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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AREDH AL THABIAH
GENERAL TRADING & CONTRACTING CO WLL |
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Registered Office : |
Gulf Bank
Building, 1st Floor, Nahar Complex, Building No. 29, Block No. 54,
Mangaf Area 304, Sabahiya 54574 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.06.2006 |
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Com. Reg. No.: |
112110 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject’s
operations are performed through the following divisions ·
Real Estate Division ·
Grocery & Supermarket Division ·
Restaurant Division |
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No. of Employees |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 : AREDH AL THABIAH GENERAL TRADING & CONTRACTING CO
WLL
Country of Origin : Kuwait
Legal Form : With
Limited Liability - WLL
Registration Date : 25th
July 2006
Commercial
Registration Number : 112110
Trade Licence
Number :
482/2006
Chamber Membership
Number : 103142
Issued Capital : KD
500,000
Paid up Capital : KD
500,000
Total Workforce :
23
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shakeer Ali,
Financial Manager
AREDH AL THABIAH
GENERAL TRADING & CONTRACTING CO WLL
Building : Gulf Bank Building, 1st
Floor, Nahar Complex, Building No. 29, Block No. 54
Area : Mangaf Area
PO Box : 304
Town : Sabahiya 54574
Country : Kuwait
Telephone : (965) 23720505 / 23728787
Facsimile : (965) 23730505 / 23632505
Mobile : (965) 97396481 / 60650950 /
97789297 / 99788818 / 66328888
/ 60688881
Email : info@attcgroup.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Sabahiya.
Name Nationality Position
·
Naif
Marzouk Al Rashidi Kuwaiti Managing
Director
·
Ahmed P
Kandethil Indian Director
·
Ahmed
Marzouk Saad Al Rashidi Kuwaiti General
Manager
·
Shakeer
Ali - Financial
Manager
·
Kannan
R Nair - Commercial
Manager
·
Mohamed
Nazir - Letting
Manager
Date of Establishment : 25th
July 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 112110
Trade Licence No. : 482/2006
Chamber Member No. : 103142
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
·
Naif
Marzouk Al Rashidi
·
Ahmed P
Kandethil
·
Al
Bahja Trading & Cont Co
Kuwait
·
United
Fairmount General Trading Est
Kuwait
·
Spice
Island Hotel Group
Kuwait
·
Al
Thabiah Bakers & Confectioneries
Kuwait
·
Star
Flow Real Estate Co
Kuwait
·
Seven Plus
General Trading & Cont Co WLL
Qatar
·
Club
Asia Hotel Group
·
Bell
Pepper Hotel Group
Activities: Subject’s operations are performed through
the following divisions:
·
Real
Estate Division
Providers of real estate apartment
villas and rental services.
·
Grocery
& Supermarket Division
Operators of grocery stores
and supermarkets.
·
Restaurant
Division
Operators of two Indian restaurants.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 23 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 135,000 KD 150,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Shakeer Ali, Financial Manager
·
National
Bank of Kuwait SAK
Sabahiya
Tel: (965) 23611397
Fax: (965) 23617013
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.59.87 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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 |
|
|
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.