MIRA INFORM REPORT

 

 

Report Date :

29.05.2012

 

IDENTIFICATION DETAILS

 

Name :

PERMA PIPE MIDDLE EAST FZC

 

 

Registered Office :

Fujairah Free Zone, Phase 2, 4988 Fujairah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

12.06.2005

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Manufacture of insulating and jacketing pipes

 

 

No. of Employees :

120

 

 

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                                     : PERMA PIPE MIDDLE EAST FZC

Country of Origin                                    : Fujairah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 12th June 2005

Trade Licence Number                            : 1638

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 120

Activities                                               : Manufacture of insulating and jacketing pipes.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

PERMA PIPE MIDDLE EAST FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Fujairah Free Zone, Phase 2

 

PO Box             : 4988

 

Town                 : Fujairah

Country             : United Arab Emirates

 

Telephone         : (971-9) 2282540

Facsimile          : (971-9) 2282541

Email                : contactus@permapipe.ae

 

Premises

 

Subject operates from a suite of offices and a factory on a 10-acre site that are rented and located in the Fujairah Free Zone.

 

Branch Offices

 

     Location                                                                                           Description

 

·       Saif Zone                                                                                          Office premises

Sharjah

Tel: (971-6) 5573338

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Avin Gidwani                                                                                     President

 

·       Sayed Fati Ahmed Al Jondi                                                                Managing Director

 

·       Sayed Anan Chandro Jedwani                                                            General Manager

 

·       A S Subramanian                                                                              Finance Manager

 

·       Sorren Kajaer                                                                                    Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th June 2005

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 1638, Fujairah Free Zone

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Perma Pipe Inc                                                             100%

7720 North Lehigh Avenue
Niles, Illinois 60714
United States of America
Tel: (1-847) 966-2235

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of insulating and jacketing pipes ranging from 2" up to 72" in diameter. The

     company has the capacity to insulate and jacket over 2 km of pipe per day.

 

Import Countries: United States of America and Europe.

 

Subject has a workforce of approximately 120 employees.

 

 

FINANCIAL DATA

 

Companies registered in Fujairah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Fujairah

PO Box: 887

Fujairah

Tel: (971-9) 2224518 / 2224513

Fax: (971-9) 2224516 / 2229470

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.55.26

UK Pound

1

Rs.86.80

Euro

1

Rs.69.63

 

 

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.