|
|
|
MIRA INFORM REPORT
|
Report No. : |
490334 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KHIARA STORE |
|
|
|
|
Registered Office : |
Irani Utensils Market, Al Ras, Deira PO
Box 656 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
01.01.1963 |
|
|
|
|
Com. Reg. No.: |
2740 |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in the import, wholesale and retail of
stainless steel utensils, kitchenware, gadgets, food warmers, home decor,
porcelain, uniforms and professional knives. |
|
|
|
|
No. of Employees : |
70 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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. 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.
|
Source
: CIA |
SUMMARY
Company Name : KHIARA STORE
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 1st January 1963
Commercial Registration Number : 2740, Dubai
Trade Licence Number : 200252
Chamber Membership Number : 1060
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 70
Activities : Wholesale and retail of stainless steel utensils, kitchenware, gadgets,
food warmers, home décor, porcelain, uniforms and professional knives
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
KHIARA STORE
ADDRESS
Registered &
Physical Address
Location : Irani Utensils Market, Al Ras, Deira
PO Box :
656
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 2266358 / 2661772 / 3526351 / 2356470
Facsimile :
(971-4) 2356471
Mobile :
(971-50) 6941821
Email : sales@khiarastores.com
/ khiara@emirates.net.ae
Please note that the correct PO Box number is 656 and not
676.
Premises
Subject operates from a medium sized suite of offices and a
showroom that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Warehouse
No. 435 Office
& workshop premises
Dubai
Maritime City
Bur
Dubai
Dubai
Tel:
(971-4) 4252888
KEY
PRINCIPALS
Name Position
· Subhas
Naraindas Khiara Managing
Partner
· Dilip
Kumar Naraindas Partner
· Deepak
Elias Dench Naraindas Partner
· Sanjay
Subhas Khiara Partner
· Bharat
Ramesh Khiara Partner
· Rekha
Ramesh Khiara Partner
· Saji
Soman Accounts
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 1st
January 1963
Legal
Form : General
Partnership
Commercial
Reg. No. : 2740,
Dubai
Trade
Licence No. :
200252 (Expires 14/07/2018)
Chamber
Member No. : 1060
Issued Capital : UAE
Dh 500,000
Paid up Capital :
UAE Dh 500,000
Name of Partners Percentage
· Subhas
Naraindas Khiara 17%
· Dilip
Kumar Naraindas 17%
· Deepak
Elias Dench Naraindas 17%
· Sanjay
Subhas Khiara 17%
· Bharat
Ramesh Khiara 17%
· Rekha
Ramesh Khiara 15%
AFFILIATED
COMPANIES
· Lulu
Hypermarket LLC
United
Arab Emirates
· Panda
Hypermarket
Saudi
Arabia
· Geant
Hypermarket UAE
United
Arab Emirates
OPERATIONS
Activities: Engaged in the import, wholesale and
retail of stainless steel utensils, kitchenware, gadgets, food
warmers, home decor, porcelain, uniforms
and professional knives.
Import Countries: Europe and the Far East
Clients:
· Lulu
· Geant
· Hyperpanda
· Fathima
· KM
Trading
· United
Hypermarket
· Al
Madina
· Fresh
& More
· Abela
& Co
· Nesto
· West
Zone
· ADNH
Compass
· Truebell
Export Countries: GCC countries and Africa
Brand Names: CHEF SET, BHALARIA, VINOD, VENUS, DINEWELL,
ACTIONWARE, BONCHEF, RK and TIGER BRAND
Operating Trend: Steady
Subject has a workforce of 70 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total sales UAE
Dh 40,000,000 UAE Dh
42,000,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
National Bank of Ras Al Khaimah
Sheikh
Zayed Road
Al
Quoz
Dubai
Tel:
(971-4) 2130000
·
Emirates National Bank of Dubai
Ground
Floor, Building No. 2
Bay
Square
Al
Asayel Road
Business
Bay
Dubai
·
Bank of Baroda
Sheikh
Khalifa Bin Zayed Road
Dubai
Tel:
(971-4) 3583429
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.
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 business is considered to be a fair trade
risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.14 |
|
|
1 |
INR 89.50 |
|
Euro |
1 |
INR 79.43 |
|
UAE DH |
1 |
INR 17.50 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
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.