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Report No. : |
324829 |
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Report Date : |
30.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TAWAZON CHEMICAL
COMPANY LLC |
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|
|
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Registered Office : |
Al Khaleej Building, 3rd Floor, Office No. 301 Zaabeel Street Al Karama Area, Bur Dubai 52161 Dubai |
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|
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Country : |
United Arab
Emirates |
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|
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Date of Incorporation : |
19.11.1992 |
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|
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Com. Reg. No.: |
40610, Dubai |
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|
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
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. |
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|
|
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No. of Employee : |
155 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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|
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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, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED ARAB EMIRATES ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
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 : 155
Activities :
Import and distribution of industrial chemical products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : B R Paradeep, Sales Manager
TAWAZON CHEMICAL
COMPANY LLC
Building : Al
Khaleej Building, 3rd Floor, Office No. 301
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
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
Name Nationality Position
·
Oussama
Mohamed Farooq Ghandour Lebanese Managing Director
·
Saeed
Ahmed Ghobash Emirati Director
·
Ramesh Krishnan - General Manager
·
B R Paradeep - Sales
Manager
·
Rohan
Aranhan - Commercial
Manager
·
K R
Makundan Senior
Accountant
Date of Establishment : 19th
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
·
Saeed
Ahmed Ghobash 66%
·
Oussama
Mohamed Farooq Ghandour 34%
·
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
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
·
Synthomer Germany
·
EVONIK Germany
·
Coloris France
·
Repsol Spain
·
Zachem Poland
·
HCA Netherlands
·
Silo Italy
·
Kolon
Chemical Co South Korea
·
Showa
Hipolymer Japan
·
Cristal Saudi Arabia
·
Troy
Corporation United States
of America
Operating Trend: Steady
Subject has a
workforce of 155 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
150,000,000 UAE Dh
153,500,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr B R Paradeep, Sales
Manager
·
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
National Bank of Dubai
1st Floor
Al Murqabat
Deira
PO Box: 46046
Dubai
No complaints
regarding subject’s payments have been reported.
Credit amount 34,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.6376 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.