MIRA
INFORM REPORT
|
Report
Date : |
23rd
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
SONA PLUS TRADING LLC |
|
|
|
|
Registered
Office : |
Obaid
Omair Mohamed Building, Al Suq Al Kabir Street, Deira, 39244 & 12687,
Dubai, United Arab Emirates |
|
|
|
|
Country: |
United
Arab Emirates |
|
|
|
|
Date
of Incorporation : |
31st July 2002 |
|
|
|
|
Com.
Reg. No.: |
62007 |
|
|
|
|
Legal
Form : |
Limited Liability Company - LLC |
|
|
|
|
Line
of Business : |
Engaged in the import and distribution of ready made
garments, textiles and leather products |
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$
100,000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
SUMMARY
|
Company
Name |
SONA PLUS
TRADING LLC |
|
Country
of Origin |
Dubai,
United Arab Emirates |
|
Legal
Form |
Limited
Liability Company - LLC |
|
Registration
Date |
31st
July 2002 |
|
Commercial
Registration Number |
62007,
Dubai |
|
Trade
Licence Number |
536389 |
|
Membership
Number |
70772 |
|
Issued
Capital |
UAE Dh
300,000 |
|
Paid
up Capital |
UAE Dh
300,000 |
|
Total
Workforce |
4 |
|
Line
of Business |
Distributors
of read made garments, textiles and leather products. |
|
Financial
Condition |
Fair |
|
Payments |
Nothing
detrimental uncovered |
|
Operating
Trend |
Steady |
COMPANY NAME
SONA PLUS
TRADING LLC
ADDRESS
Registered
& Physical Address
Building : Obaid Omair Mohamed Building
Street : Al Suq Al Kabir Street
Area : Deira
PO Box : 39244 & 12687
Town :
Dubai
Country : United Arab Emirates
Telephone : (971-4) 3533144
Facsimile : (971-4) 3534598
Email : sonatex@emirates.net.ae
PREMISES
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Ajay Agrawal Pareem Sagher Agrawal Indian Managing
Director
Rashid
Hassan Abdullah Ali Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 31st July 2002
Legal Form :
Sharikat Thet
Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 62007, Dubai
Trade Licence No. : 536389 (Expires 30th
July 2006)
Membership No. : 70772
Issued Capital : UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Name of Shareholder (s) Percentage
Rashid Hassan Abdullah Ali 51%
Ajay Agrawal Pareem Sagher Agrawal 49%
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
import and distribution of ready made garments, textiles and leather products.
Import
Countries : Europe
and the Far East.
Operating
Trend : Steady
Subject has
a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/03 : Year
Ending 31/12/04 :
Total
Revenue UAE Dh 3,275,000 UAE Dh
3,450,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
National
Bank of Ras Al Khaimah
Naif Street
PO Box :
1531
Dubai
Tel : (971-4) 2248000
Fax : (971-4) 2223738
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2002, subject is involved in the import and distribution of ready made
garments, textiles and leather products.
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.
Maximum
suggested credit figure: US$ 100,000
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/normal. |
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 |