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Report Date : |
15.05.2013 |
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, P O 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 : |
06 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : 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
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 Revenue 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.54.63 |
|
UK Pound |
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
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 |
|
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 |
|
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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.