MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HAMID & KUMAR ENTERPRISES LLC |
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Registered Office : |
Sheikh Zayed
Road, Al Quoz Industrial Area, PO Box
50092, 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 : |
1974 |
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Com. Reg. No.: |
42920, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Fresh and Frozen Foodstuff |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HAMID & KUMAR ENTERPRISES LLC
Doing Business As : H K ENTERPRISES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1974
Registration Date : 7th August 1984
Commercial Registration Number : 42920, Dubai
Trade Licence Number : 207249
Chamber Membership Number : 1873
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 14
Activities : Import and distribution of fresh and frozen foodstuff
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
HAMID & KUMAR
ENTERPRISES LLC
DOING BUSINESS
AS: H K ENTERPRISES
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 50092
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3476000
Facsimile : (971-4) 3473981
Email : hkdxb@emirates.net.ae
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Industrial Area of Dubai.
Branch Office
(s)
Location Description
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Sultan Khalifa
Al Hatboor Building Rented
office premises
Deira
PO Box : 13464
Dubai
Tel : (971-4) 2857900
Fax : (971-4) 2854326
KEY PRINCIPALS
Name Nationality Position
·
Harwand Singh
Sahni Kumar Indian Managing
Director
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Abdul Hamid
Abdul Jaafar Emirati Director
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J.N. Aror - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1974, however it was registered on 7th
August 1984
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42920, Dubai
Trade Licence No. : 207249
Chamber Member No. : 1873
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of Shareholder (s) Percentage
·
Abdul Hamid
Abdul Jaafar 51%
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Harwand Singh
Sahni Kumar 49%
OPERATIONS
Activities: Engaged in the import and distribution of fresh
and frozen foodstuff, including beef, lamb, mutton, veal,
poultry, seafood, dairy
products and dried food.
Import
Countries: China, India,
Brazil, the United States of America, Denmark, Germany and the United Kingdom
International
Suppliers:
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Angus Export United Kingdom
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Bonn Fleish Germany
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Nawaco Denmark
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Datchup Denmark
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Thomex Denmark
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Franqusule Brazil
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Boston Agrex United States of America
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Garber
International United States
of America
Operating Trend: Steady
Subject has a
workforce of 14 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
15,750,000 UAE Dh
17,100,000
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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ABN Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel : (971-4) 3512200
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National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
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National Bank
of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction April 2001 November 2002 November 2005
Credit amount 400,000 100,000 150,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Deutsch
Marks Euros US Dollars
GENERAL COMMENTS
Commencing
operations in 1974, Hamid & Kumar Enterprises LLC is well established in
the local foodstuff market, importing and distributing a variety of fresh and
frozen foodstuff products. The company deals with a number of well known
international organisations and enjoys a good reputation for the quality of its
products.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
subject is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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UK Pound |
1 |
Rs. |
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Euro |
1 |
Rs. |
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%)