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Report Date : |
02.12.2013 |
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) : |
31.12.2012 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
42920, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of fresh and frozen foodstuff,
including beef, lamb, mutton, veal, poultry, seafood, dairy products and
dried food. |
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|
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No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - 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. 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. 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 |
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 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
50
Activities :
Import and distribution of fresh and frozen foodstuff.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Jay Parasad, Finance Manager
HAMID & KUMAR ENTERPRISES LLC
H K ENTERPRISES
Street : Sheikh Zayed
Road
Area : Al Quoz Industrial Area
PO Box : 50092
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3476000
/ 3474712
Facsimile : (971-4)
3473981
Mobile : (971-50)
6244921 / (971-55) 1993472
Email : hkdxb@emirates.net.ae / hkintl@eim.ae / middleeast2013@gmail.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
· Sultan Khalifa Al
Hatboor Building Office
and warehouse premises
Deira
PO Box: 13464
Dubai
Tel: (971-4)
2857900
Fax: (971-4)
2854326
Name Nationality Position
· Harwand Singh
Sahni Kumar Indian Managing
Director
· Abdul Hamid Abdul
Jaafar Emirati Director
· Rajpreet
Singh Sahni
Indian General
Manager
· Jay
Parasad - Finance
Manager
· Saram
Jit Singh - Commercial
Manager
· Chandran Pal Singh - Sales
Manager
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 (Expires 06/08/2014)
Chamber Member No. : 1873
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdul Hamid Abdul
Jaafar 51%
· Harwand Singh
Sahni Kumar 49%
· Pacific
West Ship Co LLC
PO
Box: 50092
Dubai
Tel:
(971-4) 3472688
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:
· Angus Export United Kingdom
· Bonn Fleish Germany
· Nawaco Denmark
· Datchup Denmark
· Thomex Denmark
· Franqusule Brazil
· Boston Agrex United States of America
· Garber
International United States
of America
· Fletcher Meat Australia
· Seera Alimentos Brazil
· Abdullah Y Nazal Export Germany
Operating Trend: Steady
Subject has a workforce of 50 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 318,750,000 UAE Dh
330,180,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jay Parasad, Finance
Manager
·
ABN Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4)
3512200
·
National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
·
National Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4)
3971700 / 5078300
Fax: (971-4)
3979100 / 3973922
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
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
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.