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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Saud Al Mutairi
Complex, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.03.2007 |
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Com. Reg. No.: |
117417 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of general foodstuffs, confectionery, utensils, stainless steel products and children’s room decorations |
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No. of Employees : |
15 employees |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 :
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 19th March 2007
Commercial Registration Number : 117417
Trade Licence Number : 6394/2006
Chamber Membership Number : 107455
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 15
Activities : Distributors of general foodstuffs, confectionery, utensils, stainless steel
products and children’s room decorations.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ROYAL PALACE FOR GENERAL TRADING &
CONTRACTING WLL
Registered &
Physical Address
Building : Saud Al Mutairi Complex
Street : Tunis Street
PO Box : 2907
Town : Hawalli 32030
Country : Kuwait
Telephone : (965) 22661716 / 66323888 / 66446463
Facsimile : (965) 22661716
Email : royalpalace72@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Hawalli.
Name Position
·
Mishal
Mohamed Bader Yousef Al Shaheen Managing
Director
·
Mohamed
Bader Yousef Al Shaheen Director
·
Saoud
Sayed Mohamed Director
·
Mohamed
Naghi Mohamed Kamal Al Ghandor General
Manager
Date of Establishment : 19th
March 2007
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 117417
Trade Licence No. :
6394/2006
Chamber Member No. : 107455
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of Shareholder (s)
·
Mishal
Mohamed Bader Yousef Al Shaheen
·
Mohamed
Bader Yousef Al Shaheen
·
Saoud
Sayed Mohamed
Activities: Engaged in the import and distribution of
general foodstuffs, confectionery, utensils, stainless
steel products and children’s room decorations.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 15 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 1,170,000 KD 1,250,000
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) 2645964
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.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.