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Report No. : |
335463 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL PLASTIC EST |
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Registered Office : |
El Salibeya, Ground Shop 40, PO Box 2044 & 6101, Mina Abdullah
22072, Hawalli 32021 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.11.1997 |
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Com. Reg. No.: |
31954 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of plastic materials such as nylon bags
used for trash bags and shopping bags. |
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No. of Employees : |
100 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term
economic development plan in almost twenty-five years. While the government
planned to spend up $104 billion over four years to diversify the economy away
from oil, attract more investment, and boost private sector participation in
the economy, many of the projects did not materialize because of the uncertain
political situation.
|
Source
: CIA |
Company Name :
INTERNATIONAL PLASTIC EST
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
4th November 1997
Commercial Registration Number :
31954
Chamber Membership Number :
54484
Invested Capital : KD 100,000
Total Workforce : 100
Activities :
Manufacture of plastic materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jamal Hatem Ali Sayegh, Proprietor
INTERNATIONAL PLASTIC EST
Registered &
Physical Address
Area : El Salibeya,
Ground Shop 40
PO Box : 2044 &
6101, Mina Abdullah 22072
Town : Hawalli 32021
Country : Kuwait
Telephone : (965) 22626385
/ 22668870
Facsimile : (965) 22628254
Mobile : (965)
99450400
Premises
Subject operates from a medium sized suite of offices, a warehouse and a
factory that are rented and located in the Industrial Area of Hawalli.
Name Position
Jamal Hatem Ali Sayegh Proprietor
& General Manager
Adnan Hatem Ali Sayegh Assistant
General Manager
Date of Establishment : 4th
November 1997
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 31954
Chamber Member No. : 54484
Invested Capital : KD 100,000
Mr Jamal Hatem Ali Sayegh is the sole proprietor of the business.
Activities: Engaged in the manufacture of plastic materials such as nylon bags used
for trash bags and shopping bags.
Production
Capacity: 450 tonnes per month
Import Countries: United Arab Emirates and Saudi Arabia
Operating Trend: Steady
Subject has a workforce of approximately 100 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinar (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
1,120,000 KD
1,200,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
Bank Khaliji
Hawalli
No complaints regarding subject’s payments have been reported.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.