MIRA INFORM REPORT

 

 

Report Date :           

22.03.2012

 

IDENTIFICATION DETAILS

 

Name :

KHUSHI TRADING CO LLC

 

 

Registered Office :

Dubai Investment Park, P O Box 41052, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.04.2000

 

 

Com. Reg. No.:

54345, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of foodstuffs and beverages

 

 

No. of Employees :

160

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,750,000

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                         : KHUSHI TRADING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 12th April 2000

Commercial Registration Number            : 54345, Dubai

Trade Licence Number                            : 517696

Chamber Membership Number                : 58487

Issued Capital                                        : UAE Dh 800,000

Paid up Capital                                      : UAE Dh 800,000

Total Workforce                         : 160

Activities                                               : Wholesale and retail of foodstuffs and beverages.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,750,000

Person Interviewed                                 : Ramesh Kumar, Accounts Manager

COMPANY NAME

 

KHUSHI TRADING CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dubai Investment Park

PO Box             : 41052

Town                 : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 8858191

Facsimile          : (971-4) 8858192

Mobile               : (971-55) 5018691

Email                : khushitc@emirates.net.ae

 

Premises

 

Subject operates from a large suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Industrial Area No. 18                                                                                    Rented warehouse premises

Sharjah

Tel: (971-6) 5587783

 

·       Al Ras, Deira                                                                                                Office premises

Dubai

Tel: (971-4) 2946888

Fax: (971-4) 2946704

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Mohamed Ibrahim Chaudhry Khushi Mohamed Pakistani                       Managing Director

·       Mohamed Kashif Ibrahim Bin Mohamed Ibrahim           Pakistani                       Director

·       Mohamed Atif Ibrahim Bin Mohamed Ibrahim               Pakistani                       Director

·       Fahat Fardos Rani                                                     Pakistani                       Director

·       Mohamed Rashid Mohamed Alabdouli             Emirati                         Director

·       Omar Ashfaq                                                                   -                            Sales Manager

·       Francis Antony                                                                -                            Finance Manager

·       Ramesh Kumar                                                                -                            Accounts Manager

·       Francis Anthony                                                               -                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th April 2000

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 54345, Dubai

 

Trade Licence No.       : 517696 (Expires 10/04/2012)

 

Chamber Member No. : 58487

 

Issued Capital              : UAE Dh 800,000

 

Paid up Capital            : UAE Dh 800,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mohamed Rashid Mohamed Alabdouli                  51%

·       Mohamed Kashif Ibrahim Bin Mohamed Ibrahim                15%

·       Mohamed Atif Ibrahim Bin Mohamed Ibrahim                    14%

·       Fahat Fardos Rani                                                          10%

·       Mohamed Ibrahim Chaudhry Khushi Mohamed      10%

 

 

AFFILIATED COMPANIES

 

·       Khushi Trading Co WLL

Doha

Qatar

 

·       Taj Food Trading Co Ltd

Jeddah

Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of foodstuffs and beverages specialising in sugar, rice, lentils, pulses,  spices and beans.

 

Import Countries: India, Pakistan, Thailand and Sri Lanka

 

Operating Trend: Steady

 

Subject has a workforce of approximately 160 employees.

 

 

FINANCIAL DATA

 

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 519,361,000                  UAE Dh 546,516,000

 

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

 

The above figures were provided by Mr Ramesh Kumar, Accounts Manager

 

 

BANKERS

 

·       Habib Bank AG Zurich

Baniyas Road

PO Box: 3306

Dubai

Tel: (971-4) 2214535

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.50.59

UK Pound

1

Rs.80.34

Euro

1

Rs.67.14

 

 

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.