MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

PREMIX GENERAL TRADING & CONTRACTING CO WLL

 

 

Registered Office :

25 February Tower, 12th Floor Khalid Bin Waleed Street Sharq

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.07.2007

 

 

Com. Reg. No.:

120649

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subjects operations are performed through the following divisions:

·         General Trading Division

·         Real Estate Division

 

 

No. of Employees :

08

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

 

SUMMARY

 

Company Name                                     : PREMIX GENERAL TRADING & CONTRACTING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 2nd July 2007

Commercial Registration Number            : 120649

Trade Licence Number                            : 2390/2007

Chamber Membership Number                : 109872

Issued Capital                                        : KD 150,000

Paid up Capital                                      : KD 150,000

Total Workforce                                     : 8

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

 

COMPANY NAME

 

PREMIX GENERAL TRADING & CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : 25 February Tower, 12th Floor

Street               : Khalid Bin Waleed Street

 

Town                 : Sharq

Country             : Kuwait

 

Telephone         : (965) 20223611168 / 22942625 / 22942626

Facsimile          : (965) 4822728251 / 22942624

Mobile               : (965) 617717712

Email                : info@premixglobal.com / anad@premixglobal.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Sharq.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Othman Ayman Abdullah Boodai                                                        Managing Director

 

·       Haya Ayman Abdullah Boodai                                                            Director

 

·       Anand Mugersham                                                                            Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd July 2007

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 120649

 

Trade Licence No.       : 2390/2007

 

Chamber Member No. : 109872

 

Issued Capital              : KD 150,000

 

Paid up Capital            : KD 150,000

 

Name of Shareholder (s)

 

·       Othman Ayman Abdullah Boodai                                                       

 

·       Haya Ayman Abdullah Boodai

 

 

OPERATIONS

 

Activities: Subjects operations are performed through the following divisions:

 

·         General Trading Division

 

Engaged in the import and distribution of packaging materials and products

 

·         Real Estate Division

 

Engaged in the provision of real estate development and management

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

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 1,025,000                            KD 1,100,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

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

 

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

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

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

 

--

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%)

 

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