MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DOW |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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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
Company Name :
DOW
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 24th August 1992
Trade Licence Number : 1441
Membership Number : 24899
Issued Capital : UAE Dh 44,200,000
Paid up Capital : UAE Dh 44,200,000
Total Workforce : 80
Line of Business : Distributors of chemical and latex products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DOW
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 16943
Town :
Country :
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
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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
Dow Europe GmbH in the
Registered Corporation
with its registered office located at the following address :
Dow
Bachtobelstrasse 3
8810 Horgen
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
Trade Licence No. : 1441
(Expires 30th September 2007)
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
:
Operating Trend
: Steady
Subject has a
workforce of 80 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 20,800,000 UAE Dh 21,550,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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ABN
Amro Bank
Deira Branch
PO Box : 2567
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
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%)