MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

IDENTIFICATION DETAILS

 

Name :

KINDA FOOD TRADING LLC

 

 

Formerly Known as:

 

KINDA COMMERCIAL INTERMEDIARY

 

 

 

 

Registered Office :

Kalapat Building, Shop No. 2, Ras Street, Deira, PO Box  : 3544, Dubai

 

 

 

 

Country :

United Arab Emirates

 

 

 

 

Date of Incorporation :

05.06.2002

 

 

 

 

Legal Form :

Limited Liability Company

 

 

 

 

Line of Business :

Distributors of general foodstuffs

 

 

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 UAE 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. 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 diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 SUMMARY

 

Company Name                                     : KINDA FOOD TRADING LLC

Also Known As                                      : KINDA COMMERCIAL INTERMEDIARY

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 5th June 2012

Trade Licence Number                            : 556640

Chamber Membership Number                : 86928

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 5

Activities                                               : Distributors of general foodstuffs

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

KINDA FOOD TRADING LLC

 

 

ALSO KNOWN AS

 

KINDA COMMERCIAL INTERMEDIARY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Kalapat Building, Shop No. 2

Street               : Al Ras Street

Area                : Deira

PO Box             : 3544

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2352515

Facsimile          : (971-4) 2352514

Mobile               : (971-50) 3056831

Email                : kindafod@emirates.net.ae

 

Premises

 

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

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                               Position

 

Sultan A Bin Mahfouz                                         Saudi                                        Managing Director

 

Mohamed Al Korubi                                            Emirati                                      Director

 

Habib Ullah                                                             -                                          General Manager

 

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 5th June 2012

 

Legal Form                  : Limited Liability Company – LLC

 

Trade Licence No.       : 556640 (Expires 01/05/2013)

 

Chamber Member No. : 86928

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                                     Percentage

 

Mohamed Al Korubi                                                                    51%

 

Sultan A Bin Mahfouz                                                                 49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including rice and spices.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

 

Emirates National Bank of Dubai

Baniyas Street

PO Box: 777

Dubai

Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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