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUTCO TENNANT LLC |
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Registered Office : |
Abdullah Saleh Building, 1st Floor, Office No. 2, Al
Nakheel Street, Naif, Deira, P O Box – 233, Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.03.1979 (1976) |
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Com. Reg. No.: |
41566, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject operates several divisions |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
DUTCO TENNANT LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Start Date :
1976
Registration Date :
21st March 1979
Commercial Registration Number :
41566, Dubai
Trade Licence Number :
208250
Chamber Membership Number :
5372
Issued Capital :
UAE Dh 3,000,000
Paid up Capital :
UAE Dh 3,000,000
Total Workforce :
85
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 500,000
COMPANY NAME
DUTCO TENNANT LLC
ADDRESS
Registered & Physical Address
Building : Abdullah
Saleh Building, 1st Floor, Office No. 2
Street : Al Nakheel
Street
Area : Naif, Deira
PO Box : 233
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2220186
Facsimile : (971-4)
2236193
Email : info@dutcotennant.com
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Zayed 2nd Street Sales
Office
PO Box : 2534
Abu Dhabi
Tel : (971-2) 6720646 / 6348495
Fax : (971-2) 6782702 / 6316465
PO Box: 20521 Sales
Offices
Al Ain
Tel: (971-3) 7516623
Fax: (971-3) 7516632
KEY PRINCIPALS
Name Position
Ahmed Abdul Rahim Baker Managing
Director
Tariq Baker Director
Abdullah Mohamed Saleh Director
Khalid Baker Director
Ian Mack General
Manager
Russell B. Jones Commercial
Manager
K.G.C. Mason Marketing
Manager
C. V. Nagarajan Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject’s operations
date back to 1976, however it was registered on 21st March 1979
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 41566, Dubai
Trade Licence No. : 208250 (Expires
11/02/2009)
Chamber Member No. : 5372
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
Dubai Transport Co LLC 98%
Hor Al Anz Street
PO Box : 233
Dubai
Tel : (971-4) 2660311
Fax : (971-4) 2665157
Ahmed Abdul Rahim Baker 1%
Abdullah Mohamed Saleh 1%
AFFILIATED COMPANIES
Subject is a member of the Dutco Group of Companies, which has
operations dating back to 1947, and has activities covering large-scale civil
engineering work, earth-moving, mechanical and electrical engineering, drainage
and tunnelling, civil engineering, dredging, survey and reclamation, pipeline
engineering, information technology and telecommunications, shipping and
freight services, trading and luxury hotel operations. The Dutco Group of Companies
employs approximately 6,000 people.
The Dutco Group of Companies consists of the following concerns:
Dutco Construction Company LLC
PO Box : 233
Dubai
Tel : (971-4) 8801010
Fax : (971-4) 8801515
Dutco Brochier LLC
PO Box : 233
Dubai
Tel : (971-4) 8801010
Fax : (971-4) 8801515
Gulf Cobla LLC
PO Box : 5708
Dubai
Tel : (971-4) 3241023
Fax : (971-4) 3241632
Dutco Balfour Beatty (DBB) LLC
PO Box : 8944
Dubai
Tel : (971-4) 2858867
Fax : (971-4) 2859087
B.K. Gulf LLC
PO Box : 10079
Dubai
Tel : (971-4) 2858455
Fax : (971-4) 2859392
PWD Corporation
PO Box : 34601
Dubai
Tel : (971-4) 3211182
Fax : (971-4) 3211184
Lionweld Kennedy Middle East LLC
PO Box : 233
Dubai
Tel : (971-4) 8801125
Fax : (971-4) 8801163
Business Communication Ltd. (BCL)
PO Box : 233
Dubai
Tel : (971-4) 2220186
Fax : (971-4) 2231693
Modern Freight LLC
PO Box : 5727
Dubai
Tel : (971-4) 3521625
Fax : (971-4) 3520612
Dutco Hotels LLC
PO Box : 9255
Dubai
Tel : (971-4) 8836000
Fax : (971-4) 8835543
Dutco McConnell Dowell LLC
PO Box : 50733
Dubai
Tel : (971-4) 8801083
Fax : (971-4) 8801156
International OCTANE Limited
PO Box : 233
Dubai
Tel : (971-4) 2660311
Fax : (971-4) 2665157
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
Capital Equipment Division
Dutco Tennant has successfully implemented an extensive
range of major capital equipment supply contracts to various government
departments and private clients, which include turnkey onshore and offshore
power plants, port handling equipment, airport services, and heavy industrial
and construction equipment.
Engineering & Procurement Products Division
This division specialises in the procurement of engineering
products such as:
- Total packaging of pipes, valves and
fittings.
- Geotextiles, geogrids and safety products.
- Access engineering products including
gratings and hand railing.
- Oil and water storage tanks.
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Building service products including air conditioning accessories, HVAC
controls, BMS and fire
detection and protection products.
- Safety Products.
- Instrumentation
Service Facilities Division
This division offers supply, installation, maintenance and support
services for the following sectors:
- IT Services –
installation, maintenance and support, as well as providing hardware and
software
solutions.
- Calibration of
measuring instruments and surveying equipment.
- Supply, installation
and servicing of low voltage systems, such as traffic control systems,
intercoms
and security
systems.
- Telecommunications
systems and equipment.
Subject’s clients include such well known organisations as: Abu Dhabi
National Oil Co, Al Ain Municipality, Dubai Electricity & Water Authority,
Emirates Trading Agency, General Industry Corporation, Wade Adams LLC, and
Union National Bank.
Import Countries: United Kingdom, Germany and Italy
International Suppliers:
Development & Technical Exports Ltd United
Kingdom
GEC United
Kingdom
Lionweld United
Kingdom
Anderson Braithwaite United
Kingdom
Fibretex United
Kingdom
Marconi United
Kingdom
McDonnell Douglas United
Kingdom
Wemco United
Kingdom
Dresser Germany
Solarex Germany
Valmet SISU Germany
Alfa Laval Italy
Operating Trend: Steady
Subject has a workforce of 85 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE
Dh 31,300,000 UAE Dh
37,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
National Bank of Abu Dhabi
Deira Souk Branch
PO Box : 4436
Dubai
Tel : (971-4) 2226141
Fax : (971-4) 2226145
National Bank of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March
2004 March 2005 November 2006
Credit amount 239,972 262,040 17,000
Amount overdue 0 0 0
Payment terms 90
days 90 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency Canadian
Dollars Canadian Dollars Pounds Sterling
GENERAL COMMENTS
Subject enjoys a good reputation for the quality of its services and
products and is a member of the well-known Dutco Group of Companies.
During the course of this investigation nothing detrimental has been
uncovered regarding the operating history or the manner in which payment
obligations are fulfilled. As such the company is deemed a sound trade risk and
the above credit figure is admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)