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Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AL FAWARSIYA GENERAL TRADING & CONTRACTING EST |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.03.1988 |
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Com. Reg. No.: |
53759 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs and industrial spare parts and subject also provides travel services and manpower solutions. |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
KUWAIT ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.
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Source
: CIA |
Company Name : AL FAWARSIYA GENERAL TRADING & CONTRACTING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 20th March 1988
Commercial Registration Number : 53759
Chamber Membership Number : 18898
Invested Capital : KD 50,000
Total Workforce : 45
Activities : Import and distribution of general foodstuffs and industrial spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL FAWARSIYA
GENERAL TRADING & CONTRACTING EST
Building : Al
Dabbos Building, 3rd Floor
Street : Mecca
Street
Area : Fahaheel
PO Box : 44666 & 7944
Town : Hawalli 32061
Country : Kuwait
Telephone : (965) 23918265 / 23928406
Facsimile : (965) 23928406
Mobile : (965) 97886966 / 97395152 / 97862692
Email : info@aftckwt.com / naveedshariff123@yahoo.com / alfawarsia@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Hawalli.
Name Position
·
Mana'a Abdullah Al Dossary Proprietor
& General Manager
·
Bashir Mohamed Mohiddine Assistant
General Manager
·
M T
Fajlu Sales
Manager
Date of Establishment : 20th
March 1988
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 53759
Chamber Member No. : 18898
Invested Capital
: KD 50,000
Mr Mana'a Abdullah Al Dossary is the sole proprietor of
the business.
Activities: Engaged in the import
and distribution of general foodstuffs and industrial spare parts.
Subject also provides travel services and manpower solutions.
Completed Projects:
|
PROJECT |
CLIENT |
MAIN CONTRACTOR |
CONTRACTOR |
SUB CONTRACTOR |
REMARKS |
|
US ARMY PROJECT |
US ARMY |
KBR |
G.F.S |
FTC |
FINISHED ON 2007 |
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ENHANCEMENT CRUDE EXPORT FACILITIES |
KSC |
FLOUR |
NBTC |
FTC |
FINISHED ON 2007 |
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FINTAZ 300KV/132KV SUBSTATION |
MEW |
HITACHI LTD. |
CONSOLIDATED CONTRACTORS COMPANY |
FTC |
FINISHED ON 2007 |
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AL SHEIKH JABER AL AHMED INT'L STADIUM KWT |
PUBLIC WORK |
KHARAFI NATIONAL |
KHARAFI NATIONAL |
FTC |
FINISHED ON 2006 |
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GENERATOR MAINTANANCE CAMP BURRING |
US ARMY |
CSA |
MSR |
FTC |
FINISHED ON 2006 |
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FAHAD AL AHMED "C" 132 KV/11KV
SUBSTATION |
MEW |
MITSUBISHI |
CONSOLIDATED CONTRACTORS COMPANY |
FTC |
FINISHED ON 2005 |
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FAHAD AL AHMED "D" 132 KV/11KV
SUBSTATION |
MEW |
MITSUBISHI |
CONSOLIDATED CONTRACTORS COMPANY |
FTC |
FINISHED ON 2006 |
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KHALIDIYA "B" 132 KV/11KV SUBSTATION |
MEW |
MITSUBISHI |
CONSOLIDATED CONTRACTORS COMPANY |
FTC |
FINISHED ON 2005 |
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JALEEB SHOUAIK 300 KV/132 KV/ 11 KV
SUBSTATION |
US ARMY |
KBR |
IMCO |
FTC/IMCO |
FINISHED ON 2005 |
Import
Countries: India, Thailand
and Europe
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales KD 3,185,000 KD 3,300,000
Local sources
consider subject’s financial condition to be Fair.
·
Burgan
Bank
Sheikh Duaij Al Sabah Building
Beirut Street
PO Box: 43973
Hawalli 32054
Tel: (965) 22655763
Fax: (965) 22655749
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. 61.41 |
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|
1 |
Rs. 103.42 |
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Euro |
1 |
Rs. 82.16 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.