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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MNA INTERNATIONAL GENERAL TRADING & CONTRACTING WLL |
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Registered Office : |
Emad Commercial Centre, Ahmed Al Jaber Street, Al Sharq Area, PO Box : 883, Al Souq Al Dakhily, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.11.2008 |
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Com. Reg. No.: |
329523 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s activities are performed through the following divisions ·
Contracting Division ·
MNA Marble Zone Division |
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No. of Employees : |
30 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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.
|
Source
: CIA |
Company Name :
MNA INTERNATIONAL GENERAL TRADING & CONTRACTING WLL
Also Known As :
MNA MARBLE
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
19th November 2008
Commercial Registration Number :
329523
Trade Licence Number :
4693/2008
Chamber Membership Number :
117105
Issued Capital :
KD 250,000
Paid up Capital :
KD 250,000
Total Workforce :
30
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Sari Samad, Sales Manager
MNA INTERNATIONAL
GENERAL TRADING & CONTRACTING WLL
ALSO KNOWN AS: MNA MARBLE
Registered &
Physical Address
Building : Emad
Commercial Centre
Street : Ahmed Al
Jaber Street
Area : Al Sharq
Area
PO Box : 883, Al Souq Al
Dakhily
Town : Safat
Country : Kuwait
Telephone : (965) 22490046
/ 22490047
Facsimile : (965) 22490048
Mobile : (965)
96612288 / 97878835
Email : info@mna-international.com
/ nehmeh.partners@gamil.com
/ sari.mna@gmail.com
Premises
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Central Business Area of Safat.
Name Position
Raed Jawad Bukhamseen Managing
Director
Emad Jawad Bukhamseen Director
Moneef Abdullatif Nehmeh Director
Emad Farooq Projects
Manager
Sari Samad Sales
Manager
Waleed Sawaf Accountant
Date of Establishment : 19th November 2008
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 329523
Trade Licence No. : 4693/2008
Chamber Member No. : 117105
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
Raed Jawad Bukhamseen
Emad Jawad Bukhamseen
Moneef Abdullatif Nehmeh
Bukhamsin Holding Co
Safat
Activities: Subject’s activities are performed through the following divisions:
Contracting
Division
Engaged as general contractors for interior
decoration, design and construction.
MNA Marble Zone
Division
Engaged in the import and distribution of
marble, ceramics and sanitary ware.
Import Countries: Italy and India
International
Suppliers:
ARVICON India
Henro Italy
Operating Trend: Steady
Subject has a workforce of 30 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales KD
1,880,000 KD
2,070,000
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.60.23 |
|
|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
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.