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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
WHITE PEAK FOR FOODSTUFF & HOUSEHOLD EQUIPMENT CO WLL |
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Registered Office : |
Jahra Central Post Office Building Al Qhasiryia Area, Sanaiya PO Box
491 Jahra 01005 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.01.1995 |
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Com. Reg. No.: |
66642 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and distribution of household equipment, utensils and general
foodstuff products. |
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No. of Employees : |
10 |
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 |
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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 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 : WHITE PEAK FOR FOODSTUFF & HOUSEHOLD EQUIPMENT CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 11th January 1995
Commercial Registration Number : 66642
Trade Licence Number : 1293/99
Chamber Membership Number : 44517
Issued Capital : KD 139,000
Paid up Capital : KD 139,000
Total Workforce : 10
Activities : Distributors of household equipment, utensils and general foodstuff
products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
WHITE PEAK FOR FOODSTUFF & HOUSEHOLD EQUIPMENT CO WLL
Building : Jahra Central
Post Office Building
Area : Al Qhasiryia
Area, Sanaiya
PO Box : 491
Town : Jahra 01005
Country : Kuwait
Telephone : (965) 24585572
/ 24585570 / 24827574 / 24827523
Facsimile : (965) 24585571
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Jahra.
Name Position
· Ms Mariam Khalaf
Ajail Al Shammary Managing
Director
· Ms Loula Mohamed
Haji Ahmed Ismail Director
· Khalaf Ajail Al
Shammary General
Manager
Date of
Establishment : 11th
January 1995
History :
Subject
began in 1995 as a General Partnership but re-registered as a With Limited
Liability
company in 1996.
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 66642
Trade Licence No. : 1293/99
Chamber Member No. : 44517
Issued Capital : KD 139,000
Paid up Capital : KD 139,000
· Ms Mariam Khalaf
Ajail Al Shammary
· Ms Loula Mohamed
Haji Ahmed Ismail
Activities: Engaged in the import and distribution of household equipment, utensils
and general foodstuff products.
Import Countries: Europe and the Far East.
Brand Names: AL QEMMA
Operating Trend: Steady
Subject has a workforce of 10 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
1,125,000 KD
1,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
·
National Bank of Kuwait
Main Branch
Jahra
Tel: (965) 24773123
Fax: (965) 24773124
·
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
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.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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.