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MIRA INFORM REPORT
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Report No. : |
500191 |
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Report Date : |
03.04.2018 |
IDENTIFICATION DETAILS
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Name : |
KITE INTERNATIONAL FZE |
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Registered Office : |
Hamriyah Free Zone, Plot No. Elob E-58/G09 PO Box 42031 Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
23.08.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject engaged in the import and distribution of
petroleum products such as bitumen, base oil, furnace oil, fuel oil (cst 180,
cst 380) crude oil, light diesel oil, diesel, paraffin wax, slack wax,
grease, rubber process oil and other related products. |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.
The global financial crisis of 2008-09, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : KITE INTERNATIONAL FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 23rd August 2007
Trade Licence Number : 2876
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 10
Activities : Distributors of petroleum products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Rajesh Aroura, Financial Manager
COMPANY
NAME
KITE INTERNATIONAL
FZE
ADDRESS
Registered &
Physical Address
Location :
Hamriyah Free Zone, Plot No. Elob
E-58/G09
PO Box :
42031
Town :
Sharjah
Country :
United Arab Emirates
Telephone : (971-6)
5367674
Facsimile :
(971-6) 5367673
Mobile :
(971-55) 9630207 / 1240509
Email :
info@kitefze.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Hamriyah Free Zone Area of Sharjah.
Branch Office (s)
Location Description
·
Al Taiera Al
Warqahal Storage
premises
Sajja
Industrial Area
PO
Box: 61165
Sharjah
KEY
PRINCIPALS
Name Nationality Position
· Prakash
Rauniyar Indian Managing
Director
· Rajesh
Aroura - Financial
Manager
· Ameet Gupta - Commercial
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 23rd
August 2007
Legal
Form : Free
Zone Establishment - FZE
Trade
Licence No. : 2876
(Expires 22/08/2018)
Issued Capital : UAE Dh
150,000
Paid up Capital :
UAE Dh 150,000
Name of Shareholder (s) Percentage
· Prakash
Rauniyar 100%
AFFILIATED
COMPANIES
· Kite
International DMCC
Cluster
F
Jumeirah
Lake Towers
Dubai
Tel:
(971-4) 4289061
Fax:
(971-4) 4289042
·
Al Taiera Al
Warqahal Lubricants Tr LLC
·
Al Danah Lub Co
LLC
· Kite
Petrochemical and Asphalt Trading Ltd
Kenya
· Kite
Recycling and Lubes Factor Ltd
Zambia
· Kite
National Oil Refinery Lda
Mozambique
· Kite
International LLC
United
States of America
OPERATIONS
Activities: Engaged in the import and distribution
of petroleum products such as bitumen, base oil, furnace oil, fuel oil (cst
180, cst 380) crude oil, light diesel oil, diesel, paraffin wax, slack wax,
grease, rubber process oil and other related products.
Import Countries: Europe and GCC countries
International
Suppliers:
· Progress Excel Kuwait
· Gulf
Petrochem Dubai
· Green
Petrochem Dubai
Subject has a workforce of 10 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE
Dh 90,000,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Rajesh Aroura, Financial Manager
BANKERS
·
HSBC Bank Middle East
PO
Box: 25
Sharjah
Tel:
(971-6) 5537222
Fax:
(971-6) 5537880
·
Emirates Islamic Bank
Al
Arooba Street
Rolla
Square
Sharjah
Tel:
(971-600) 599995
·
Habib Bank AG Zurich
Immigration
Road
PO
Box: 1166
Sharjah
Tel: (971-6)
5730004
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
Local sources report that the subject’s operating history is
clear with payment obligations met in a generally timely manner. The financial
position is satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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UAE DH |
1 |
INR 17.71 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.