MIRA INFORM REPORT

 

 

Report No. :

355031

Report Date :

19.12.2015

 

IDENTIFICATION DETAILS

 

Name :

IT LOGIA FOR COMPUTER PROGRAMME & OPERATING CO WLL

 

 

Registered Office :

Al Shurouq Tower, No. 1, 14th Floor, Jaber Al Mubarak Street, Sharq, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

26.05.2010

 

 

Com. Reg. No.:

333446

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

·         Engaged in the provision of computer programming and solution services.

 

·         Subject provides IT operations, applications and storage, monitoring solutions for telecommunication operators, banks, internet services providers and government organizations.

 

 

No. of Employees :

35

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Kuwait

A1

A1

 

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. 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

 

SUMMARY

 

Company Name                                    : IT LOGIA FOR COMPUTER PROGRAMME & OPERATING CO WLL

Also Known As                                     : IT LOGIA KUWAIT CO

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 26th May 2010

Commercial Registration Number           : 333446

Chamber Membership Number               : 123564

Issued Capital                                       : KD 17,500

Paid up Capital                                     : KD 17,500

Total Workforce                                     : 35

Activities                                               : Providers of computer programming and solution services

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Nawar Mahwali, Technical Consultant

 

COMPANY NAME

 

IT LOGIA FOR COMPUTER PROGRAMME & OPERATING CO WLL

 

 

ALSO KNOWN AS

 

 IT LOGIA KUWAIT CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Shurouq Tower, No. 1, 14th Floor

Street               : Jaber Al Mubarak Street

Area                 : Sharq

Town                : Safat

Country             : Kuwait

Telephone         : (965) 22490929

Facsimile          : (965) 22490939

Mobile              : (965) 66065055 / 99008000

Email                : mohamed.abbas@itlogiakuwait.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Nasser Bader Moosa Al Balooki                                                 Managing Director

 

Nasser Abdulrazzaq Ibrahim Kaddomi                                        Director

 

Yassin Abdullah Mahdi Ali                                                         Director

 

Mohamed Fahti Abbass                                                             Director

 

Ali Makki                                                                                   Technical Consultant

 

Nawar Mahwali                                                                          Technical Consultant

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th May 2010

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 333446

 

Chamber Member No.  : 123564

 

Issued Capital              : KD 17,500

 

Paid up Capital            : KD 17,500

 

 

Name of Shareholder (s)

 

Nasser Bader Moosa Al Balooki

 

Nasser Abdulrazzaq Ibrahim Kaddomi

 

Yassin Abdullah Mahdi Ali

 

Mohamed Fahti Abbass

 

 

OPERATIONS

 

Activities: Engaged in the provision of computer programming and solution services.

 

Subject provides IT operations, applications and storage, monitoring solutions for telecommunication operators, banks, internet services providers and government organizations.

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                KD 3,400,000                            KD 3,750,000

 

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

 

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

 

 

BANKERS

 

National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

           

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.99.17

Euro

1

Rs.72.14

KD

1

Rs.218.23

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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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