MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TYTAN ORGANIC CHEMICALS MIDDLE EAST FZE |
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Registered Office : |
Hamriya Free Zone, Plot No. 11/15A, PO Box 41605 & 11605,
Sharjah |
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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 : |
March 2002 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacture and Distribution of Construction Chemicals |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TYTAN ORGANIC CHEMICALS MIDDLE EAST FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : March 2002
Trade Licence Number : 0292
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 25
Activities : Manufacture and distribution of construction chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TYTAN ORGANIC CHEMICALS
MIDDLE EAST FZE
ADDRESS
Registered & Physical Address
Location :
Hamriya Free Zone, Plot No. 11/15A
PO Box : 41605 & 11605
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5260345 / 5260337 / 5620076
Facsimile : (971-6) 5260337
Mobile : (971-50) 7145798
Email : titan@tytanorganics.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Hamriya Free Zone.
KEY PRINCIPALS
Name Position
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Siraz
Bahud Raj Managing
Director
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Abdullah
Mohamed Sukra General
Manager
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Santosh
Modli Plant
Manager
LEGAL FORM & OWNERS
Date of Establishment : March 2002
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 0292
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Siraz
Bahud Raj 100%
AFFILIATED COMPANIES
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Tytan Organics
Pvt Ltd
Sunama House, 3rd Floor
August Kranti Marg
Mumbai 400026
India
Tel: (91-22) 23851825
Fax: (91-22) 23851767
OPERATIONS
Activities: Engaged in the manufacture and distribution
of construction chemicals.
Import
Countries: Europe and India
Operating Trend: Steady
Subject has a
workforce of 25 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
11,800,000 UAE Dh
12,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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National Bank
of Sharjah
Al Boorj Avenue
PO Box 4
Sharjah
Tel: (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is involved in the manufacture of construction chemicals and
operates in close connection with its sister concern, Tytan Organics Pvt Ltd of
India.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)