MIRA INFORM REPORT

 

 

Report Date :

25.02.2008

 

IDENTIFICATION DETAILS

 

Name :

PERCEPT GENERAL TRADING CO LLC

 

 

Registered Office :

Al Masood Tower, Mezzanine Floor, Al Mina Road, Umm Al Taraffa, PO Box 26475, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

16.12.1996

 

 

Com. Reg. No.:

29379, Sharjah

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and Distribution of Timber, Fragrances and Air Care Solutions, Leather Hides and Skins, Plumbing Fixtures, and Metallic Pigments and Powders

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : PERCEPT GENERAL TRADING CO LLC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 16th December 1996

Commercial Registration Number            : 29379, Sharjah

Trade Licence Number                            : 121526

Membership Number                              : 38989

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 18

Line of Business                                    : Import and distribution of timber, fragrances and air care

                                                              solutions, leather hides and skins, plumbing fixtures, and

                                                              metallic pigments and powders.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

PERCEPT GENERAL TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Masood Tower, Mezzanine Floor

Street               : Al Mina Road

Area                 : Umm Al Taraffa

PO Box             : 26475

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5373990 / 5639545

Facsimile          : (971-6) 5728465

Email                : pertrade@emirates.net.ae

 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Suburban Business Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Reyaz Malikk Aravite                                                 Indian                            Managing Director

 

·       Kolyatail Mohamed Haydaross Jassim                        Indian                            Director

 

·       Ali Mohamed Abdullah Abdul Kareem             Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th December 1996

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 29379, Sharjah

 

Trade Licence No.       : 121526 (Expires on 13/12/2008)

 

Membership No.          : 38989

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

 

Name of Shareholder (s)              Percentage

 

·       Ali Mohamed Abdullah Abdul Kareem                                                             51%

 

·       Reyaz Malikk Aravite                                                                                                 25%

 

·       Kolyatail Mohamed Haydaross Jassim                                                                        24%

 

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 150,000, 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.

 

 

LINE OF BUSINESS

 

Operations: Engaged in the import and distribution of timber, fragrances and air care solutions, leather

        hides and skins, plumbing fixtures, and metallic pigments and powders.

 

Import Countries: Europe, United States of America and Asia.

 

International Suppliers:

 

·       Technical Concept                             United Kingdom

·       Silva Trade SA                                  Luxembourg

·       Pessers Hides & Skins B.V               Netherlands

·       Black & Decker                                 United States of America

·       Tembec Forest Products                    Canada

·       The Western India Plywoods Ltd         India

·       V.Ismail Haji & Co                             India

·       Pessers Hides & Skins B.V               Netherlands

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Revenue                            UAE Dh 14,380,000                   UAE Dh 15,500,000

 

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

 

 

BANKERS

 

·       UAE Exchange Centre

Al Hosn Tower

Al Dhaid

Sharjah

Tel: (971-6) 8829222

Fax: (971-6) 8829111

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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