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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ARKNT GLOBAL GROUP FOR GENERAL TRADING AND CONTRACTING WLL |
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Registered Office : |
Zogruf Complex, 5th Floor, Office No. 42,
Beirut Street, P O Box 47925 & 44711, Fahaheel 64030 |
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Country : |
Kuwait |
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Date of Incorporation : |
18.02.2009 |
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Com. Reg. No.: |
340253 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s operations are performed through
the following divisions: ·
Steel
and Pipe Division Engaged in the import and distribution of
carbon steel pipe, ductile and PVC pipe, air and pressure valves. ·
Foodstuff
Division Engaged in the import and
distribution of general foodstuff ·
Contracting
Division Engaged in the provision of general contractors for pipes and
construction |
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No of Employees : |
133 |
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 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name : ARKNT GLOBAL GROUP FOR GENERAL TRADING AND
CONTRACTING WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 18th February 2009
Commercial Registration Number : 340253
Trade Licence Number : 2102/2011
Chamber Membership Number : 118191
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Total Workforce : 133
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Qandeel, Finance Manager
ARKNT GLOBAL GROUP FOR GENERAL TRADING AND
CONTRACTING WLL
Registered &
Physical Address
Building : Zogruf Complex, 5th
Floor, Office No. 42
Street : Beirut Street
PO Box : 47925 & 44711
Town : Fahaheel 64030
Country : Kuwait
Telephone : (965) 22667041 / 22667041 / 23715004
/ 67799332 / 23715003
Facsimile : (965) 22667043 / 23715009
Mobile : (965) 99000745 / 94449556
Email : gandeel@arknt.com
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Fahaheel.
Name Position
·
Abdullah
Fahd Mohamed Al Hajeri Managing
Director
·
Saeed
Abdullah Mohamed Al Hajeri Director
·
Nasser
Abdullah Al Hajeri General
Manager
·
Mohamed
Qandeel Finance
Manager
·
Tamer
Alwan Steel and Pipe Sales Manager
·
Tony
Saadah Foodstuff
Sales Manager
·
Ahmed
Al Mashaal Projects
Manager
Date of Establishment : 18th
February 2009
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 340253
Trade
Licence No. : 2102/2011
Chamber Member No. : 118191
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Name of
Shareholder (s)
·
Abdullah
Fahd Mohamed Al Hajeri
·
Saeed
Abdullah Mohamed Al Hajeri
Activities: Subject’s operations are performed through
the following divisions:
·
Steel
and Pipe Division
Engaged in the import and distribution of
carbon steel pipe, ductile and PVC pipe, air and pressure valves.
·
Foodstuff
Division
Engaged in the import and
distribution of general foodstuff
·
Contracting
Division
Engaged in the provision of general contractors for pipes and
construction.
Import
Countries: Saudi Arabia, Egypt
and the United Kingdom.
Agencies Held:
·
NADEK Saudi
Arabia
·
Saadeddin
Pastry Saudi
Arabia
·
Faragalla Food Industries Egypt
·
Greater Cairo Foundries Egypt
·
Al Nasser Steel Pipes & Fittings Co Egypt
·
P R
Marriot United Kingdom
Subject has a workforce
of 133 employees.
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Bank of
Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
No complaints
regarding subject’s payments have been reported.
Local sources
report that subject meets its payments in a timely manner and is considered to
be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
|
<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.