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Report Date : |
17.09.2013 |
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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No. of Employees : |
50 |
RATING & COMMENTS
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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 |
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Very High |
C1 |
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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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.