MIRA INFORM REPORT

Report No. :	511235
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	DIESEL TECHNIC (M.E.) FZE
Registered Office :	Jebel Ali Free Zone Area (JAFZA), Plot No. MOO679, Near Roundabout 13, behind ENOC Petrol Station, PO Box: 17051 Dubai
Country :	United Arab Emirates
Date of Incorporation :	15.07.1995
Com. Reg. No.:	7180
Legal Form :	Free Zone Establishment
Line of Business :	Retail trade of motor vehicle parts and accessories Agents specialised in the sale of other particular products
No. of Employees :	153

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
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	Diesel Technic (M.E.) FZE
ADDRESS	Building	Street			Area			PO Box
	Diesel Technic Building	Street N305			Jebel Ali Free Zone Area (JAFZA), Plot No. MOO679, Near Roundabout 13, behind ENOC Petrol Station			17051 Dubai
TEL/FAX	Verified Phones: (+971 4) 812 0100 / Fax: (+971 4) 812 0100
EMAIL/WEBSITE	Email: pjenvi@dieseltechnic.com / dubai@dieseltechnic.com / Website: www.dieseltechnic.ae
ACTIVITY	NACE 4532 - Retail trade of motor vehicle parts and accessories; NACE 4618 - Agents specialised in the sale of other particular products;
PRINCIPAL	Steffen Vondran					Workforce
	Managing Director					153
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	15/07/1995		7180	Free Zone Establishment			Active
CAPITAL	CURRENCY			AMOUNT
	AED			1,000,000

IDENTIFICATION
CO. NAME	Diesel Technic (M.E.) FZE
ALSO KNOWN NAME (S)	Diesel Technic / Diesel Technic (Middle East) FZE
BUILDING	Diesel Technic Building
STREET	Street N305
AREA	Jebel Ali Free Zone Area (JAFZA), Plot No. MOO679, Near Roundabout 13, behind ENOC Petrol Station
POSTAL ADDRESS	17051 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 812 0100 / (+971 4) 883 6832
FAX	(+971 4) 812 0100
VERIFIED EMAIL	pjenvi@dieseltechnic.com / dubai@dieseltechnic.com / shenoy@dieseltechnic.com / s.rohlfs@dieseltechnic.com / yaromina@dieseltechnic.ae
WEBSITE	www.dieseltechnic.ae / www.dieseltechnic.com
BUSINESS HOURS (DURING RAMADAN)	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-15:00	Without Break
REGISTERED ADDRESS	Jebel Ali Free Zone Area (JAFZA), Plot No. MOO679, Near Roundabout 13, behind ENOC Petrol Station, PO Box: 17051 Dubai, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Steffen Vondran (based in Germany)	Managing Director
	Dirk Heibel Zhanna Yaromina Vinod Vincent Santosh Pradeep Jenvi Gopalkrishna Shenoy Ms. Melissa Silva	General Manager Accounts Manager Sales Manager Logistics & Shipping Manager Administrative Manager Accountant
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	153	05.2018
	650 (Diesel Technic Group)	01.2017

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2016
	USD 57,000,000	USD 54,000,000
NET PROFIT / (LOSS)	not given but stated to be 5% of sales
FISCAL YEAR-END	31 December.

LEGAL STATUS
INCORPORATION	15/07/1995
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No. : 7180 (expiry date: 31/12/2018)	Jebel Ali Free Zone Authority
OTHER REGISTRATION NO.	DCCI Membership No. : 34746 (issue date: 25/07/1995)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	1,000,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	1,000,000	AED
BUSINESS HISTORY	Subject was established in Jebel Ali Free Zone (JAFZA) on 15 July 1995 and was registered with the local Chamber of Commerce on 25 July 1995.
LEGAL FORM	Free Zone Establishment
STATUS	Active
OWNER	NAME	PERCENTAGE
	Diesel Technic AG Wehrmannsdamm 5-9 D-27245 Kirchdorf Germany Telephone: (+49 4) 273 890 Fax : (+49 4) 273 8989 E-Mail : info@dieseltechnic.com Website : www.deiseltechnic.com Subject is a subsidiary of Diesel Technic AG, Germany, which heads The Diesel Technic Group which is one of the largest full-range commercial vehicle spare parts suppliers of the brand DT Spare Parts in the Independent Aftermarket (IAM) with distribution partners in 150 countries. The Group has subsidiaries in France, the Netherlands, Spain, Brazil, Singapore and a representative office in China. Worldwide, the group employs more than 650 people from 30 countries serving customers in more than 150 countries. Diesel Technic AG was founded in 1972 and is headquartered in Kirchdorf, Germany. * 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.	100.00%

