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Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
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Name : |
PERFECT INDUSTRIES FZC |
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Registered Office : |
Saif Zone, Plot No. 14001 PO Box 8557
Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.06.2002 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Steel fabricators and coil coaters |
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No. of Employees : |
60 |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - 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. In April
2004, the UAE signed a Trade and Investment Framework Agreement with Washington
and in November 2004 agreed to undertake negotiations toward a Free Trade
Agreement with the US; however, those talks have not moved forward. 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.
The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. 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 : PERFECT INDUSTRIES FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 18th June 2002
Trade Licence Number : 03-04-1362
Chamber Membership Number : 700488
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 60
Activities : Steel fabricators and coil coaters
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Francis D’Souza, Finance Manager
PERFECT INDUSTRIES FZC
Location : Saif Zone, Plot No. 14001
PO Box : 8557
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5571919
Facsimile : (971-6)
5572919
Email : coil@perfectindustries.com
/ perfectt@emirates.net.ae
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Saif Zone, Sharjah.
Name Nationality Position
· Push Raj Samy
Lurdo Indian Managing
Director
· Maxim Jaya Raj Serro Indian Director
· Thomas William Indian Director
· Rashed Hussain - General
Manager
· Francis D’Souza - Finance
Manager
Date of
Establishment : 18th
June 2002
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 03-04-1362, Saif
Zone (Expires 28/02/2014)
Chamber Member No. : 700488
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Push Raj Samy Lurdo 45.0%
· Maxim Jaya Raj Serro 27.5%
· Thomas William 27.5%
· Perfect
Engineering FZCO
Jebel Ali Free
Zone
PO Box: 32627
Dubai
Tel: (971-4)
8861556
· Perfect Industries
LLC
Plot
No. 117B
Sheikh
Zayed Road
Al
Quoz Industrial Area
PO
Box: 32627
Dubai
Tel:
(971-4) 3471626
Fax:
(971-4) 3471525
· Perfect Polymers FZ LLC
Ras
Al Khaimah
· Perfect International FZC
Saif
Zone
Sharjah
· Perfect Concrete FZC
Saif Zone
Sharjah
· Perfect
Engineering ME LLC
Abu Dhabi
· Perfect
Engineering FZC
Sharjah
· Sun Steel
Industries FZC
Sharjah
· Perfect Industries
BLC
Ras Al Khaimah
· Arcklor Middle
East LLC
Dubai
Activities: Engaged as steel fabricators and coil coaters.
Subject has ISO 9001:2008 certification.
Import Countries: Italy and India
Brand Names: HINDALCO
Operating Trend: Steady
Subject has a workforce of 60 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 254,079,330 UAE Dh
280,248,183
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Francis D’Souza, Finance Manager
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
No complaints regarding subject’s payments have been reported.
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.56.49 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.