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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
HOUSE OF DEVELOPMENT FOR AGRICULTURAL CONTRACTING CO WLL |
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Registered Office : |
Al Mawash Tower, 1st Floor, Hilali Street, Murgab, PO Box:
28870, Safat 13105 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
60287 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s operations are performed through the following divisions: Landscaping & Construction Division,
Trading Division, Veterinary Division, Pest Control Division |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 : HOUSE OF
DEVELOPMENT FOR AGRICULTURAL CONTRACTING CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability – WLL
Start Date :
1989
Registration Date :
16th April 1995
Commercial Registration Number :
60287, Safat
Trade Licence Number :
263/95
Chamber Membership Number :
20862
National ID Number :
KWT019509
Issued Capital :
KD 1,500,000
Paid up Capital :
KD 1,500,000
Total Workforce :
1,500
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sharif Ahmed Bader Eddine, Finance Manager
HOUSE OF DEVELOPMENT FOR AGRICULTURAL CONTRACTING CO WLL
Registered &
Physical Address
Building : Al Mawash
Tower, 1st Floor
Street : Hilali
Street
Area : Murgab
PO Box : 28870
Town : Safat 13105
Country : Kuwait
Telephone : (965) 22421694
/ 22421697
Facsimile : (965) 22421713
Mobile : (965)
99036850 / 97264876
Email : hodag@qualitynet.net
/ hod@hodagri.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Safat.
Branch Office (s)
Location Description
Al Rai Area Showroom
premises
Safat
Tel: (965) 24722719
Al Wafra Area Showroom
premises
Safat
Tel: (965) 23810864
Abdali Nursery,
Farm & Showroom premises
Tel: (965) 29627408
Fahaheel Veterinary
Clinic
Tel: (965) 23923273
Jahra Veterinary
Clinic
Tel: (965) 24580323
Name Position
Hamad Abdulrazzak Al Anjari Managing
Director
Emad Hamad Abdulrazzak Al Anjari Director
Abdulrazzak Hamad Abdulrazzak Al Anjari Director
Abdullah Hamad Abdulrazzak Al Anjari Director
Muneera Hamad Abdulrazzak Al Anjari Director
Louloua Hamad Abdulrazzak Al Anjari Director
Sami Abdul Wahab Al Shaji General
Manager
Sharif Ahmed Bader Eddine Finance
Manager
Abdul Mohsin Al Ghalag Operations
Manager
Sree Kumar Marketing
Manager
Date of Establishment : Subject’s operations
date back to 1989, however it was registered on 16th April 1995
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 60287, Safat
Trade Licence No. : 263/95
Chamber Member No. : 20862
National ID No. : KWT019509
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Name of
Shareholder (s)
Hamad Abdulrazzak Al Anjari
Emad Hamad Abdulrazzak Al Anjari
Abdulrazzak Hamad Abdulrazzak Al Anjari
Abdullah Hamad Abdulrazzak Al Anjari
Muneera Hamad Abdulrazzak Al Anjari
Louloua Hamad Abdulrazzak Al Anjari
Kazima Marine Equipment Centre
PO Box: 28870
Safat
Tel: (965) 22441505
Activities: Subject’s operations are performed through the following divisions:
Landscaping & Construction Division
Through this division the Company is an approved 'A' Grade landscaping
and irrigation contractor.
Clients : Ministry of Agriculture
Ministry of
Defence
University
of Kuwait
Trading Division
The Trading Division operates 3 showrooms for selling agricultural
inputs like fertilizers, chemicals, tools, seeds, irrigation systems, pumps,
pots, equipment, shade nets
Veterinary Division
The Veterinary Division operates 7 clinics offering a range of
veterinary services as well as importing and distributing veterinary products
and medicines for animals.
Pest Control Division
Engaged in the provision of pest control services.
Import Countries: United States of America,
Australia, Germany, Belgium, India, Italy, Switzerland, the Netherlands and
Spain.
International Suppliers:
Cenevisa Spain
Gaysa Spain
Lainco S.A Spain
Valagro Italy
Samen Mawser Switzerland
Ost-West Trading GmbH Germany
Nenhams NV The
Netherlands
Tomagro The
Netherlands
Bosta B.V. The
Netherlands
SPIC India
Farmoz Pty Ltd Australia
Operating Trend: Steady
Subject has a workforce of approximately 1,500 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
5,309,220 KD
6,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sharif Ahmed
Bader Eddine, Finance Manager
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
Commercial Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
No complaints regarding subject’s payments have been reported.
Date of transaction May
2005
Credit amount 20,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
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 |
|
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 |
|
---- |
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.