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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BURGAN SHOES MANUFACTURING CO WLL |
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Registered Office : |
Building No. 197,
Block 2, Street No. 102, Sabhan Area, P O Box 3063, Safat 13031 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.01.1986 |
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Com. Reg. No.: |
17736 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Manufacturers of military and safety boots |
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No. of Employees : |
45 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 102 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 and 2012 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 historically 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 : BURGAN SHOES MANUFACTURING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 7th January 1986
Commercial Registration Number : 17736
Chamber Membership Number : 4851
Issued Capital : KD 400,000
Paid up Capital : KD 400,000
Total Workforce : 45
Activities : Manufacturers of military and safety boots
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
BURGAN SHOES
MANUFACTURING CO WLL
Registered &
Physical Address
Building : Building No. 197, Block 2
Street : Street No. 102
Area : Sabhan Area
PO Box : 3063
Town : Safat 13031
Country : Kuwait
Telephone : (965) 24731589 / 24733228 / 6751613
Facsimile : (965) 24714062
Email : safari.est@gmail.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
·
Abdulrahman
Abdullah Dekheil Al Dekheil Managing
Director
·
Dekheil
Abdullah Dekheil Al Dekheil Director
·
Saad
Abdulwahab Al Saleh General
Manager
·
Hadi
Alawi Production
Manager
·
Magdi
Mohamed Accounts
Manager
Date of Establishment : 7th
January 1986
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 17736
Chamber Member No. : 4851
Issued Capital : KD 400,000
Paid up Capital : KD 400,000
Name of
Shareholder (s)
·
Abdulrahman
Abdullah Dekheil Al Dekheil
·
Dekheil
Abdullah Dekheil Al Dekheil
Activities: Engaged in the manufacture of military and
safety boots.
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 31/12/11: Year Ending
31/12/12:
Total Sales KD 3,410,000 KD 3,825,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Kuwait
Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.