MIRA INFORM REPORT
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Report Date : |
8th May 2006 |
IDENTIFICATION DETAILS
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Name : |
DOW
EUROPE GMBH |
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Registered Office : |
Sheikh Zayed Road Jebel Ali Free Zone 16943 Dubai United
Arab Emirates |
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Date of Incorporation : |
24th
August 1992 |
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Legal Form : |
Branch of a Foreign
Registered Corporation |
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Line of Business : |
Distributors of chemical
and latex products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 250,000 |
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|
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
DOW EUROPE GMBH |
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Country of Origin |
Switzerland |
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Legal Form |
Branch of a Foreign Registered Corporation |
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Registration Date |
24th August 1992 |
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Trade Licence Number |
1441 |
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Membership Number |
24899 |
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Issued Capital |
UAE Dh 44,200,000 |
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Paid up Capital |
UAE Dh 44,200,000 |
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Total Workforce |
80 |
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Line of Business |
Distributors of chemical and latex products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DOW EUROPE GMBH
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16943
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8074200
Facsimile : (971-4) 8074300
Premises
Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone of Dubai.
KEY PRINCIPALS
Graham Fox General Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th August 1992
Legal Form : Subject is the United Arab Emirates registered branch of Dow Europe GmbH, a Limited Liability Company incorporated in Switzerland.
Dow Europe GmbH in the United Arab Emirates, operates as a Branch
of a
Foreign Registered Corporation with its registered office located at the following
address :
Dow Europe GmbH
Bachtobelstrasse 3
8810 Horgen
Switzerland
Tel : (41-44) 7282111
Fax : (41-44) 7282935
A Branch of a Foreign Registered Corporation is not a legal entity in its own right. Responsibility for payments lays in the hands of the company where it is originally registered.
Under these circumstances, we strongly advise that any international trade credit should only be written under the name of the main company where the subject holds its registered office, in this case Switzerland.
Trade Licence No. : 1441 (Expires 30th September 2006)
Membership No. : 24899
Issued Capital : UAE Dh 44,200,000
Paid up Capital : UAE Dh 44,200,000
LINE OF BUSINESS
Operations : Engaged in the import and distribution
of chemical and latex products.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 80 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue UAE Dh 17,900,000 UAE Dh 20,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
ABN Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel : (971-4) 3512200
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1992, subject is a branch of a foreign registered corporation, namely Dow Europe GmbH of Switzerland and is involved in the import and distribution of chemical and latex products.
Any credit amount that is to be offered to this company should be written under the name of “Dow Europe GmbH” and directed to the companies head office address in Switzerland.
Maximum suggested credit figure: US$ 250,000
RATING EXPLANATIONS
RATING
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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/normal. |
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 |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |