|
Report No. : |
336993 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SONATA GENERAL TRADING FZC |
|
|
|
|
Registered Office : |
Ajman Free Zone, C1-1002, 10th Floor, PO Box 20529, Ajman |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.12.2001 |
|
|
|
|
Legal Form : |
Free Zone Company |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of scrap metals, plastic and rubber. |
|
|
|
|
No. of Employees : |
16 |
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 |
|
Payment Behaviour : |
Regular |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. The country's free
trade zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis of 2008, 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
SONATA GENERAL TRADING FZC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
22nd December 2001
Trade Licence Number :
833
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
16
Activities :
Distributors of scrap metals, plastic and rubber.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rakesh Patawari, Director
SONATA GENERAL TRADING FZC
Registered &
Physical Address
Location : Ajman Free
Zone, C1-1002, 10th Floor
PO Box : 20529
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7478801
Facsimile : (971-6)
7479255
Mobile : (971-50) 4818792
Email : plastic@sonatatrade.com
/ info@sonatatrade.com
/ vivek@sonatatrade.com
/
Premises
Subject operates from a small suite of offices that are rented and
located in the Free Zone Area of Ajman.
Name Position
Kunal Patawari Managing
Director
Rakesh Patawari Director
Sunil Kheitan General
Manager
Vivek Vied Financial
Controller
Joshi Puranand Commercial
Manager
Date of Establishment : 22nd
December 2001
Legal Form : Free Zone Company
– FZC
Trade Licence No. : 833 (Expires 21/12/2015)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Kunal Patawari
Rakesh Patawari
Sigma International FZC
Ajman Free Zone
Ajman
Metplast FZC
Ajman Free Zone
Ajman
Activities: Engaged in the import and distribution of scrap metals, plastic and
rubber.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 16 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales US$
110,000,000 US$
114,200,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rakesh Patawari, Director
National Bank of Abu Dhabi
Main Street
PO Box: 988
Ajman
Tel: (971-6) 5422996
Fax: (971-6) 5425750
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.65.12 |
|
|
1 |
Rs.101.62 |
|
Euro |
1 |
Rs.72.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.