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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KASNOW INTERNATIONAL COMPANY |
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Registered Office : |
Commercial Area 4873, Hawalli 18985, Farwaniya Hawalli 32079 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.06.2008 |
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Com. Reg. No.: |
327333 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of electro mechanical equipment. |
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No. of Employees : |
8 |
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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 (31.03.2011) |
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 : KASNOW INTERNATIONAL COMPANY
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 19th June 2008
Commercial Registration Number : 327333
Trade Licence Number : 2048/2008
Chamber Membership Number : 115411
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 8
Activities : Distributors of electro mechanical equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KASNOW INTERNATIONAL COMPANY
Location : Commercial
Area
PO Box : 4873, Hawalli
18985, Farwaniya
Town : Hawalli
32079
Country : Kuwait
Telephone : (965) 24751209
Facsimile : (965) 24713312
Mobile : (965)
97274656 / 99724435
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Hawalli.
Name Position
· Abdullah Mohamed
Mubarak Al Ajmi Managing Director
· Mohamed Abdullah
Mubarak Al Ajmi Director
Date of
Establishment : 19th
June 2008
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 327333
Trade Licence No. : 2048/2008
Chamber Member No. : 115411
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
· Abdullah Mohamed
Mubarak Al Ajmi
· Mohamed Abdullah
Mubarak Al Ajmi
Activities: Engaged in the import and distribution of electro mechanical equipment.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 8 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
1,400,000 KD
1,900,000
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
Hawalli
Tel: (965)
22645964
No complaints regarding subject’s payments have been reported.
According to local sources subject’s financial position is described as
healthy and profitable with payments made in a timely manner. The operating
history is clear and the above credit figure is deemed to be within subject’s
financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.07 |
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1 |
Rs.84.95 |
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Euro |
1 |
Rs.68.24 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.