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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
COVENANT GENERAL
TRADING & CONTRACTING CO WLL |
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|
|
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Registered Office : |
Block No. 31,
Complex No. 5, Office No. 38, Mezzanine Floor, New Khaitan, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.10.2007 |
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Com. Reg. No.: |
111413 |
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Legal Form : |
With Limited
Liability |
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|
|
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Line of Business : |
Distributors of household
furniture and stationery |
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|
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No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Kuwait - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
|
Source : CIA |
Company Name : COVENANT
GENERAL TRADING & CONTRACTING CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 9th
October 2007
Commercial
Registration Number : 111413
Chamber Membership
Number : 323672
Issued Capital : KD
150,000
Paid up Capital : KD
150,000
Total Workforce : 45
Activities :
Distributors of household furniture and stationery
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COVENANT GENERAL
TRADING & CONTRACTING CO WLL
Registered & Physical Address
Building : Block No. 31, Complex No. 5,
Office No. 38, Mezzanine Floor
Area : New Khaitan
Town : Safat
Country : Kuwait
Telephone : (965) 24756426
Facsimile : (965) 24756426
Mobile : (965) 99414161 / 60763969
Email : sales@covenantkwt.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
Saud Abdulaziz
Mohamed Al Khulaifi Managing
Director
Karim Atab
Hosni Al Badri Director
Vajay K Alex Commercial
Manager
Date of
Establishment : 9th October 2007
Legal Form : With Limited Liability - WLL
Commercial Reg.
No. : 111413
Chamber Member
No. : 323672
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s)
Saud Abdulaziz
Mohamed Al Khulaifi
Karim Atab
Hosni Al Badri
Activities: Engaged
in the import and distribution of household furniture and stationery.
Import
Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales KD 3,110,000 KD 3,350,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
National Bank of
Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber
Street
PO Box: 95
Safat 13001
Tel: (965) 23981188
/ 23981189
Fax: (965) 23985643
No complaints
regarding subject’s payments have been reported.
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.