MIRA INFORM REPORT

 

 

Report Date :

23.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SUN ALLOYS FZE

 

 

Registered Office :

Al Khan Corniche Street, 42706 Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.07.2006

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Engaged in the manufacture of non -ferrous alloys also distribution of ferrous and non-ferrous scrap metals.

 

 

No. of Employees :

100

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

UNITED ARAB EMIRATES - 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

SUMMARY

 

Company Name                         : SUN ALLOYS FZE

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 4th July 2006

Trade Licence Number                            : 1877 and 1878

Chamber Membership Number                : 800707

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 100

Activities                                               : Manufacture of non ferrous alloys also distribution of ferrous and non-

                                                              ferrous scrap metal

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Savio Rocha, Accounts Manager

 

 

 

COMPANY NAME

 

SUN ALLOYS FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Khan Corniche Street

 

PO Box             : 42706

 

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5542550

Facsimile          : (971-6) 5542730

Email                : hfz@sunmetalcasting.com

 

Please note that subject’s previous address was, Hamriyah Free Zone, Building 06/21, Plot 4M, Sharjah.

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Central Business Area of Sharjah.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 3787                                                                                   Office premises

Ajman

Tel: (971-6) 7431042 / 7431039 / 7489505

Fax: (971-6) 7431039 / 7489506

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sandeep Manoharlal Shishodia                                                           Managing Director

    

·       Venay Kattaria                                                                                  Commercial Manager

 

·       Savio Rocha                                                                                     Accounts Manager

 

·       Ms Helena                                                                                        Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th July 2006

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 1877 & 1878 (Expires 03/07/2015)

 

Chamber Member No. : 800707

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                                         Percentage

 

·       Sandeep Manoharlal Shishodia                                                           100%

 

 

AFFILIATED COMPANIES

 

·       Sun Metal Casting LLC

Sharjah

 

·       Sun Metal Factory

Umm Al Quwain

 

·       Silver Crown Trading 25 (Pty)

South Africa

 

·       Classic General Trading LLC

Ajman

 

·       Sunvik Steels Pvt Ltd

India

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of non -ferrous alloys also distribution of ferrous and non-ferrous

                 scrap metals.

 

Import Countries: Europe, GCC countries and the United States of America.

 

International Suppliers:

 

·       Shar Metal LLC                     Dubai

·       Al Koryan Group                   Saudi Arabia

·       S I Metals                             United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                UAE Dh 116,750,000                  UAE Dh 120,000,000

 

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

 

The above figures were provided by Mr Savio Rocha, Accounts Manager

 

 

BANKERS

 

·       Mashreq Bank Plc

Al Boorj Avenue

Sharjah

Tel: (971-6) 5351366 / 5354873

Fax: (971-6) 5372903

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.78

UK Pound

1

Rs.99.29

Euro

1

Rs.78.16

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.