MIRA INFORM REPORT

 

 

Report Date :

19.05.2012

 

IDENTIFICATION DETAILS

 

Name :

TAWAZON CHEMICAL COMPANY LLC

 

 

Registered Office :

Al Khaleej Building, 2nd Floor, Office No. 201, Zaabeel Street, Al Karama Area, Bur Dubai, 52161 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

19.11.1992

 

 

Com. Reg. No.:

40610, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and distribution of industrial chemical products.

 

 

No. of Employees :

23

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates

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                                   : 19th 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                                     : 23

Activities                                               : Import and distribution of industrial chemical products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : K R Makundan, Senior Accountant

 

 

COMPANY NAME

 

TAWAZON CHEMICAL COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Khaleej Building, 2nd Floor, Office No. 201

Street               : Zaabeel Street

Area                 : Al Karama Area, Bur Dubai

 

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                                                 -                            General Manager

 

·       Ranjit Mathew                                                      -                            Sales Manager

 

·       Mahmoud Serour                                                  -                            Marketing Manager

 

·       Rohan Aranhan                                                    -                            Commercial Manager

 

·       K R Makundan                                                                                  Senior Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th November 1992

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 40610, Dubai

 

Trade Licence No.       : 229516 (Expires 18/11/2012)

 

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 23 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 21,800,000                   UAE Dh 23,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

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

 

·       Emirates NBD Bank

1st Floor

Al Murqabat

Deira

PO Box: 46046

Dubai

 

 

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.54.87

UK Pound

1

Rs.86.46

Euro

1

Rs.69.48

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

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

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