MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
VAN OORD GULF FZE |
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Registered Office : |
South Expansion
Plot S 10601, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 18057, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
23rd December 2001 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
acquisition and execution of marine construction |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : VAN OORD GULF FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 23rd December 2001
Trade Licence Number : 3250
Membership Number : 66330
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 100
Line of Business : Acquisition and execution of marine construction.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
VAN OORD GULF FZE
ADDRESS
Registered & Physical Address
Location : South Expansion Plot S 10601
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 18057
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860111
Facsimile : (971-4) 8860120
Email : loc.dxb@vanoord.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Jan Schaart Dutch Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 23rd
December 2001
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 3250
(Expires 30th November 2007)
Membership No. : 66330
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Emsevis
(Management Services) Ltd 100%
Cyprus
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the acquisition and execution of
marine construction generally outside the UAE and in particularly for the
Nakheel Corporation in Dubai.
Subject has a
workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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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
Opinion on the
credit figure of US$ 150,000:
Established in
2001, subject is involved in the acquisition and execution of marine construction
and is owned by Emsevis (Management Services) Ltd of Cyprus.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)