MIRA
INFORM REPORT
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Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DILLINGER MIDDLE |
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Registered Office : |
Plot No. MO-7, Office 16A Road No. 1241, between Junction 12 – 13
Jebel Ali Free Zone, Next to Attieh Steel P.O.Box No.: 17592 Dubai |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.02.1999 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Trading as importers, wholesalers and retailers of heavy steel plates
and components in an extremely wide dimensional range. |
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 : |
Dh 5,000,000 |
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Status : |
Good |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Company name
Dillinger Middle East FZE
company ADDRESS
Building : Plot No. MO-7, Office 16A
Street : Road No. 1241, between Junction 12 - 13
Area : Jebel Ali Free Zone, Next to Attieh Steel
P.O.Box No. : 17592
Town : Dubai
Country : United Arab Emirates
Telephone : (971 4) 883 3894 / Mobiles (971 50) 553 4514 (P.J.
Narayanan) / (971 50) 539 0419
Fax : (971 4) 883 3895
E-Mail : sales@dme.dillinger.biz
Website : www.dillingermiddleeast.com
SENIOR COMPANY PERSONNEL
Name Position
1. Randhir Venugopal
General Manager
2. P.J. Narayanan
Deputy General
Manager
3. Qutbuddin Malkapurwala
Financial Manager
Total Employees : 19 (subject)
5,000 (group)
PAYMENTS
No complaints have been heard regarding payments from local suppliers
or banks.
Subject is a subsidiary of Dillinger Hutte GTS, a well established
German company and
Hutte GTS is ultimately owned Arcelor Mittal. Dillinger Hutte has
offices across the Europe,
Associations inspire added confidence and we consider it is
acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : Dh 5,000,000 (higher amounts if required
may be
considered with guarantees from
the parent company)
Trade risk assessment :
PRINCIPAL BANKERS
NAME : STANDARD CHARTERED BANK
Branch : Al Mankhool Street
P.O. Box : 999
Town :
Telephone: (971 4) 352 0455
Fax : (971 4) 352 6679
The Company also has an account with :
1. RBS Bank (fmly ABN Amro Bank)
Telephone: (971 4) 351 2200
Fax : (971 4) 351 1555
2. Emirates NBD Bank (fmly Emirates Bank International)
Jebel Ali Free Zone Main Gate
Telephone: (971 4) 881 5551
Fax : (971 4) 881 5545
FINANCIAL INFORMATION
Private companies in
publish or disclose balance sheets. However, the subject
interviewed offered the following information :
Sales Turnover : EURO 70,000,000 - 2008 - exact
: EURO 42,000,000 - 2009 – exact
*
: EURO 50,000,000 – 2010 – exact
: EURO 55,000,000 – 2011 - projected
Net Profit : EURO 6,000,000 – 2010 – exact
:
EURO 6,500,000 – 2011 - projected
* Sales turnover decreased in 2009 mainly due to the general recession
and competition in the local market.
Financial year ends 31 December.
The
following consolidated balance sheets as at 31 December 2009
apply
to Dillinger Hutte GTS,
2009 2008
(in
thousands of EURO)
ASSETS
Fixed
Assets
Intangible
Assets 2,109
1,910
Tangible
Assets 386,989
391,157
Financial
Assets 1,126,506
1,094,519
Total
Fixed Assets 1,515,604
1,487,586
Current
Assets
Inventories
Raw
Materials And Supplies 24,459 28,377
Work
In Process 49,799 57,711
Finished
Goods 50,178 68,899
Total
Current Assets 124,436
154,987
Receivable
And Other Assets
Trade
Accounts Receivable 62,105 61,758
Receivable
From Affiliated companies 123,651 222,978
Receivable
From Companies In Which
The
Company Has A Participating
Interest 39,874 74,583
Other
Assets 308,302
280,896
Total
Receivable And Other Assets
533,932 640,215
Cash
And Bank Balances 594,428
464,957
Deferred
Items 0 232
Shareholders’
Equity And Liabilities
Shareholders’
Equity
Subscribed
Capital 178,500
178,500
Capital
Reserve 378,574
378,574
Earning
Reserves 962,271
812,271
Total
Shareholders’ Equity
1,519,345 1,369,345
Accruals
And Provisions
Accruals
For Pensions And Similar
Obligations 286,817
275,573
Tax
Accruals 1,167 1,356
Other
Accruals And Provisions 589,461
551,194
Total
Accruals And Provisions 877,445
828,123
Liabilities
Liabilities
To Financial Institutions 144,688 92,813
Customer
Advance Payments 2,186 8,686
Trade
Accounts Payable 50,381 84,654
Payable
To Affiliated Companies 87,807
213,476
Payable
To Companies In Which The
Company
Has A Participating Interest
60,759 124,488
Other
Liabilities 25,789 26,392
Total
Liabilities 371,610 550,509
PROFIT
AND LOSS ACCOUNT
Net
Sales 2,161,016 3,032,151
Increase
In Finished Goods,
Work-In-Process
And Other Own
Work
Capitalized (23,231) 11,296
Other
Operating Income 17,920 21,370
Total
Net Sales 2,155,705 3,064,817
Cost
Of Materials 1,441,838
2,061,870
Personnel
Expenses 311,973
345,077
