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Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED ABDULLAH AL SAAD GENERAL TRADING CO WLL |
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Registered Office : |
Al Ghazali Street, Shuwaikh
Industrial Area, P O Box 12264, Shamiya 71653 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.02.2000 |
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Com. Reg. No.: |
79641 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject is
engaged in the import and distribution of general foodstuff products,
including rice, lentils and spices as well as kitchenware and utensils. |
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No. of Employees : |
10 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 : MOHAMED ABDULLAH
AL SAAD GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 7th
February 2000
Commercial
Registration Number : 79641
Trade Licence
Number : 8/2000
Chamber Membership Number : 61340
Issued Capital : KD
50,000
Paid up Capital : KD 50,000
Total Workforce : 10
Activities :
Distributors of general foodstuff product, kitchenware and utensils.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yogesh Kapur,
General Manager
MOHAMED ABDULLAH AL SAAD GENERAL TRADING CO WLL
Street : Al Ghazali Street
Area : Shuwaikh Industrial Area
PO Box : 12264
Town : Shamiya 71653
Country : Kuwait
Telephone : (965) 24839641
Facsimile : (965) 24838812
Mobile : (965) 99682772 / 99540475 /
60671116 / 69661387
Email : alsaadd@yahoo.com / alsaadd@yahoo.co.in
Please note that
subject’s previous address was, Canada Dry Street, Shuwaikh, Shamiya 71653.
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Shamiya.
Name Nationality Position
·
Abdullah
Mohamed Abdullah Al Saad Kuwaiti Managing
Director
·
Mohamed Abdullah Mohamed Al Saad
Kuwaiti Director
·
Yogesh Kapur - General
Manager
·
Ali Roban - Public
Relations Manager
Date of Establishment : 7th
February 2000
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 79641
Trade Licence No. : 8/2000
Chamber Member No. : 61340
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
·
Abdullah
Mohamed Abdullah Al Saad
·
Mohamed Abdullah Mohamed Al Saad
Activities: Engaged in the import and distribution of
general foodstuff products, including rice, lentils and spices as well as
kitchenware and utensils.
Import
Countries: India and the
United Kingdom
International Suppliers:
·
Ameet Agro Pvt Ltd India
·
ABN Traders India
·
Lal Qilla Rice Mill India
·
McBride United
Kingdom
Brand Names: ONAM and SWAD
Operating Trend: Steady
Subject has a
workforce of 10 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 3,110,000 KD 3,535,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local 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
·
Al Ahli
Bank of
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 22411102
No complaints regarding
subject’s payments have been reported.
Credit amount US$
150,000 US$
150,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
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.61.56 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.76.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.