MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PERFECT WAY
FOODSTUFF TRADING LLC |
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Registered Office : |
Taleb Moosa
Mahmood Building, Al Suq Street, Al Souq Al Kabir, Al Awir, P O Box 45740,
Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17th July 2005 |
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Com. Reg. No.: |
75230, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import, distribution and retail of vegetables and fruits, grains, cereals and
legumes. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 17th July 2005
Commercial Registration Number :
75230,
Trade Licence Number : 571489
Membership Number : 99290
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 4
Line of Business : Import, distribution and retail of vegetables and fruits, grains,
cereals and legumes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
PERFECT WAY
FOODSTUFF TRADING LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Souq Al Kabir, Al Awir
PO Box : 45740
Town :
Country :
Telephone : (971-4) 2257224 / 3202854
Facsimile : (971-4) 2257228 / 3202853
Email : perfectway22@hotmail.com
Premises
Subject operates
from a small suite of offices, a warehouse and a showroom that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Pershotam
Bhatia Menghraj Mal Pakistani Managing Director
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Ajaykumar
Srichand Karara Indian Director
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Birjla
Mehrumal Jagwani Indian Director
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Faisal
Juma Darwish
LEGAL FORM &
OWNERS
Date of Establishment : 17th
July 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 75230,
Trade Licence No. : 571489
(Valid until 16/07/2007)
Membership No. : 99290
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
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Faisal
Juma Darwish
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Pershotam
Bhatia Menghraj Mal 17%
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Ajaykumar
Srichand Karara 16%
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Birjla
Mehrumal Jagwani 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
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 import, distribution and retail
of vegetables and fruits, grains, cereals and legumes.
Import
Countries:
Subject has a
workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
3,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
PO Box : 2668
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Perfect Way
Foodstuff Trading LLC is a relatively new business with operations commencing
in July 2005. It is engaged in the import, distribution and retail of
vegetables and fruits, grains, cereals and legumes.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the business is considered to be a fair trade
risk and the above credit figure is deemed admissible.
Maximum suggested
credit figure: US$ 150,000
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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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%)