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Report No. : |
305896 |
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Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SUBBEYAH GENERAL
TRADING & CONTRACTING COMPANY WLL |
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Registered Office : |
Al Nuzha Complex,
3rd Floor, Office No. 10, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.10.2006 |
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Com. Reg. No.: |
115281 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject
undertakes general trading and contracting services, including electrical equipment,
plastic products, engineering and construction materials. |
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No. of Employees : |
40 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Kuwait |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : SUBBEYAH GENERAL TRADING & CONTRACTING
COMPANY WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 2nd
October 2006
Commercial
Registration Number : 115281
Chamber Membership
Number : 104332
Issued Capital : KD
250,000
Paid up Capital : KD
250,000
Total Workforce : 40
Activities :
Subject undertakes general trading and contracting services, including
electrical equipment, plastic products,
engineering and construction
materials
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mr. Akhlak A.
Malik, Managing Director
SUBBEYAH GENERAL
TRADING & CONTRACTING COMPANY WLL
Building : Al Nuzha Complex, 3rd
Floor, Office No. 10
Street : Tunis Street
Area : Hawalli
PO Box : 7412 & 20092
Town : Safat 32095
Country : Kuwait
Telephone : (965) 24927180 / 24927190 / 22428456
/ 22494604 / 22618643
Facsimile : (965) 24844180 / 22618659
Email : malik@stacco-electrical.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Hassan
Qatif Mousa Al Shemmari Chairman
·
Akhlak
A. Malik Managing
Director
·
Abdel
Rahman Hassan Qatif Mousa Al Shemmari Director
·
Mr.
Danish Accountant
Date of Establishment : 2nd
October 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 115281
Chamber Member No. : 104332
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
·
Hassan
Qatif Mousa Al Shemmari 70%
·
Akhlak
A. Malik 30%
·
Adwa Al Jazeera
King Abdul Aziz Road
Industrial Area 13
PO Box: 41212
Sharjah
United Arab Emirates
Tel: (971-6) 5392011
Fax: (971-6) 5392181
Activities: Subject undertakes general trading and contracting
services, including electrical equipment, plastic
products, engineering and
construction materials.
Import
Countries: China, Japan.
Taiwan, Pakistan, and the United Kingdom
Principal
Suppliers:
·
Easa
Husain Al Yousifi & Sons Co Kuwait
·
Al
Ghanim Kuwait
·
Dakheel
Al Jassar Electrical Industries Kuwait
·
ULF
Cable & Elec. Industries Kuwait
·
Kharafi
Plastic Industries Kuwait
·
Al
Adasani Plastic Industries Kuwait
·
China
Ningbo International China
·
Hangzhou
Hongshi Electrical Co China
·
Khaleegia
Engineering Group
·
Maruichi
Steel Tube Ltd Japan
·
KSS Web Taiwan
·
Ardmore
Group United
Kingdom
Operating Trend: Steady
Subject has a
workforce of 40 employees.
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 2,280,000 KD 2,500,000
Net Profit KD 185,000 KD 212,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Akhlak A. Malik, Managing Director.
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.