MIRA INFORM REPORT

 

 

Report Date :

06.04.2007

 

IDENTIFICATION DETAILS

 

Name :

RECON CHEMICALS EST

 

 

Registered Office :

Sheikh Mohamed Bin Thani Al Maktoum Building, Airport Road, Port Saeed, Deira, P O Box 62569, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

3rd April 2000

 

 

Com. Reg. No.:

82770, Dubai

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import and distribution of paints and inks, detergents and disinfectants, industrial solvents, plastic and nylon raw materials, basic industrial chemicals, laboratories chemicals and petrochemicals.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 700,000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : RECON CHEMICALS EST

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 3rd April 2000

Commercial Registration Number            : 82770, Dubai

Trade Licence Number                            : 517564

Membership Number                              : 53380

Invested Capital                                     : UAE Dh 100,000

Total Workforce                                     : 12

Line of Business                                    : Distributors of paints, inks, detergents and chemical products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

RECON CHEMICALS EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Sheikh Mohamed Bin Thani Al Maktoum Building

Street               : Airport Road

Area                 : Port Saeed, Deira

PO Box             : 62569

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2950034

Facsimile          : (971-4) 2950624

Email                : recon@emirates.net.ae

                          hp_shetty@reconchemicals.com

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

·         Mahmood Mohamed Hassan Mohamed Al Ebrah                    Proprietor

 

·         H P Shetty                                                                        General Manager

 

·         J Kumar                                                                              Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd April 2000

 

Legal Form                  : Mouassasa Khassa (Sole Proprietorship)

 

Commercial Reg. No.  : 82770, Dubai

 

Trade Licence No.       : 517564 (Expires 31st March 2008)

 

Membership No.          : 53380

 

Invested Capital           : UAE Dh 100,000

 

Mr Mahmood Mohamed Hassan Mohamed Al Ebrah is the sole proprietor of the business.

 

Note to the Legal Form  

 

Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of paints and inks, detergents and disinfectants, industrial solvents, plastic and nylon raw materials, basic industrial chemicals, laboratories chemicals and petrochemicals.

 

Import Countries : Europe, the Far East, India and the United States of America.

 

International Suppliers :

 

·       Sasol Servo BV                     Netherlands

·       Akcros Chemicals                 Netherlands

·       Rütgers Chemicals AG          Germany

·       Harold Scholz GmbH Germany

·       iSL-Chemie                           Germany

·       Repsol-YPF                          Spain

·       Roquette Freres                    France

·       EOC Polymers                      Belgium

·       KMT Chemicals                    Russia

·       Synpol Products                   India

·       HMP                                    India

·       Shin-Etsu Chemicals             Japan

·       Arizona Chemicals                United States of America

 

Operating Trend : Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                    Year Ending 31/12/05:                            Year Ending 31/12/06:

 

Total Revenue                UAE Dh 5,210,000                                 UAE Dh 5,840,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       ABN Amro Bank

Deira Branch

PO Box : 2567

Dubai

     Tel : (971-4) 3512200

 

·       Emirates Bank International Ltd

Beniyas Road

Deira

PO Box : 2923

Dubai

Tel : (971-4) 2256256 / 2256900

Fax : (971-4) 2268005 / 2267718

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 February 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 2000, subject is involved in the import and distribution of paints and inks, detergents and disinfectants, industrial solvents, plastic and nylon raw materials, basic

industrial chemicals, laboratories chemicals and petrochemicals.

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 700,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions