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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
TAREQ UNITED CO FOR TRADE & CONTRACTING |
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Registered Office : |
Fahd Saad Al Dubais Building, Mezzanine Floor, Office No. 19 Jleeb Al
Shuwaikh |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.04.2010 |
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Com. Reg. No.: |
102228 |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general foodstuff products |
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No. of Employees : |
6 |
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 : |
Slow but correct |
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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 (31.03.2011) |
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.
Source : CIA
Company Name : TAREQ UNITED CO FOR TRADE & CONTRACTING
Country of Origin : Kuwait
Legal Form : General Partnership
Registration Date : 21st April 2010
Commercial Registration Number : 102228
Trade Licence Number : 2340/2004
Chamber Membership Number : 123109
Partners Capital : KD 50,000
Total Workforce : 6
Activities : Distributors of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
TAREQ UNITED CO FOR TRADE & CONTRACTING
Location : Fahd Saad Al
Dubais Building, Mezzanine Floor, Office No. 19
Town : Jleeb Al
Shuwaikh
Country : Kuwait
Telephone : (965) 50130009
/ 50622502 / 65995997
Facsimile : (965) 50130009
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Jleeb Al Shuwaikh.
Name Position
· Tareq Oqab Khurias
Al Otaibi Managing
Partner
· Fayha Muteb
Mohamed Partner
· Asmoot Abdul Manan Commercial
Manager
Date of
Establishment : 21st
April 2010
Legal Form : General Partnership
Commercial Reg.
No. : 102228
Trade Licence No. : 2340/2004
Chamber Member No. : 123109
Partners Capital : KD 50,000
Name of Partner (s)
· Tareq Oqab Khurias
Al Otaibi
· Fayha Muteb
Mohamed
Activities: Engaged in the import and distribution of general foodstuff products.
Import Countries: Europe and the Far East.
Subject has a workforce of 6 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/11:
Total Sales KD
780,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Kuwait SAK
Shuwaikh
Tel:
(965) 24814643
Fax:
(965) 24837952
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 business is considered to be 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 |
Rs.52.37 |
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1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.