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Report No. : |
303776 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED BUSINESS GROUP GENERAL TRADING & CONTRACTING CO WLL |
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Registered Office : |
Abdulrahim Al Mutawa Complex, 5th Floor, Tunis Street,
Sabahiya, PO Box 153, Hawalli |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.04.2008 |
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Com. Reg. No.: |
326449 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the import and distribution of medical equipment and
surgical items. |
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No. of Employee : |
48 |
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
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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.
|
Source
: CIA |
Company Name :
ADVANCED BUSINESS GROUP GENERAL TRADING &
CONTRACTING CO WLL
Country of Origin :
Kuwait
Legal Form : With
Limited Liability - WLL
Registration Date :
8th April 2008
Commercial Registration Number :
326449
Trade Licence Number :
1315/2008
Chamber Membership Number :
114275
Issued Capital :
KD 500,000
Paid up Capital :
KD 500,000
Total Workforce :
48
Activities :
Distributors of medical equipment and surgical items
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ADVANCED BUSINESS GROUP GENERAL TRADING & CONTRACTING CO WLL
Registered &
Physical Address
Building :
Abdulrahim Al Mutawa Complex, 5th Floor
Street : Tunis Street
Area : Sabahiya
PO Box : 153
Town : Hawalli
Country : Kuwait
Telephone : (965) 22618982
/ 22610169 / 24728681 / 23915579
Facsimile : (965) 22618986
Email : info@abg.com.kw
/ info@abgkuwait.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Hawalli.
Name Nationality Position
Mathyo Jone Jone Indian Managing
Director
Mishal Jaber Saad Al Hajri Kuwait Director
Biju Varghese - Financial
Manager
Fakhruddine Saifi - Commercial
Manager
Date of Establishment : 8th
April 2008
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 326449
Trade Licence No. : 1315/2008
Chamber Member No. : 114275
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of Shareholder (s)
Mathyo Jone Jone
Mishal Jaber Saad Al Hajri
Activities: Engaged in the import and distribution of medical equipment and
surgical items.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 48 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
2,700,000 KD
2,835,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Kuwait SAK
Hawalli
Tel: (965) 22653303 / 22645964
Fax: (965) 22611366
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.61.85 |
|
|
1 |
Rs.93.27 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
-- |
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.