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Report No. : |
305167 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
DUBAI DRY DOCKS |
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Registered Office : |
Al Mina Street, Deira, P O Box: 8988, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.01.1983 |
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Legal Form : |
Government Corporation |
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|
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Line of Business : |
Subject is
engaged in ship and vessel repairing, dry dock operations and ship parts
manufacturing. |
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No. of Employees : |
10,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
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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 |
|
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 : DUBAI DRY
DOCKS
Also Known As : DRY DOCKS
WORLD DUBAI
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Government Corporation
Registration Date : 3rd
January 1983
Chamber Membership
Number : 20
Issued Capital : UAE Dh
20,000,000
Paid up Capital : UAE Dh
20,000,000
Total Workforce : 10,000
Activities :
Ship and vessel repairing, dry dock operations and ship parts manufacturing
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
DUBAI DRY DOCKS
DRY DOCKS WORLD
DUBAI
Street : Al Mina Street
Area : Deira
PO Box : 8988
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3450626
Facsimile : (971-4) 3450116
Email : drydocks@drydocks.gov.ae / drydocks@emirates.net.ae
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Dubai.
Branch Office
(s)
Location Description
·
Al
Jadaf North Area Ship
repair facilities
Dubai
Tel: (971-4) 3450193
Name Position
·
Khamis Juma Buamim Chairman
·
Ali Al
Suwaidi Vice
President
·
Dr
Markus Johannes Voege Vice
President
·
Adel Al
Wahedi Chief
Financial Officer
·
Nagraj
Rao Finance
Manager
·
Laksmi
Janarthanan Commercial
Manager
·
Zeheer
Kavarana Operations
Manager
·
Hashim
Gardezi Engineering
Manager
·
David
Galea Legal
Manager
·
Shachindra
Nath Saxena Production
Manager
·
Ibrahim
Ali Al Ali IT
Manager
·
Sumaya
Tahlak Communications
Manager
·
A B
Subiah Human
Resources Manager
Date of Establishment : 3rd
January 1983 (by Ruler’s Decree No. 0003)
Legal Form :
Government Corporation
Membership No. : 20
Issued Capital : UAE Dh 20,000,000
Paid up Capital : UAE Dh 20,000,000
·
Government
of Dubai 100%
Activities: Engaged in ship and vessel repairing, dry
dock operations and ship parts manufacturing. Subject’s
services include the following :
- Conversions
- New Buildings
- Mechanical
- Steelwork
- Pipe work
- Electrical
- Tank Cleaning
- Stocks & Stores
- Hull and tank coating
- Rigging
- Offshore oil industry services
- Galvanising plant
- Blasting facility
- Computer network
The facility was
built by Costain International Ltd and Taylor Woodrow International Ltd at a
cost of US$ 460 million, and comprises 3 dry docks, 8 wet repair berths, a
finger pier and a tank cleaning berth. The total area of the yard is 200
hectares with direct access to the sea through a 350 metre wide entrance.
Any existing size
and type of commercial vessel can be accommodated in one of the following docks
:
Dock 2 521 by 100 metres, with a capacity of handling
vessels with up to 1,000,000 DWT
In November 1997,
Dubai Dry Docks was awarded a contract for work on the pipe laying barge, the
“DLB Castoro II”. The work included the refurbishment of the accommodation
facilities and an increase in their capacity, as well as the design and
installation of a complete new fire detection system. Work was completed on 31st
March 1998.
In July 1997,
subject signed a contract with the Dubai Ports Authority for the construction
of a harbour tug, named the “Al Wasl”. Delivery was made in April 1998.
In May 2001, work
was finished on the “Safaniyah” and “Ramlah”, on behalf of Mid East
Shipmanagment.
Dubai Drydocks
successfully completed and delivered a Floating Drydock to Saudi Aramco on 26th
October 2003.
Subject has
completed the conversion of a second Floating Production Storage and Offloading
Unit (FPSO). FPSO 'Mystras', measuring 271x55x23 metres with a deadweight of
143,000 tonnes, has a production capacity of 80,000 barrels per day and a
storage capacity of 1.1 million barrels. This conversion will extend the life
of the vessel by a further 10 years. The vessel was named by the First Lady of
Nigeria at a ceremony at Dubai Drydocks in October 2003. FPSO
"Mystras" is scheduled to operate offshore Nigeria for AGIP Nigeria.
The sixteen-month conversion project was carried out entirely in Dubai and involved
extensive amounts of steel, pipe, electrical, mechanical, painting and
accommodation work.
Since starting
operations in 1983 the shipyard has repaired over 6,600 vessels.
In 2007 the subject
was awarded the “Shipyard of the Year” award.
In 2010, despite adverse market conditions, a total of 283 vessels were
repaired by the Dubai based shipyard. The shipyard had invested in a new highly
advanced 320 sq.m. cryogenic facility recently to address the specialized and
sophisticated repair needs of gas carriers. The year saw an increase in the
number of gas carriers repaired, which included 10 LPG vessels and 23 LNG
vessels belonging to oil and gas majors in the world.
