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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
IT CARE KUWAIT IMPORT AND EXPORT COMMISSION AGENT WLL |
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Registered Office : |
Mubarak Abdullah Al Ahmed Al Sabah Building, Block 8, 1st
Floor, Al Qibla, PO Box: 15933, Dayia 35452 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.09.2010 |
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Com. Reg. No.: |
335467 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of general foodstuffs, handicrafts and wooden tables |
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No. of Employees : |
6 |
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) |
|
Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 : IT CARE
KUWAIT IMPORT AND EXPORT COMMISSION AGENT
WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
19th September 2010
Commercial Registration Number :
335467
Trade Licence Number :
1307/2010
Chamber Membership Number :
124894
Issued Capital :
KD 20,000
Paid up Capital :
KD 20,000
Total Workforce :
6
Activities :
Distributors of general foodstuffs, handicrafts and wooden tables
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
IT CARE KUWAIT IMPORT AND EXPORT COMMISSION AGENT WLL
Registered &
Physical Address
Building : Mubarak
Abdullah Al Ahmed Al Sabah Building, Block 8, 1st Floor
Area : Al Qibla
PO Box : 15933
Town : Dayia 35452
Country : Kuwait
Mobile : (965)
99431199 / 99525830 / 99254866
Email : mirzashoaib30@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dayia.
Name Nationality Position
Shoaib Mirza Ashraf Ali Indian Managing Director
Mohamed Ali Tisheet Ghulam Sabir Tisheet Indian Director
Mishaal Abdullah Mishaal Al Abdullah Kuwaiti Director
Basel Yacoub Yousef Al Ali Kuwaiti Director
Mohamed Mosaad Qamr Maksood Kuwaiti Director
Date of Establishment : 19th
September 2010
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 335467
Trade Licence No. : 1307/2010
Chamber Member No. : 124894
Issued Capital : KD 20,000
Paid up Capital : KD 20,000
Name of
Shareholder (s)
Shoaib Mirza Ashraf Ali
Mohamed Ali Tisheet Ghulam Sabir Tisheet
Mishaal Abdullah Mishaal Al Abdullah
Basel Yacoub Yousef Al Ali
Mohamed Mosaad Qamr Maksood
Activities: Engaged in the import and
distribution of general foodstuffs, handicrafts and wooden tables.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 6 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
630,000 KD
710,000
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
<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.