MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
BADOTHERM
MIDDLE EAST FZCO |
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Registered Office : |
Office
No. 112, Lob 16, Jebel Ali Free Zone, PO Box : 18576, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
01.02.2006 |
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Legal Form : |
Free
Zone Company - FZCO |
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Line of Business : |
Manufacturers of gauges and seals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
25,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
BADOTHERM MIDDLE EAST FZCO |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Company - FZCO |
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Registration Date |
1st February 2006 |
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Trade Licence Number |
6680 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
20 |
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Line of Business |
Manufacturers of gauges and seals. |
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Financial Condition |
Undetermined |
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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
Email : gages@eim.ae
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
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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) Percentage
·
Bliss
Anand India Pvt Ltd 50%
Bliss House
548 Phase V
Gurgaon
Haryana 122001
India
Tel : (91-124) 2397921
Fax
: (91-124) 2397924
·
Badotherm 50%
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
Upon
re-investigation local informants reported that Mr E R Vinu confirmed that the
subject is owned 50% each by “Bliss Anand India Pvt Ltd” of India and
“Badotherm” of the Netherlands.
RATING EXPLANATIONS
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RATING |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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