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Report No. : |
317439 |
|
Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HAMID & KUMAR
ENTERPRISES LLC |
|
|
|
|
Registered Office : |
No. 3 Sheikh Zayed Road, Al Quoz Industrial Area, P O Box: 50092, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
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|
|
|
Year of Establishment : |
1974 |
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|
|
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Com. Reg. No.: |
42920, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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|
|
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Line of Business : |
Import and
Distribution of Fresh and Frozen Foodstuff. |
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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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 LLC
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 Prasad, Finance Manager
HAMID & KUMAR
ENTERPRISES LLC
H K ENTERPRISES LLC
Street : No. 3 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 Prasad - Finance
Manager
·
Taram Jit Singh - Commercial
Manager
·
Josh
Singh - Import
Officer
·
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 06/08/2015)
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, France, Germany and the United
Kingdom
International
Suppliers:
·
Angus
Export United
Kingdom
·
Bonn
Fleish Germany
·
Nawaco Denmark
·
Datchup Denmark
·
Thomex Denmark
·
Franqusule Brazil
·
BRF Global Brazil
·
Boston
Agrex United States
of America
·
Garber
International United States
of America
·
Fletcher Meat Australia
·
Seera Alimentos Brazil
·
Abdullah Y Nazal Export Germany
·
Agro Gen India
·
Douxm France
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
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 338,200,000 UAE Dh 342,000,000
Local sources
consider subject’s financial condition to be Good.
The
above figures were provided by Mr Jay Prasad, 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.62.39 |
|
|
1 |
Rs.91.06 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.