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Report No. : |
302159 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
CONSTRUCTION MATERIALS CENTER COMPANY WLL |
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Registered Office : |
Hadidco Building, 4th Floor Street No. 13, Abiat Street
Shuwaikh Industrial Area, Al Rai PO Box 20120 Safat 13062 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.06.1982 |
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Com. Reg. No.: |
33427 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject is engaged in the import and distribution of pipes, flanges,
valves and spare parts for gas and oilfield equipment. |
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No. of Employees : |
24 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Kuwait |
A2 |
A2 |
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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
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Source
: CIA |
Company Name : CONSTRUCTION MATERIALS CENTER COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 3rd June 1982
Commercial Registration Number : 33427
Trade Licence Number : 5913/82
Chamber Membership Number : 12141
Issued Capital : KD 75,000
Paid up Capital : KD 75,000
Total Workforce : 24
Activities : Distributors of pipes, flanges, valves and spare parts for gas and oilfield
equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Bhart Kumar Pajar, Deputy General Manager
CONSTRUCTION MATERIALS CENTER COMPANY WLL
Building :
Hadidco Building, 4th Floor
Street : Street No.
13, Abiat Street
Area : Shuwaikh
Industrial Area, Al Rai
PO Box : 20120
Town : Safat 13062
Country : Kuwait
Telephone : (965) 24830204
/ 24830205 / 24830206
Facsimile : (965) 24814783
Mobile : (965)
66774486
mail : comatco@qualitynet.net
/ comatco.kw@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Safat.
Name Nationality Position
· Kanwar Chand Bhal Indian Managing
Director
· Bhagwan Jidwani Indian Director
· Faisal Nasser Al
Qatani Kuwaiti Director
· Bhart Kumar Pajar - Deputy
General Manager
· Shafaqat Naz - Finance
Manager
· Sunil Sharma - Marketing
Manager
Date of
Establishment : 3rd
June 1982
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 33427
Licence No. : 5913/82
Chamber Member No. : 12141
Issued Capital : KD 75,000
Paid up Capital : KD 75,000
· Kanwar Chand Bhal
· Bhagwan Jidwani
· Faisal Nasser Al
Qatani
Activities: Engaged in the import and distribution of pipes, flanges, valves and
spare parts for gas and oilfield
equipment.
Import Countries: Spain, Italy, United Kingdom and the United States
of America.
International Suppliers:
· Anvil
International United
States of America
· Watts United
States of America
· Abero Industries United States of
America
· Fundi Ciones Y
Accessories Spain
· Alta Eten Italy
· Atlantic Plastic United Kingdom
Clients:
· KNC Kuwait
· KOC Kuwait
Operating Trend: Steady
Subject has a workforce of 24 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
2,600,000 KD
2,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
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
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.62.16 |
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1 |
Rs.94.28 |
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Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.