OPERATION
BANKERS	1. Habib Bank AG Zurich Al Ittihad Square P.O. Box 3138 Dubai Telephone: (+971 4) 225 2001 Fax : (+971 4) 228 4211 2. HSBC Bank Middle East Jebel Ali Free Zone PO Box 66 Dubai Telephone: (+971 4) 881 6433 Fax : (+971 4) 881 6378
ACTIVITY CODE (NACE)	4532 - Retail trade of motor vehicle parts and accessories; 4618 - Agents specialised in the sale of other particular products;
LINE OF BUSINESS	Trading as importers, wholesalers and retailers of trucks', trailers and buses spare parts. Subject’s main products include : - Engine; - Cooling System; - Fuel System; - Exhaust System; - Clutch & Pedal; - Gearbox; - Propeller Shaft; - Axles; - Brake System; - Hubs & Wheels; - Suspension; - Steering; - Electrical System; - Cabin; - Body. Subject’s trucks brands: - DAF - Iveco - MAN - Mercedes-Benz - Renault Trucks - Scania - Volvo Subject’s trailers brands: - BPW, - ROR/Meritor - SAF - Fruehauf - Schmitz Cargobull - Gigant/SAE/SMB - Mercedes-Benz Subject’s bus brands : - Irisbus - MAN/Neoplan - Mercedes-Benz/Setra - Scania - Volvo
IMPORT FROM	Germany, Sweden, Brazil, India, China, Taiwan, Thailand and Turkey.
EXPORT TO	GCC, Middle East and African countries
FACILITIES	20,000 sq. m. leased premises comprising administrative offices with storage facilities located at the heading address.
RELATED COMPANIES	Subject is a member of The Diesel Technic Group headquartered in Germany, which also includes the following companies : Associates 1. Diesel Technic France Sarl Rue de la Cour des Roses Z.A. de la Giraudi re 35530 Noyal sur Vilaine France Telephone: (33 2) 9900 6250 / 6595 Fax : (33 2) 9900 5351 E-Mail : france@dieseltechnic.com Website : www.dieseltechnic.fr 2. Diesel Technic Benelux B.V. Grutter 3 5253 RM Nieuwkuijk The Netherlands Telephone: (31 73) 639 5070 Fax : (31 73) 639 5071 E-Mail : benelux@dieseltechnic.com 3. Diesel Technic Truck & Bus Parts Ltd Western Way Industrial Park Holyhead Road, Wednesbury West Midlands WS 10 7BN UK Telephone: (44 121) 5568 888 Fax : (44 121) 5568 835 E-Mail : greatbritain@dieseltechnic.com 4. Diesel Technic Italia SRL Via Pacinotti 19 37135 Verona Italy Telephone: (39 045) 584 977 Fax : (39 045) 509 498 E-Mail : italy@dieseltechnic.com 5. DT-Diesel Technic Iberia, S.L. C/ Montes de Toledo, Nave 14 Pol. Ind. Las Fronteras 28830 San Fernando de Henares / Madrid Spain Telephone: (34 902) 007 211 Fax : (34 800) 007 211 6. Diesel Technic Do Brasil Ltda Rua Zygmunt Krosnowski, 228 Parque Industrial 87045-370 Maring -Paran Brazil Telephone: (55 44) 3261 7000 Fax : (55 44) 3261 7001 E-Mail : brasil@dieseltechnic.com Website : www.dieseltechnic.com.br 7. Diesel Technic Asia Pacific Pte. Ltd. 5 Toh Guan Road East Block 1, #02-04/05, #02-07/09, #03-01/03 Singapore 608831 Telephone: (65) 6450 1888 Fax : (65) 6450 1899 8. Diesel Technic Ag Shanghai Rep. Office Rm. 1008, HiTech Plaza No. 488 Wuning Road (S) Shanghai P.C. 200042 China Telephone : (86 21) 5298 7126 Fax : (86 21) 5298 7167 E-Mail : china@dieseltechnic.com Website : www.dieseltechnic.cn 9. Diesel Technic UK & Ireland Ltd UK

SPECIAL REMARKS
INTERVIEWED	Santosh Pradeep Jenvi (Logistics & Shipping Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.44
UK Pound	1	INR 89.89
Euro	1	INR 79.00
UAE DH	1	INR 18.44

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
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)

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