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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SEHAM INTERNATIONAL GENERAL TRADING CO WLL |
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Registered Office : |
Showroom No. 15, Commercial Area No. 9, Block No. 2, PO Box : 25711, Safat 13118 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.07.1963 |
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Com. Reg. No.: |
11750, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles, fabrics,
curtains and upholstery materials. |
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No. of Employees : |
18 |
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) |
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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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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.
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Source
: CIA |
Company Name :
SEHAM INTERNATIONAL GENERAL TRADING CO WLL
Also Known As :
SEHAM COMPANY KUWAIT
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
27th July 1963
Commercial Registration Number :
11750, Safat
Trade Licence Number :
3050/67
Chamber Membership Number :
6579
Issued Capital :
KD 60,000
Paid up Capital :
KD 60,000
Total Workforce :
18
Activities :
Wholesalers and retailers of textiles, fabrics, curtains and upholstery
materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Mazen Mohamed Essa, General Manager
SEHAM
INTERNATIONAL GENERAL TRADING CO WLL
ALSO KNOWN AS: SEHAM COMPANY KUWAIT
Registered &
Physical Address
Building : Showroom No.
15
Location : Commercial
Area No. 9, Block No. 2
PO Box : 25711
Town : Safat 13118
Country : Kuwait
Telephone : (965) 22442959
/ 22409697 / 22408417
Facsimile : (965) 22451059
Mobile : (965)
99778940 / 97763363
Email : mohamed@swiss-house.com
Please note that the correct PO Box number is 25711 and not 95711.
Premises
Subject operates from a small suite of offices, a showroom and storage
facilities that are rented and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
PO Box: 43988 Rented
showroom premises
Hawalli 32054
Tel: (965) 22656752
Fax: (965) 22451059
Name Nationality Position
Mazin Mohamed Essa Syrian Managing
Director
Nabil Abdullah Ali Al Abhoul Al Juraisi Kuwait Director
Adeeba Sobhi Qatramez
Qatari Director
Mohamed Mazen Mohamed Essa - General
Manager
Hamada El Sayed - Sales
Manager
Date of Establishment : 27th July 1963
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 11750, Safat
Trade Licence No. : 3050/67
Chamber Member No. : 6579
Issued Capital : KD 60,000
Paid up Capital : KD 60,000
Name of
Shareholder (s)
Mazin Mohamed Essa
Nabil Abdullah Ali Al Abhoul Al Juraisi
Adeeba Sobhi Qatramez
Activities: Engaged in the
wholesale and retail of textiles, fabrics, curtains and upholstery materials.
Import Countries: Germany,
India, Turkey, Italy and Spain.
International
Suppliers:
DICITEX Decor Pvt Ltd (D’Decor) India
Al Hamra Textile Spain
Bengli Textile Turkey
Operating Trend: Steady
Subject has a workforce of 18 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
2,035,000 KD
2,100,000
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
Kuwait Finance House (KFC)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints regarding subject’s payments have been reported.
Date of transaction June
1998
Credit amount 200,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.23 |
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|
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 |
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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.