MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
KIMOHA ENTREPRENEURS LIMITED |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box 16828, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.04.1988 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacture of Paper and Labels |
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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Maximum Credit Limit : |
US$ 550,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : KIMOHA ENTREPRENEURS LIMITED
Country of Origin : Jersey, Channel Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 12th April 1988
Trade Licence Number : 427
Chamber Membership Number : 13463
Issued Capital : UAE Dh 66,600
Paid up Capital : UAE Dh 66,600
Total Workforce : 130
Activities : Manufacture of paper and labels
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 550,000
COMPANY NAME
KIMOHA
ENTREPRENEURS LIMITED
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16828
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8816927
Facsimile : (971-4) 8815075
Email : kel@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Position
·
Vinesh
Kanjibhai Bhimani General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
April 1988
Legal Form :
Subject is the United Arab
Emirates registered branch of Kimoha Entrepreneurs
Limited, a Limited Liability Company incorporated in Jersey, Channel
Islands.
A Branch of a Foreign Registered
Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case Jersey, Channel Islands.
Trade Licence No. : 427
(Expires 30/09/2009)
Chamber Member No. : 13463
Issued Capital : UAE Dh 66,600
Paid up Capital : UAE Dh 66,600
OPERATIONS
Activities: Engaged in the manufacture of paper and
labels, as well as calibration and repair of portable instruments and measuring
equipment.
Subject achieved ISO 9001:2000 certification in 2003.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of approximately 130 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
20,200,000 UAE Dh
24,880,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2007
Credit amount 17,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Established in
1988, subject is involved in the manufacture of paper and labels, as well as
calibration and repair of portable instruments and measuring equipment.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
Please note that
the correct registered name of the subject is “Kimoha Entrepreneurs Limited”
and not “Kinoha Enterprises Ltd”
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)