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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
IFA FOOD KSCC |
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Registered Office : |
IFC Tower Ahmed Al Jaber Street Sharq PO Box 4694 Safat 13125 |
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Country : |
Kuwait |
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Date of Incorporation : |
28.08.2011 |
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Com. Reg. No.: |
337359 |
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Legal Form : |
Kuwaiti Shareholding Closed Company - KSCC |
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Line of Business : |
Distributors of general foodstuffs |
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No. of Employees : |
45 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
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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 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.
Source
: CIA
Company Name : IFA FOOD KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company - KSCC
Registration Date : 28th August 2011
Commercial Registration Number : 337359
Trade Licence Number : 2160/2011
Chamber Membership Number : 129370
Issued Capital : KD 3,250,000
Paid up Capital : KD 3,250,000
Total Workforce : 45
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Hassan Khalil, Operations Manager
IFA FOOD KSCC
Building : IFC Tower
Street : Ahmed Al
Jaber Street
Area : Sharq
PO Box : 4694
Town : Safat 13125
Country : Kuwait
Telephone : (965) 22455636
Facsimile : (965) 22459631
Mobile : (965)
66616510
Email : h.khalil@oncoast.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Safat.
Name Position
· Ali Abdullah Al
Raqaba Chairman
· Mohamed Abdullah
Mohamed Al Radwan Managing
Director
· Talal Al Bahar Director
· Hassan Khalil Operations
Manager
Date of Establishment : 28th August 2011
Legal Form : Kuwaiti
Shareholding Closed Company - KSCC
Commercial Reg.
No. : 337359
Trade Licence No. : 2160/2011
Chamber Member No. : 129370
Issued Capital : KD 3,250,000
Paid up Capital : KD 3,250,000
· International
Financial Co KSCC (IFC)
Safat
Activities: Engaged in the import and distribution of general foodstuffs, including
beef and poultry products.
Import Countries: Europe and the Far East.
Subject has a workforce of 45 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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.71 |
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|
1 |
Rs.82.79 |
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Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.