MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
PERFECT
INDUSTRIES LLC |
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Registered Office : |
Plot
No. 117B, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box : 32627, Dubai,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
09.07.1997 |
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Com. Reg. No.: |
49389, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Manufacturers of structural steel. |
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$
250,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
PERFECT INDUSTRIES LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
9th July 1997 |
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Commercial Registration Number |
49389, Dubai |
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Trade Licence Number |
301380 |
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Membership Number |
51300 |
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Issued Capital |
UAE Dh 500,000 |
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Paid up Capital |
UAE Dh 500,000 |
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Total Workforce |
82 |
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Line of Business |
Manufacturers of structural steel. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
PERFECT
INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Location : Plot No. 117B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 32627
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3471626
Facsimile : (971-4) 3471525
Email : perfectt@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a factory that are owned and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Maxim
Jayaraj Serrao Indian Managing Director
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Thomas
William Pangaraj Indian Director
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Maria
Samy Indian Director
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Khalid
Abdul Rahim Shaban Mohamed Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 9th July 1997
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 49389, Dubai
Trade Licence No. : 301380 (Expires 8th July 2007)
Membership No. : 51300
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
·
Khalid
Abdul Rahim Shaban Mohamed 51%
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Maria
Samy 17%
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Maxim
Jayaraj Serrao 16%
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Thomas
William Pangaraj 16%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than
UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations
: Engaged in the manufacture of
structural steel.
Import
Countries : Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 82 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
17,280,000 UAE
Dh 19,500,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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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.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1997, subject is owned and managed by a number of Indian nationals who
operate in Dubai under the local sponsorship of Mr Khalid Abdul Rahim Shaban
Mohamed.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 250,000
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/normal. |
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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