MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLAME PETROLEUM SERVICES & EQUIPMENT CO WLL |
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Registered Office : |
Awkaf
Complex, Mubarak Al Kabir Street, PO Box 29623, Safat 13157 |
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Country : |
Kuwait |
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Date of Incorporation : |
14.04.2007 |
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Com. Reg. No.: |
117474 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Gas and Petroleum Contractors as well as Suppliers of related Equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FLAME PETROLEUM SERVICES & EQUIPMENT CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 14th April 2007
Commercial Registration Number : 117474
Trade Licence Number : 6463/2006
Chamber Membership Number : 108259
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 50
Activities : Gas and petroleum contractors as well as suppliers of related equipment
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 75,000
COMPANY NAME
FLAME PETROLEUM
SERVICES & EQUIPMENT CO WLL
ADDRESS
Registered & Physical Address
Building : Awkaf Complex
Street : Mubarak
Al Kabir Street
PO Box : 29623
Town : Safat 13157
Country : Kuwait
Telephone : (965) 2476315 / 2476316
Facsimile : (965) 2476317
Email : flamekuwait@yahoo.com
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
Name Position
·
Abdullah
Mohamed Ahmed Al Kanadari Managing
Director
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Hayat
M. Marafi Director
LEGAL FORM & OWNERS
Date of Establishment : 14th
April 2007
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 117474
Trade Licence No. : 6463/2006
Chamber Member No. : 108259
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Abdullah
Mohamed Ahmed Al Kanadari
·
Hayat
M. Marafi
OPERATIONS
Activities: General contractors specialising in gas and
petroleum pipe construction as well as maintenance of drilling wells. Subject
also supplies gas & oilfield equipment & machinery.
Import
Countries: United States of
America, China and India
Subject has a
workforce of 50 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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The Gulf Bank
KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Kuwait did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a measure
of caution is advisable and a close monitoring of subject’s business
development is recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.37 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.68.08 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)