|
Report No. : |
306263 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRIORITY INTERNATIONAL CO WLL |
|
|
|
|
Registered Office : |
Safwa Tower, 4th Floor, Mubarak Al Kabeer Street, PO Box
26880, Safat 13129 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.12.2009 |
|
|
|
|
Com. Reg. No.: |
333258 |
|
|
|
|
Legal Form : |
With Limited Liability |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of scrap metal as well as ferrous and non-ferrous metals, scrap paper - OCC, BBC, Plastic (Prime & Scrap) PVC, HDPE, LDPE and MEG, spent catalysts-petrochemical, refining and fatty. |
|
|
|
|
No. of Employees : |
10 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
A2 |
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. 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 :
PRIORITY INTERNATIONAL CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
21st December 2009
Commercial Registration Number :
333258, Safat
Trade Licence Number :
2524
Chamber Membership Number :
121465
Issued Capital :
KD 100,000
Paid up Capital :
KD 100,000
Total Workforce : 10
Activities :
Distributors of scrap metal as well as ferrous and non-ferrous metals.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jawad Abdul Qasem, Sales Manager
PRIORITY INTERNATIONAL CO WLL
Registered &
Physical Address
Building :
Safwa Tower, 4th Floor
Street : Mubarak Al
Kabeer Street
PO Box : 26880
Town : Safat 13129
Country : Kuwait
Telephone : (965) 22457248
/ 22457249 / 22444864 / 22464155
Facsimile : (965) 22457247
/ 22465897
Mobile : (965)
99630309 / 99060588
Email : pr@prioritymetal.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Safat.
Name Nationality Position
Abdul Kazim Salman Saheb Hajeel Iraqi Managing
Director
Iqbal Salman Saheb Hajeel Kuwaiti Director
Salman Hussain - General
Manager
Hakeem Mohamed - Financial
Controller
Jawad Abdul Qasem - Sales
Manager
Date of Establishment : 21st
December 2009
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 333258, Safat
Trade Licence No. : 2524
Chamber Member No. : 121465
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of Shareholder (s)
Abdul Kazim Salman Saheb Hajeel
Iqbal Salman Saheb Hajeel
Activities: Engaged in the import and distribution of scrap metal as well as ferrous and non-ferrous metals, scrap paper - OCC, BBC, Plastic (Prime & Scrap) PVC, HDPE, LDPE and MEG, spent catalysts-petrochemical, refining and fatty.
Import Countries: Europe and the
Far East.
Local Suppliers:
Kuwait National Petroleum Co (KNP) Kuwait
Kuwait Oil Company (KOC) Kuwait
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales US$
27,350,000 US$ 29,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jawad Abdul Qasem, Sales Manager
Commercial Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
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.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.