MIRA INFORM
REPORT
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Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SUN INTERNATIONAL TRADING FZE |
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Registered Office : |
Jebel Ali Free Zone, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
01.02.2008 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Traders of chemicals, fertilizers, cement, and gypsum as well as ferrous and non-ferrous metals |
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No. of Employee: |
6 |
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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Status : |
Satisfactory |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 UAE 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. The economy is expected to continue a slow rebound.
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
Bottom of Form
Company Name : SUN INTERNATIONAL TRADING FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st February 2008
Trade Licence Number : 110847, JAFZA
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 6
Activities : Traders of chemicals, fertilizers, cement, and gypsum as well as ferrous
and non-ferrous metals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Person Interviewed : Benoy Mathew, Commercial Manager
SUN INTERNATIONAL
TRADING FZE
Registered Address
Location : Jebel
Ali Free Zone
Town : Dubai
Country : United Arab Emirates
Physical Address
Location : Concord Tower, 26th Floor, Suite
No. 601, Dubai Media City
PO Box : 502877
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4393793
Facsimile : (971-4) 4393741 / 4393742
Email : yvette@sunfze.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Vekramjit Singh Sahney Indian Managing
Director
·
Amandeep Singh Sahney Indian Director
·
Daman
Kumar - General
Manager
·
Benoy Mathew - Commercial
Manager
·
Ravi Nath - Finance
Manager
Date of Establishment : 1st
February 2008
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 110847, JAFZA
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s)
·
Sun
International Pvt Ltd
New Delhi
India
Tel: (91-11) 42717171
Fax: (91-11) 42717172
Activities: Engaged as traders of chemicals,
fertilizers, cement, and gypsum as well as ferrous and non-ferrous
metals.
Import
Countries: India, South
Africa, Egypt, United Arab Emirates and China
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/03/10: Year
Ending 31/03/11:
Total Sales UAE Dh
170,000,000 UAE Dh
500,042,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Benoy
Mathew, Commercial Manager
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.44 |
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UK Pound |
1 |
Rs.89.31 |
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Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.