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Report No. : |
347529 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNRISE
INTERNATIONAL FZC |
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|
|
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Registered Office : |
Hamriyah Free Zone, P O Box: 50440, Sharjah |
|
|
|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
12.06.2008 |
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|
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Legal Form : |
Free Zone Company - FZC |
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|
|
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Line of Business : |
Import and Distribution
of Scrap, Ferrous and Non-Ferrous Metals, as well as Laminates, Garments and
Food Grains. |
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|
|
|
No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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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 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 : SUNRISE
INTERNATIONAL FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 12th
June 2008
Trade Licence
Number : 8036
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
5
Activities :
Distributors of scrap, ferrous and non-ferrous metals.
Financial Condition : Undetermined
Payments : Unknown
SUNRISE
INTERNATIONAL FZC
Location : Hamriyah Free Zone
PO Box : 50440
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5507645
Facsimile : (971-6) 5506745
Mobile : (971-58) 7979601 / (971-56)
7979601 / (971-50) 8961010
Email : info@sunriseinternational.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Hamriyah Free Zone Area of Sharjah.
Name Nationality Position
·
Shree Krishna Bahety Indian Managing
Director
·
Abisheikh Lohia Indian Director
Date of Establishment : 12th
June 2008
History : Subject began in 2008 as a Free Zone
Establishment. However during 2014 it changed to become a Free Zone Company.
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 8036
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Shree Krishna Bahety 96%
·
Abisheikh Lohia 4%
Activities: Engaged in the import and distribution of
scrap, ferrous and non-ferrous metals, as well as laminates,
garments and food grains.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Al Wardha Al Zarqa Metal Scrap Trading LLC
Subject has a
workforce of 5 employees.
Companies
registered in Sharjah, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Sharjah
Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
Unknown
Please note that
the correct name of the subject is “Sunrise International FZC” and not “Sunrise
International FZE”.
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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.