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MIRA INFORM REPORT
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Report No. : |
500191 |
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Report Date : |
28.03.2018 |
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, P O Box: 42031, Sharjah |
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Country : |
United Arab Emirates |
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Year of Establishment : |
2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
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 |
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. 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 |
Company
Name
KITE INTERNATIONAL FZE
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
KITE INTERNATIONAL FZE |
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2) Registered Address: |
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Address |
: |
Hamriyah Free Zone, Plot No. Elob E-58/G09 |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
42031 |
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Phone (s) |
: |
(971-6) 5367674 |
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Facsimile |
: |
(971-6) 5367673 |
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Email |
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3) Operational Address & Contact Details: |
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Address |
: |
Hamriyah Free Zone, Plot No. Elob E-58/G09 |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
42031 |
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Phone (s) |
: |
(971-6) 5367674 |
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Facsimile |
: |
(971-6) 5367673 |
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Email |
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LEGAL FORM & INCORPORATION
(REGISTRATION) DETAILS
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Legal Form - Category |
: |
Free Zone Establishment - FZE |
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Date of Registration |
: |
2007 |
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Trade License Number |
: |
2876 |
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KEY
FACTS
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Operational Status |
: |
Normal |
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Financial Condition |
: |
Undetermined |
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Primary Business Activity |
: |
Distributors of petroleum products |
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Number of Employees |
: |
10 |
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Capital |
: |
UAE Dh 150,000 |
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Note: |
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Engaged in the import and distribution of petroleum products such as bitumen,
base oil, furnace oil, fuel oil |
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CAPITAL
DETAILS
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Issued Capital: |
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No of Shares |
No of Shares |
Amount |
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N/A |
N/A |
UAE Dh 150,000 |
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Paid Up Capital: |
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No of Shares |
No of Shares |
Amount |
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N/A |
N/A |
UAE Dh 150,000 |
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FINANCIAL
DATA
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Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources. |
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BANKERS
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1 |
Name |
HSBC Bank Middle East |
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PO Box |
25 Sharjah |
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Tel |
(971-6) 5537222 |
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Fax |
(971-6) 5537880 |
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BRANCH
OFFICES
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1 |
Address |
Al Taiera Al Warqahal Sajja Industrial Area |
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PO Box |
61165 Sharjah |
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Description |
Storage premises |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
Percentage |
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1 |
Prakash Rauniyar |
Indian |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Designation |
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1 |
Prakash Rauniyar |
Indian |
Managing Director |
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2 |
Rajesh Aroura |
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Financial Manager |
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AFFILIATED
COMPANIES
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1 |
Name |
Kite International DMCC |
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Address |
Cluster F Jumeirah Lake Towers Dubai |
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Tel |
(971-4) 4289061 |
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Fax |
(971-4) 4289042 |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
Far East |
Import |
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PREMISES
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Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah. |
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PAYMENT
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No complaints regarding subject’s payments have been reported. |
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ADVERSE
DATA
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Performance Defaults |
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No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S
COMMENTS
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.80 |
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|
1 |
INR 92.26 |
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Euro |
1 |
INR 80.76 |
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UAE Dh |
1 |
INR 17.68 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.