MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DOW EUROPE GMBH |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 16943, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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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 : |
Engaged in the import and distribution of chemical and
latex products. |
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$ 250,000 |
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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
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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%)