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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ATLAS COMMERCIAL CO ( |
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Registered Office : |
Bank Street, Street No. 15, Plot No. 36 Shuwaikh Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.01.1963 |
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Com. Reg. No.: |
10874, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject is engaged in the wholesale and retail of softwood, hardwood,
plywood, blockboard, MDF board and fibreboard, as well as flat steel,
aluminium and hardware products such as carpentry tools, building wire,
sealant, glues and adhesives. |
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No. of Employees |
58 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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
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Source
: CIA |
Company Name :
ATLAS COMMERCIAL CO (
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
14th January 1963
Commercial Registration Number :
10874, Safat
Trade Licence Number :
1911/77
Chamber Membership Number :
190
Issued Capital :
KD 200,000
Paid up Capital :
KD 200,000
Total Workforce :
58
Activities :
Wholesale and retail of softwood, hardwood, plywood, blockboard, MDF
board
and fibreboard, as well as flat steel, aluminium and hardware
products such as carpentry tools, building
wire, sealant, glues and
adhesives.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Abraham George, Finance Manager
ATLAS COMMERCIAL CO (KUWAIT) WLL
Street : Bank Street,
Street No. 15, Plot No. 36
Area : Shuwaikh
Industrial Area
PO Box : 5609
Town : Safat 13057
Country : Kuwait
Telephone : (965) 24813633
/ 24814509 / 24813357 / 24843986 / 24813141
Facsimile : (965) 24813260
/ 24813261
Email : atlascom@ncc.moc.kw / atlas@atlaskuwait.com
Subject operates from a medium sized suite of offices and a warehouse
that are owned and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
· Al Rai Area Rented
retail outlet
Tel: (965)
24719812
· Shuwaikh Industrial
Area Rented
retail outlet
Tel: (965)
24849670
Name Nationality Position
· Samuel Jacob Canadian Managing Director
· Marwan Marzooq
Jassim Boodai Kuwaiti Director
· Jassim
Mostafa Boodai Kuwaiti Director
· Abraham George - Finance
Manager
· Jomi Lal Vavchan - Operations
Manager
· Omar Al Awad - Commercial
Manager
· Mukund Korde - Group
Finance Manager
· Nasir Ahmed - Sales
Manager
Date of
Establishment : 14th
January 1963
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 10874, Safat
Trade Licence No. : 1911/77
Chamber Member No. : 190
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
· Samuel Jacob
· Marwan Marzooq
Jassim Boodai
· Jassim
Mostafa Boodai
Subject is a member of the Al Boodai Group, which
has interests in a number of diversified ventures throughout Kuwait.
The Al Boodai Group consists of the following
concerns:
· Boodai Corporation
PO Box: 1287
Safat 13013
Tel: (965)
24840980 / 24841322
Email: bcorp@boodai.com
· Boodai Trading Co
WLL
PO Box: 1287
Safat 13013
Tel: (965)
24841314 / 24843986
Fax: (965)
24848368 / 24818294
Email: btc@boodai.com
· Jassim Transport
& Stevedoring Co WLL
PO Box: 22801
Safat 13089
Tel: (965) 2802202
Fax: (965)
24843507
Email: jtc@boodai.com
· Gulf Engineering
Co WLL
PO Box: 22668
Safat 13087
Tel: (965) 2802255
Fax: (965)
24745488
Email: gec@boodai.com
· Boodai Readymix
Concrete Co WLL
PO Box: 26351
Safat 13124
Tel: (965)
22421981 / 22421982 / 22421968
Fax: (965)
22421969
· Boodai Aviation Co
PO Box: 5798
Safat 13058
Tel: (965)
22413716 / 22413713
Fax: (965)
22419025
· Boodai Oilfield
Services Co WLL
PO Box: 1287
Safat 13013
Tel: (965)
23981917
Fax: (965)
23981628
· Boodai
Construction Co WLL
PO Box: 26351
Safat 13124
Tel: (965)
22421981 / 22421982 / 22421968
Fax: (965)
22421969
· Kuwait Application
Service Provider Co KSCC
PO Box: 42371
Shuwaikh 70654
Tel: (965) 24841314
Fax: (965) 24832161
Activities: Engaged in the wholesale and retail of softwood, hardwood, plywood,
blockboard, MDF board and
fibreboard, as well as flat steel, aluminium and hardware products such
as carpentry tools, building wire,
sealant, glues and adhesives.
In February 2001 subject was ISO 9002 accredited.
Import Countries: Canada, India, Sweden, Austria, Oman, Chile, Saudi
Arabia, Romania and Malaysia.
International Suppliers:
· Evergreen Malaysia
· Storaenso Austria
· Sadolin Paints Oman
· Modecor Saudi Arabia
· Graphite Ltd India
· Storaenso Chile
Operating Trend: Steady
Subject has a workforce of 58 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
7,700,077 KD
8,115,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Abraham George, Finance Manager
·
National Bank of Kuwait
Shuwaikh
Tel: (965) 24813266 / 24818350
Fax: (965) 24844126
·
Commercial Bank of Kuwait
Shuwaikh
Tel:
(965) 24814643
Fax:
(965) 24837952
No complaints regarding subject’s payments have been reported.
Credit amount 180,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.60.26 |
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|
1 |
Rs.97.51 |
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Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.