MIRA
INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
AL KAMAR AL
KUWAITI GENERAL TRADING AND CONTRACTING ESTABLISHMENT |
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Registered Office : |
Building No. 29,
4th Floor, Plot No. 65, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.07.1983 |
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Com. Reg. No.: |
35561 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products, specialising in fish,
seafood, crab, dried food, frozen food, mango and pomegranates |
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No. of Employees : |
12 |
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 01, 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 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
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Source
: CIA |
SUMMARY
Company Name : AL KAMAR
ESTABLISHMENT
Country of Origin : Kuwait
Legal Form :
Sole Proprietorship
Registration Date : 7th
July 1983
Commercial
Registration Number : 35561
Trade Licence
Number : 1577/83
Chamber Membership
Number : 13940
Invested Capital : KD 50,000
Total Workforce : 12
Activities :
Distributors of general foodstuff products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Rashid Thalavankkad, Sales Manager
COMPANY NAME
AL KAMAR AL KUWAITI
GENERAL TRADING AND CONTRACTING ESTABLISHMENT
ADDRESS
Registered & Physical Address
Building : Building No. 29, 4th
Floor, Plot No. 65
Street : Macca Street
PO Box : 46106
Town : Fahaheel 64012
Country : Kuwait
Telephone : (965) 24339493 / 23924184
Facsimile : (965) 24343162
Mobile : (965) 97602625 / 99747907
Email : info@nilamelkwt.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Fahaheel.
Branch Offices
Location Description
·
Al Dowaish Complex, 3rd Floor, Office No.
38 Office
premises
Jaleeb Al Sheioukh
Tel: (965) 24343162
Mob: (965)
97993217
KEY PRINCIPALS
Name Position
·
Lafi
Saoud Mohamed Al Mutairi Proprietor
& General Manager
·
Sam
Nilamal Assistant
General Manager
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Tiby
Mathew Finance
Manager
·
Abdul Rashid Thalavankkad Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
July 1983
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 35561
Trade Licence No. : 1577/83
Chamber Member No. : 13940
Invested Capital
: KD 50,000
Mr Lafi Saoud
Mohamed Al Mutairi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products, specialising in fish, seafood, crab,
dried food, frozen food,
mango and pomegranates.
Import
Countries: India,
Bangladesh, Sri Lanka and the Philippines.
International Suppliers:
·
Tran Agro Ltd Bangladesh
·
Consolidated Business System (CBS) Sri Lanka
·
Nilamal Export India
·
Q Field Philippines
·
Philippine Grocer Philippines
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales KD 1,175,000 KD 1,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Kuwait
Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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1 |
Rs.98.65 |
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Euro |
1 |
Rs.78.63 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
PDT |
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.