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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FOUR STAR CO WLL |
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Registered Office : |
Canada Dry Street, Al Zina Street Shuwaikh Industrial Area PO Box
29874 & 1052 Safat 13159 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.08.1984 |
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Com. Reg. No.: |
38736 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of automotive accessories and general foodstuff |
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No. of Employees : |
14 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Moderate |
B1 |
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High |
B2 |
|
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 : FOUR STAR CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 12th August 1984
Commercial Registration Number : 38736
Trade Licence Number : 2942/88
Chamber Membership Number : 6631
Issued Capital : KD 30,000
Paid up Capital : KD 30,000
Total Workforce : 14
Activities : Wholesalers and retailers of automotive accessories and general foodstuff
products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ali Mimji, Commercial Manager
FOUR STAR CO WLL
Street : Canada Dry
Street, Al Zina Street
Area : Shuwaikh
Industrial Area
PO Box : 29874 &
1052
Town : Safat 13159
Country : Kuwait
Telephone : (965) 24915228
Facsimile : (965) 24915228
Mobile : (965)
66613872 / 97596401
Email : askmenew1@gmail.com / fourstarkw@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Industrial Area of Safat.
Name Position
· Abbass Abdul Karim
Al Saffar Managing
Director
· Abeer Abdullah
Mahmoud Ghulloom Director
· Ali Mimji Commercial
Manager
Date of
Establishment : 12th
August 1984
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 38736
Trade Licence No. : 2942/88
Chamber Member No. : 6631
Issued Capital : KD 30,000
Paid up Capital : KD 30,000
· Abbass Abdul Karim
Al Saffar
· Abeer Abdullah
Mahmoud Ghulloom
Activities: Engaged in the wholesale and retail of automotive accessories and
general foodstuff products.
Import Countries: Europe and India.
International
Suppliers:
·
Joosub Per Mohamed Co Ltd India
·
Kampilal and Sons India
Brand Names: HORSE
Operating Trend: Steady
Subject has a workforce of 14 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
1,390,000 KD
1,500,000
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.
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 and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.