|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAY INTERNATIONAL GENERAL TRADING AND CONTRACTING EST |
|
|
|
|
Registered Office : |
Al Liwan Building No. 28, 2nd Floor, Office No. 8, Jleeb Al
Shuyoukh, PO Box: 3873, Safat 13039 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.06.1998 |
|
|
|
|
Com. Reg. No.: |
71967 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Distribution of general foodstuff, subject also providers of clearing,
freight forwarding and logistical services |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : MAY INTERNATIONAL
GENERAL TRADING AND CONTRACTING EST
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
17th June 1998
Commercial Registration Number :
71967
Trade Licence Number :
566/1997
Chamber Membership Number :
56190
Invested Capital :
KD 40,000
Total Workforce :
8
Activities :
Distribution of general foodstuff, subject also providers of clearing, freight
forwarding
and logistical services
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MAY INTERNATIONAL GENERAL TRADING AND CONTRACTING EST
Registered &
Physical Address
Building : Al Liwan
Building No. 28, 2nd Floor, Office No. 8
Area : Jleeb Al
Shuyoukh
PO Box : 3873
Town : Safat 13039
Country : Kuwait
Telephone : (965) 24337147
/ 24339306
Facsimile : (965) 24312325
Mobile : (965)
99569817
Email : gm@may-intl.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Safat.
Name Position
Ms May Khalid Abdulmohsin Al Babtain Proprietor
Vadakkayal Alyar Rowathar Shafeeq Rahman General
Manager
Date of Establishment : 17th
June 1998
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 71967
Trade Licence No. : 566/1997
Chamber Member No. : 56190
Invested Capital : KD 40,000
Ms May Khalid Abdulmohsin Al Babtain is the sole proprietor of the
business.
Activities: Engaged in the import and distribution of general foodstuffs, subject
also provides clearing, freight forwarding and logistical services, overland
and sea transportation, handling, customs documentation and consultancy.
Import Countries: Europe
and the Far East
Operating Trend: Steady
Subject has a workforce of 8 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinar (KD)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales KD
825,000 KD
860,000
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.