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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
KIMOHA ENTREPRENEURS LIMITED |
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Registered Office : |
Jebel Ali South Zone |
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Country : |
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Financials (as on) : |
31.12.2012 |
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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. |
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No. of Employees : |
110 |
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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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
No Complaints |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : 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 : 110
Activities : Manufacture of paper and labels.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Somanta Banerjee, Finance Manager
KIMOHA ENTREPRENEURS LIMITED
Location : Jebel Ali
South Zone No. 2
PO Box : 16828
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8816927
/ 3376676 / 8807787
Facsimile : (971-4)
8815075 / 3371767 / 8807793
Mobile : (971-50)
5886765 / 6445098
Email : kel@emirates.net.ae
/ sumanta@kimoha.com
Please note that subject’s previous address was, Sheikh Zayed Road, Gate
No. 3, 5th Roundabout, Jebel Ali Free Zone, Dubai.
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.
Name Position
· Kiran Asher Chairman
· Vinesh Kanjibhai
Bhimani Managing
Director
· Rajesh Bhimani Director
· Wolfram Gruening Director
· Thomas Mathew Commercial
Manager
· Sandeep Kumar Marketing Manager
· Somanta Banerjee Finance
Manager
· Chandra Kothari Human
Resources Manager
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
Chamber Member No. : 13463
Issued Capital : UAE Dh 66,600
Paid up Capital : UAE Dh 66,600
· Al Inshirah
Trading LLC
Dubai
Tel: (971-4)
3376676
Activities: Engaged in the manufacture of self adhesive labels and
flexibles for packaging applications, paper
products for retail and office use, 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 110 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 112,400,000 UAE Dh
117,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Somanta Banerjee,
Finance Manager
·
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 17,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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.