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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL FAYASEL TRANS THE WORLD GROUP WLL |
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Registered Office : |
Al Badiya
Building, 2nd Floor, Souk Al Hijazi, Mobarakiya, P O Box 20006,
Safat 13061 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.09.1991 |
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Com. Reg. No.: |
44278 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of general foodstuffs and chemicals |
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No. of Employees : |
12 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : AL FAYASEL TRANS THE WORLD GROUP WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 11th September 1991
Commercial Registration Number : 44278
Trade Licence Number : 85/91
Chamber Membership Number : 24132
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Total Workforce : 12
Activities : Distributors of general foodstuffs and chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Walie Abdul Rasheed, Sales Manager
AL FAYASEL TRANS
THE WORLD GROUP WLL
Registered &
Physical Address
Building : Al Badiya Building, 2nd
Floor
Area : Souk Al Hijazi, Mobarakiya
PO Box : 20006
Town : Safat 13061
Country : Kuwait
Mobile : (965) 99352940 / 55550033 /
66358188
Email : alfayaselgroup1@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Abdullah
Fayasel Najaf Al Farj Managing
Director
·
Fayasel
Najaf Al Farj Director
·
Walie
Abdul Rasheed Sales
Manager
Date of Establishment : 11th
September 1991
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 44278
Trade
Licence No. : 85/91
Chamber Member No. : 24132
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of
Shareholder (s)
·
Abdullah
Fayasel Najaf Al Farj
·
Fayasel
Najaf Al Farj
·
Al Farj
Building Contracting
Safat
Mob: (965) 99352940 / 55550033 / 66358188
Activities: Engaged in the import and distribution of
general foodstuffs and chemicals.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce
of 12 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 Revenue KD 1,200,000 KD 1,280,000
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
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
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.54.17 |
|
UK Pound |
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
<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.