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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MUBARAK UNITED GROUP CO WLL |
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Registered Office : |
Almkhial Complex,
Office No. 51, Al Jahra Area, |
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Country : |
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Date of Incorporation : |
24.04.2006 |
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Com. Reg. No.: |
112873 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject operates through several divisions include :- Foodstuff Division Readymade Garment Division |
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No. of Employees : |
180 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company Name : MUBARAK UNITED GROUP CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 24th April 2006
Commercial Registration Number : 112873
Trade Licence Number : 1312/2006
Chamber Membership Number : 101252
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 180
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mubarak Abdullah Fahd Al Mutairi, Managing Director
MUBARAK UNITED
GROUP CO WLL
Registered &
Physical Address
Building : Almkhial Complex, Office No. 51
Area : Al Jahra Area
PO Box : 29265
Town : Safat 13153
Country : Kuwait
Telephone : (965) 24538382 / 22463741
Facsimile : (965) 24550850
Mobile : (965) 66172271 / 66990399 / 65652564
Email : mubarak.group@gmail.com / sheryljacob@aol.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)
Subject has 46 outlets located throughout Kuwait.
Name Position
·
Mubarak
Abdullah Fahd Al Mutairi Managing
Director
·
Hesa
Khalf Abu Khalid Al Mutairi Director
·
Jacob
Varghese General
Manager
Date of Establishment : 24th
April 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 112873
Trade
Licence No. : 1312/2006
Chamber Member No. : 101252
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
·
Mubarak
Abdullah Fahd Al Mutairi
·
Hesa
Khalf Abu Khalid Al Mutairi
Activities: Subjects operations are performed through the
following divisions:
· Foodstuff Division
Engaged
in the import and distribution of general foodstuff, dried foods, seeds,
grains, rice, honey and milk.
· Readymade Garment Division
Engaged
in the import and distribution of readymade garments and cloth.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 180 employees.
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
National
Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.73 |
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UK Pound |
1 |
Rs.90.61 |
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Euro |
1 |
Rs.76.96 |
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 |
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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.