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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Correct Name |
ABU KANDAR GENERAL TRADING & CONTRACTING
COMPANY WLL |
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Registered Office : |
Alawadi Building No.
2, Al Ahmadi, P O Box 55808, Al Sabahiya, Fahaheel |
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Country : |
Kuwait |
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Date of Incorporation : |
11.12.1995 |
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Com. Reg. No.: |
18134 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of beauty and personal care products |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Trade Licensed Expired |
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Payment Behaviour : |
Unknown |
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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 |
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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 104 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 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 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 : ABU KANDAR GENERAL TRADING & CONTRACTING COMPANY
WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 11th December 1995
Commercial Registration Number : 18134
Trade Licence Number : 1710/2005
Chamber Membership Number : 106951
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 6
Activities : Distributors of beauty and personal care products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ABU KANDAR GENERAL
TRADING & CONTRACTING COMPANY WLL
Registered &
Physical Address
Building : Alawadi Building No. 2
Area : Al Ahmadi
PO Box : 55808, Al Sabahiya
Town : Fahaheel
Country : Kuwait
Mobile : (965) 94912704 / 97879664
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Fahaheel.
Name Position
·
Abdul
Salam Mohamoud Abdullah Abdulrahim Managing Director
·
Abdulrahim
Abdul Salam Abdulrahim Director
·
Siti
Fatima Tan Othman Director
·
Nabeel
Akhtar Butt General
Manager
Date of Establishment : 11th
December 1995
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 18134
Trade
Licence No. : 1710/2005 (Expired 01/02/2012)
Chamber Member No. : 106951
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
·
Abdul
Salam Mohamoud Abdullah Abdulrahim
·
Abdulrahim
Abdul Salam Abdulrahim
·
Siti
Fatima Tan Othman
Activities: Engaged in the import and distribution of
beauty and personal care products, including skin care creams, body lotion,
hair gel, shampoo and hair colouring products.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 6 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.
·
Commercial
Bank of Kuwait SAK
Fahaheel
Tel: (965) 23922776
No complaints
regarding subject’s payments have been reported.
Please note that
subject’s trade licence number 1710/2005 expired on 1st February
2012 and has not been renewed.
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.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
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 |
|
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 |
|
---- |
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.