Amortization
And Depreciation 60,030 64,191
Other
Operating Expenses 74,474
103,548
Income
From Participating Interest 93,551 58,727
Net
Interest Income 42,812 60,533
Result
From Ordinary Activities
403,753 609,391
Taxes
On Income And Earnings (187) (187)
Other
Taxes (800)
(756)
Compensatory
Payment To Minority
Shareholders (1,004) (1,004)
Profit
Transfer Due To Profit
And
Loss Transfer Agreement (251,762) (357,444)
Net
Income 150,000 250,000
Transfer
To Earnings Reserves (150,000) (250,000)
Un-appropriated
Retained Earnings 0 0
LEGAL STATUS AND HISTORY
Date Started : 20 February 1999
History : Subject was originally established in
Trade License No.: 6589 (expiry date : 31 May 2011)
DCCI Membership No.: 102774 (issued on 29 November 2005)
Authorised Capital : Dh 1,000,000
Paid up Capital : Dh 1,000,000
Free Zone Establishment (single shareholder limited liability
company) with the following sole shareholder :
Dillinger Hutte GTS 100%
Werkstr No 1
66763 Dillingen
Telephone: (49 6) 831 470
Fax : (49 6) 831 4722
* According to law No.9 governing the establishment of companies in
the Jebel Ali Free Zone, which was introduced in early 1992 and came
into force in October 1992, foreign companies are allowed to set up
separate legal entities referred to as Free Zone Establishments
(FZEs) and Free Zone Companies (FZCO) having all features of a
Private Limited Liability
Company. The FZE can be either owned by a
foreign individual or a corporate body. Its liability is determined
by the amount of paid-up capital, which must be at least Dh 1
million. Previously, FZEs had to be branches of a company registered
in a foreign country. A FZCO legal form allows investors to establish
a company in Jebel Ali Free Zone having more than one shareholders
(FZE only permits one shareholder). Its minimal registered capital is
Dh 500,000.
Affiliated companies of Dillinger Middle East FZE :
Associates
1. Dillinger Hutte GTS Ventes
Belux
Guldensporenpark, 35 -
Building D
B - 9820
Merelbeke
Telephone: (32 9) 272 64 98
Fax : (32 9) 231 31 62
2. Dillinger
Telephone: (1 289) 286 0886
Fax : (1 289) 286 0896
3. ArcelorMittal International
Unit B-C, 15/F Time Square
200122
Telephone: (86 21) 5833 8200
Fax : (86 21) 5836 8107
4. OY Stahlacier AB
Mannerheimintie 43 b 20
00250
Telephone: (358 9) 477 3138
Fax : (358 9) 477 3116
5. Dilling-GTS Ventes
Head Office
5, rue Luigi Cherubini
93212 LA Plaine Saint Denis
Cedex
Telephone: (33 1) 7192 1674
Fax : (33 1) 7192 1798
6. M/S R.S. Jhaveri & Co.
636-637, Panchratna
Mama Parmanand Marg
Opera House
Mumbai - 400 004
Telephone: (91 22) 2363 4371
Fax : (91 22) 2363 3138
7. ArcelorMittal International
Italia
Piazza
I-20122
Telephone: (39 2) 8065 0233
Fax : (39 2) 8065 0302
E-mail : Alessandro Rossi
8. Dillinger USA Inc.
Whitestone
Telephone: (1 718) 767 4064
Fax :
(1 718) 767 4019
9.
Basisweg 60
PO-Box: 8135
NL-1043 AP Amsterdam
The
Telephone: (31 20) 58 04 794
Fax : (31 20) 58 04 950
E-mail : Erik Vanderheide
10. Dillinger Hutte GTS
Kozhevnicheskaya Str. 7, bld.
1
115114
Telephone: (7 495) 235 0979
Fax : (7 495) 238 1268
11. ArcelorMittal Commercial UK Ltd.
Arcelor House, 4 Prince's Way
GB-B91 3AL
Telephone: (44 121) 703 3064
Fax : (44 121) 703 0580
ACTIVITIES
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of heavy steel plates
and components in an extremely wide dimensional range.
Subject also supplies schedule including plates for the construction of
pressure vessels, Line pipe and offshore constructions.
Some of the subject projects:
- Fabrication & Supply of 4 nos towers & reactors
Client: Bapco RGDP;
- Aramco Cross Country Project
Client: Saudi Aramco;
- Technip -0l2k Ethylene (
Client: DOW Chemicals;
- Juaymah Gas Plant
Client: Stone & Websters
Ltd;
- Rabigh Dev
Client: Saudi Aramco;
- Cross Country Line
Client: Aramco.
Subject’s Main Clients include:
- Bapco RGDP (
- Saudi Aramco (
- Dow Chemicals (
- Yanbu Petrochemical (
Imports from Europe, mainly from
Exports to GCC countries and
FACILITIES
The Company has the following facilities :
Rented administrative offices, a wholesale/retail outlet and storage
facilities located at the heading address.
SPECIAL NOTE
The address given by you: Road1241 Betwen Junction 12 P O Box Mo. 17592
Jebelali Dubai is misspelt. Please note that the correct spelling is as per
heading.
Interviewed: P.J. Narayanan (Deputy General Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.16 |
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1 |
Rs.72.10 |
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Euro |
1 |
Rs.63.10 |
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 |
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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.