Several of the LNGs vessels repaired were of the large Q-Max and Q-Flex
type. The year also major repair and modification carried out on 8 offshore
drilling rigs. In addition, the shipyard completed 2 sophisticated on version projects, 5 advanced new building
projects and the shipyard’s Afloat Repair Division handled 194 projects.
Drydocks World –
Dubai will manage the ship-lifts facility at Dubai Maritime City. The facility
will address the repair needs of small to medium size vessel owners, widening
the repair portfolio of the yard.
The new facility will
have 42 dry berths of 100 x 25 metres at Dock 1, two of
them covered, and eleven dry berths of 150 x 35 metres at Dock 2 -
one of them covered. The facility will be equipped with ship-lifts of 6,000
tonnes and 3,000 tonnes. A 700-tonnes travel lift will be available on site.
The wet berths will extend over 1270 linear metres.
Drydocks World –
Dubai is operating the ship lift facility at Jadaf near Dubai Creek. The yard
has two ship lifts capable of lifting vessels up to 2500 tonnes.
On 14th April 2014, Drydocks World announced that it has
signed an Agreement with Malta Oil & Gas Ltd for building two unique new
jack-up drilling rigs based on Gusto MSC CJ54-X135-A design. The Agreement was
signed by Khamis Juma Buamim, Chairman of Drydocks World & Maritime World
and Mr Paul Robert Thomson of Malta Oil & Gas Ltd.
The Unit has
dimensions of 76m x 76m and leg length 180.6m and is intended for operation in
water depths up to 450 ft. It consists of a triangular shaped hull with three open
truss legs, rack and pinion type elevating systems and leg-to-hull fixation
systems. The rig will be capable of drilling HPHT (High Pressure High
Temperature) wells. It is equipped with a permanent accommodation for 150
persons, a heli-deck suitable for the use of a S61N or S92 helicopter and a
retractable X-Y type cantilever carrying the drilling derrick.
Drydocks World is undertaking a strategic development in its rig
business from repair & refurbishment and rehabilitation to new building.
The company is taking advantage of the presence of a highly-experienced
management team and the ready availability of a strong dedicated engineering
team to implement changes to original basic design, which holds the key to
successful delivery. In addition, the Operational Excellence cycle is adhered
to at all levels of production and the rig will be constructed in accordance to
the cycle. The operation excellence initiative, which started with preliminary
meetings involving clients has helped in understanding the rig’s operational
requirements.
Operational Excellence introduced within the organization has changed
the philosophy of leadership, and management of tasks at various levels
resulting in continuous improvement throughout the organization by focusing on
the needs of the customer and optimizing existing activities in the process.
This approach has helped the shipyard achieve an incident-free workplace and
safety milestones on all its key projects – 7.2 million (7,220,425) man hours
without Lost Time injury has been achieved in the first quarter of 2014 –
promote a healthy workforce, identify and mitigate environmental and safety
risks, provide high quality and reliable services and optimize the efficient
use of resources. Constant and sustained efforts have been made to
achieve and maintain a culture of excellence over time.
Drydocks World has processes based on industry best practices that lay
out the requirements and procedures for meeting safety, health and
environmental objectives.
The company has been doing pioneering work to introduce safer &
greener environmentally friendly initiatives in all areas of the business.
These initiatives have received widespread recognition & greatly enhanced
the reputation of DDW as an organization that is environmentally responsible.
Numerous clients have emulated the company’s practices in their businesses
after having seen its success in these areas. Green
technologies will be introduced wherever applicable to make the rig environment
friendly. Drydocks World is committed to adding value to all its projects by
incorporating new technologies, which will reduce operating cost and improve
energy efficiency.
Worldwide
Agents:
·
CET
Werft-und Handelsvertretungen Grunewald GmbH & Co Germany
·
Esma
International BV Netherlands
·
Calvey
Marine Ltd United
Kingdom
·
Isletme
Ltd (STL) Turkey
·
Bonab
Offshore Shipping Iran
·
MIE
Adridship France
·
Transma
Ltd Hong
Kong
·
SSRS
Ltd Greece
·
B-I
Industrial Co Ltd Korea
·
Lachmann
Agencies Maritimas SA Brazil
·
MIE
Services Ltd Cyprus
Import
Countries: United States of
America, Europe and Japan
Subject has a
workforce of approximately 10,000 employees.
No financial information
was released by the subject and as a Government Corporation it is not required
by law to make its accounts public.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Acc No. 020181120-10
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
Credit amount 125,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
In 1971, His
Highness Sheikh Rashid Bin Saeed Al Maktoum, commissioned a feasibility study
for the construction of an ambitious ship repair facility. Today, Dubai Dry
Docks has successfully established a prominent position amongst the world’s
leading ship repair companies. This achievement is due to the importance
attached to the maintenance of a superbly designed yard and the provision of
the most modern equipment available. It enjoys full ISO 9002 Quality Management
accreditation for its entire operations.
Since starting
operations in 1983 the shipyard has repaired over 6,600 vessels of all types
and sizes many of which are ULCC’s and VLCC’s representing a large proportion
of the world’s tanker fleet. The total deadweight of the ship’s repaired is
260,000,000 tones and encompasses vessels from virtually every major owner and
management company across the globe.
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.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
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.