MIRA INFORM REPORT

Report Date :

14.05.2012

IDENTIFICATION DETAILS

Name :	TAWAZON CHEMICAL COMPANY LLC
Registered Office :	Al Khaleej Building Zaabeel Street Al Karama Area PO Box 52161 Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2010
Date of Incorporation :	19.11.1992
Com. Reg. No.:	40610, Dubai
Legal Form :	Limited Liability Company
Line of Business :	Import and distribution of industrial chemical products
No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
UAE	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : TAWAZON CHEMICAL COMPANY LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 19^th November 1992

Commercial Registration Number : 40610, Dubai

Trade Licence Number : 229516

Chamber Membership Number : 25713

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 20

Activities : Import and distribution of industrial chemical products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ramesh Krishnan, Finance Manager

COMPANY NAME

TAWAZON CHEMICAL COMPANY LLC

ADDRESS

Registered & Physical Address

Building : Al Khaleej Building

Street : Zaabeel Street

Area : Al Karama Area

PO Box : 52161

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3368230

Facsimile : (971-4) 3367357

Email : info@tawazon.ae

Premises

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

Branch Office (s)

Location Description

· Sheikh Zayed Road Rented warehouse premises

PO Box: 17639

Jebel Ali Free Zone

Dubai

Tel: (971-4) 8811913

KEY PRINCIPALS

Name Nationality Position

· Oussama Mohamed Farooq Ghandour Lebanese Managing Director

· Saeed Ahmed Ghobash Emirati Director

· Ramesh Krishnan - Finance Manager

· Ranjit Mathew - Sales Manager

· Mahmoud Serour - Marketing Manager

· Rohan Aranhan - Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 19^th November 1992

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 40610, Dubai

Trade Licence No. : 229516

Chamber Member No. : 25713

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Saeed Ahmed Ghobash 66%

· Oussama Mohamed Farooq Ghandour 34%

AFFILIATED COMPANIES

· Transchem Sarl

Raymond Fayad Centre

Sid El Bouchrieh, Jdeidet El Metn

PO Box: 91303

Beirut

Lebanon

Tel: (961-1) 871272 / 871463

Fax: (961-1) 887898

· On Time Distribution

Saeed Ahmed Ghobash Building

Airport Road

Al Garhoud

PO Box: 1017

Dubai

United Arab Emirates

Tel: (971-4) 2820800

Fax: (971-4) 2828108

· Ghobash Trading Co

Dubai

United Arab Emirates

Tel: (971-4) 3345111

OPERATIONS

Activities: Engaged in the import and distribution of industrial chemical products, including detergents, disinfectants, paint, varnish, dyeing materials, adhesives, fibre glass products, construction chemicals and packaging products.

Import Countries: United Kingdom, Germany, France, Spain, Italy, Poland, Netherlands, Saudi Arabia, Japan and South Korea

International Suppliers:

· Imerys United Kingdom

· Rockwood Additives United Kingdom

· ECC International United Kingdom

· Laborte Absorbant United Kingdom

· Degussa Germany

· Clariant Germany

· Coloris France

· Repsol Spain

· Zachem Poland

· HCA Netherlands

· Silo Italy

· Kolon Chemical Co South Korea

· Showa Hipolymer Japan

· Cristal Saudi Arabia

Operating Trend: Steady

Subject has a workforce of 20 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/09: Year Ending 31/12/10:

Total Sales UAE Dh 20,000,000 UAE Dh 21,800,000

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

The above financial figures were confirmed by Ramesh Krishnan, Finance Manager

BANKERS

· Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction June 2007

Credit amount 34,000

Amount overdue 0

Payment terms 90 days

Payment Method Letters of Credit

Paying record No Complaints

Currency Pounds Sterling

GENERAL COMMENTS

Established in 1992, subject is owned and managed by Mr Oussama Mohamed Farooq Ghandour, a Lebanese national who operates in Dubai under the local sponsorship of Mr Saeed Ahmed Ghobash.

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Report Prepared by :

MNL

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	Capability to overcome financial difficulties seems comparatively below average.	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
----	NB	New Business	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.