MIRA INFORM REPORT
|
Report
Date : |
17th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
BADOTHERM MIDDLE EAST FZCO |
|
|
|
|
Registered
Office : |
Office
No. 112, Lob 16 Jebel Ali Free Zone, 18576, Dubai, United Arab Emirates |
|
|
|
|
Country: |
United Arab Emirates |
|
|
|
|
Date
of Incorporation : |
1st February 2006 |
|
|
|
|
Legal
Form : |
Free Zone Company - FZCO |
|
|
|
|
Line
of Business : |
Manufacturers
of gauges and seals. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum
Credit Limit : |
US$
25,000 |
|
|
|
|
Status
: |
Small
Company |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
SUMMARY
|
Company
Name |
BADOTHERM
MIDDLE EAST FZCO |
|
Country
of Origin |
Dubai,
United Arab Emirates |
|
Legal Form |
Free Zone
Company - FZCO |
|
Registration
Date |
1st
February 2006 |
|
Trade
Licence Number |
6680 |
|
Issued
Capital |
UAE Dh
1,000,000 |
|
Paid
up Capital |
UAE Dh
1,000,000 |
|
Total
Workforce |
20 |
|
Line
of Business |
Manufacturers
of gauges and seals. |
|
Financial
Condition |
Undetermined |
|
Payments |
Nothing
detrimental uncovered |
COMPANY NAME
BADOTHERM
MIDDLE EAST FZCO
ADDRESS
Registered
& Physical Address
Building : Office No. 112, Lob 16
Area : Jebel Ali Free Zone
PO Box : 18576
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8873414
Facsimile : (971-4) 8873415
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Garuv Anand Indian Managing Director
E R Vinu Indian Commercial Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1st February 2006 (Full
production is expected to start by June 2006).
Legal
Form : Free Zone Company - FZCO
Trade
Licence No. : 6680
Issued
Capital : UAE Dh 1,000,000
Paid up
Capital : UAE Dh 1,000,000
Name of
Shareholder (s)
Bliss Anand
India Pvt Ltd
Bliss House
548 Phase V
Gurgaon
Haryana
122001
India
Tel :
(91-124) 2397921
Fax :
(91-124) 2397924
Badotherm
Kelvinstraat
13
PO Box :
485
3300 Al
Dordrecht
The
Netherlands
Tel :
(31-786) 545800
Fax :
(31-786) 545837
Note
to the Legal Form
A Free Zone
Company (FZCO) is a Private Limited Liability Company, with its liability
determined by the amount of paid-up capital. The minimum share capital
currently stands at UAE Dh 1,000,000.
This legal
form allows for 100 percent foreign ownership within the United Arab Emirates
and allows foreign companies to maintain a presence in the UAE (within the free
zone), without the usual requirement of a local sponsor that would hold
majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of gauges and seals for the oil and gas industries.
Import
Countries : Europe
and India.
Subject has
a workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Subject is
a newly formed business and as a result financial information is not currently
available.
BANKERS
Bank of
Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on
the credit figure of US$ 15,000,000:
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 25,000
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |