MIRA
INFORM REPORT
AMENDED REPORT
|
Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BADOTHERM
MIDDLE EAST FZCO |
|
|
|
|
Registered Office : |
Office
No. 112, Lob 16, Jebel Ali Free Zone, P. O. Box 18576, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
01.02.2006 |
|
|
|
|
Legal Form : |
Free Zone Company - FZCO |
|
|
|
|
Line of Business : |
Engaged
in the manufacture of gauges and seals for the oil and gas industries. |
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 |
note :
The information you have requested is not available. The business is registered in the Jebel Ali Free Zone and as such is not under any legal obligation to disclose its shareholding structure. Indeed the business is not even registered with the Dubai Chamber of Commerce because it is a Free Zone Company. I will pass this request on to our sources but the report we sent you on 29.06.2006 made it clear that the subject was not prepared to divulge this information. [see attached report]
We appreciate the difficult position you are in with your client but they must realise that businesses registered in UAE Free Zones have less obligations to disclose information about themselves.
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
NOTE
Please
note that we have attempted to confirm the exact shareholding percentage for
the subject but have been unable to do so. This is partly due to the fact that
it is a Free Zone Company and does not have to publish this information. Local
informants also interviewed Mr Garuv Anand who refused to divulge this
information.
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|