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MIRA INFORM REPORT
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Report No. : |
486099 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
K G INTERNATIONAL
FZCO |
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Registered Office : |
Sheikh Zayed
Road, Roundabout 6, Plot No. 20, Jebel Ali Free Zone, 17122, Dubai |
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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 : |
29.06.1993 |
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Legal Form : |
Free Zone Company
- FZCO |
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Line of Business : |
Engaged in the
import and distribution of ball bearings |
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No. of Employees : |
35 |
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 : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 : K G
INTERNATIONAL FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 29th
June 1993
Trade Licence
Number : 7110
Chamber Membership
Number : 27662
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce :
35
Activities :
Distributors of ball bearings
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
COMPANY
NAME
K G INTERNATIONAL FZCO
ADDRESS
Registered & Physical
Address
Street : Sheikh Zayed Road, Roundabout
6, Plot No. 20
Area : Jebel Ali Free
Zone
PO Box : 17122
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8815547 / 8816339
Facsimile : (971-4) 8816423 / 8818509
Mobile : (971-50) 6240681
Email : info@kginternational.com / kgintl@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Rohit
Kedarnath Gupta Indian Managing
Director
·
Nidhi
Gupta Indian Director
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Sunil
Rodrigues - Commercial
Manager
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Shivaram
Saphalya - Finance Manager
LEGAL
FORM & OWNERS
Date of Establishment : 29th
June 1993
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 7110
Chamber Member No. : 27662
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
·
Rohit
Kedarnath Gupta 80%
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Nidhi
Gupta 20%
AFFILIATED
COMPANIES
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K G
Roulments Pvt International Ltd
Vadodara
India
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K G
International
Nigbo
China
OPERATIONS
Activities: Engaged in the import and distribution of
ball bearings.
Subject is ISO 9001:2015 accredited.
KG International represents NTN for the Gulf region, Middle East and African continent
KG International exclusively represents products of Bonfiglioli in the Middle East & African region
KG International is the HIWIN Distributor in Dubai, UAE and GCC
KG International represents Oil Seals of YEI SHIEN in Middle East & Africa Region exclusively
Import
Countries: Europe and Japan
Brand Names: NACHI, KG, and NTN
Operating Trend: Steady
Subject has a
workforce of 35 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
330,000,000 UAE Dh
337,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel:
(971-4) 2520455
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Established in
1993, subject is owned and managed by two Indian nationals and is involved in
the import and distribution of ball bearings.
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 63.76 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 78.20 |
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UAE DH |
1 |
INR 17.40 |
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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PRA |
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Report Prepared
by : |
KET |
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
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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.