MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DOW EUROPE GMBH |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box
16943, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.08.1992 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DOW EUROPE GMBH
Country of Origin : Switzerland
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 24th August 1992
Trade Licence Number : 1441
Chamber Membership Number : 24899
Issued Capital : UAE Dh 44,200,000
Paid up Capital : UAE Dh 44,200,000
Total Workforce : 80
Activities : Import and distribution of chemical and latex products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 250,000
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
Name Position
·
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 30/09/2008)
Chamber Member No. : 24899
Issued Capital : UAE Dh 44,200,000
Paid up Capital : UAE Dh 44,200,000
OPERATIONS
Activities: 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 DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
21,550,000 UAE Dh
25,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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. |
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%)