MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BAYSYSTEMS PEARL
FZCO |
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Registered Office : |
Industrial Area,
P O Box 262021, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
7th January 2007 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Engaged in the
import and distribution of polyurethane systems. |
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$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : BAYSYSTEMS PEARL FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 7th January 2007
Trade Licence Number : 7514
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 30
Line of Business : Distributors of polyurethane systems.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
BAYSYSTEMS PEARL
FZCO
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 262021
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3337837
Facsimile : (971-4) 3202627
Mobile : (971-50) 5589397
Email : sadiqbasha@baysystems.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Dubai.
KEY PRINCIPALS
·
Mohamed
Abdulrahman Managing
Director
·
Sadia Basha Finance
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 7th
January 2007
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 7514
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
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Bayer Material
Science AG
Germany
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Pearl
Insulation Materials Industries LLC
Dubai
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 import and distribution of
polyurethane systems.
Import Countries
: Europe and the United
States of America.
Subject has a
workforce of 30 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
National Bank
of Fujairah
PO
Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
Acc No. 010200036110
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
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$ 50,000
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%)