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Report No. : |
306193 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ERTWAZ EST FOR
DRILLING AND DEMOLITION |
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Registered Office : |
Al Mangaf Area, P O Box: 48258, Sahabaya |
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Country : |
Kuwait |
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Date of Incorporation : |
27.08.2013 |
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Com. Reg. No.: |
347802 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged
in the Provision of Drilling and Demolition Work. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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 |
Company Name : ERTWAZ EST
FOR DRILLING AND DEMOLITION
Country of Origin : Kuwait
Legal Form : Sole
Proprietorship
Registration Date : 27th
August 2013
Commercial
Registration Number : 347802
Trade Licence
Number :
2570/2013
Chamber Membership
Number : 139858
Invested Capital : KD 35,000
Total Workforce : 5
Activities :
Providers of drilling and demolition work
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Ahmed Saleh
Salem Awadh, General Manager
ERTWAZ EST FOR
DRILLING AND DEMOLITION
Location : Al Mangaf Area
PO Box : 48258
Town : Sahabaya
Country : Kuwait
Mobile : (965) 9937735 / 7261061
Email : a9737735@yahoo.com
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Sahabaya.
Name Position
·
Ms Hala
Saleh Mohamed Al Azmi Proprietor
·
Ahmed
Saleh Salem Awadh General
Manager
·
Adel Mohamed
Faleh Al Hajan Administration
Manager
Date of Establishment : 27th
August 2013
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 347802
Trade Licence No. :
2570/2013
Chamber Member No. : 139858
Invested Capital
: KD 35,000
Ms Hala Saleh
Mohamed Al Azmi is the sole proprietor of the business.
Activities: Engaged in the provision of drilling and
demolition work.
Subject has a
workforce of 5 employees.
Companies registered
in Kuwait are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
National
Bank of Kuwait SAK
Sahabaya
Tel: (965) 23611397
Fax: (965) 23617013
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Ertwaz Est For Drilling And Demolition” and
not “Ertwaz Est For Drilling”.
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.61.68 |
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|
1 |
Rs.93.53 |
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Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.