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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HASSAN ABUL GENERAL
TRADING & CONTRACTING CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.11.2000 |
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Com. Reg. No.: |
91464 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and distribution of ceramics, sanitary ware, doors, water circulation systems, marble, flooring, kitchen units and aluminium. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company Name :
HASSAN ABUL GENERAL TRADING &
CONTRACTING CO WLL
Also Known As : HASSAN ABUL CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 11th November 2000
Commercial Registration Number : 91464
Trade Licence Number : 3005/2002
Chamber Membership Number : 66576
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 50
Activities : Import and distribution of ceramics, sanitary ware, doors, water
circulation systems, marble, flooring, kitchen units and aluminium.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raed Al Najjar, Commercial Manager
HASSAN ABUL GENERAL
TRADING & CONTRACTING CO WLL
ALSO KNOWN AS: HASSAN ABUL CO
Street : Tunis Street
Area : Hawalli
PO Box : 3034
Town : Safat 13031
Country : Kuwait
Telephone : (965) 22624466 / 24827763
/ 24838669
Facsimile : (965) 22633111 / 22661444 / 22652574
Email : info@hassan-abul.com / ala@hac.hassan-abul.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Safat.
BRANCH
OFFICES
Location Description
· Sun City Complex Warehouse
premises
Canada Dry Street
Shuwaikh Industrial Area
Tel: (965)
22241556
· Ghazali Street Warehouse premises
Shuwaikh Industrial Area
Tel: (965) 24767754
Name Position
· Hassan Abul Sadiq Managing
Director
· Khalid Hassan Abul Sadiq Director
· Aref Hassan Abul Sadiq Director
· Raed Al Najjar Commercial
Manager
· Jawadat Rahal Purchasing
Manager
Date of
Establishment : 11th
November 2000
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 91464
Trade Licence No. : 3005/2002
Chamber Member No. : 66576
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
· Hassan Abul Sadiq
· Khalid Hassan Abul Sadiq
· Aref Hassan Abul Sadiq
Activities: Subject is engaged in the import and distribution of ceramics, sanitary
ware, doors, water circulation
systems, marble, flooring, kitchen units
and aluminium.
Import Countries: Italy, Spain, Germany, Greece and India.
International Suppliers:
· Barcelonza Spain
· Venus Spain
· Arstia Italy
· Graniti Fiandre SpA Italy
· Duravit Germany
· Boch Germany
· Kermi GmbH Germany
Operating Trend: Steady
Subject has a workforce of 50 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
6,600,000 KD
7,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Raed Al Najjar, Commercial Manager
·
National Bank of Kuwait
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.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.20 |
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UK Pound |
1 |
Rs.87.79 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
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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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.