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Report No. : |
303773 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
BURGAN AL ARABIA GENERAL TRADING & CONTRACTING CO WLL |
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Registered Office : |
Al Khazmi Building, Office No. 5, Sharq, PO Box 5064, Safat 13051 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.11.2000 |
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Com. Reg. No.: |
82708 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subjects
operations are performed through the following divisions: ·
Oil Field Supplies Division ·
Water Treatment Division ·
Food Services Division ·
Medical Division ·
Toys Division |
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No. of Employee : |
65 |
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 : BURGAN AL
ARABIA GENERAL TRADING & CONTRACTING CO
WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
14th November 2000
Commercial Registration Number :
82708
Chamber Membership Number :
66685
Issued Capital :
KD 1,000,000
Paid up Capital :
KD 1,000,000
Total Workforce : 65
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
BURGAN AL ARABIA GENERAL TRADING & CONTRACTING CO WLL
Registered &
Physical Address
Building :
Al Khazmi Building, Office No. 5
Area : Sharq
PO Box : 5064
Town : Safat 13051
Country : Kuwait
Telephone : (965) 22452311
/ 22431387
Facsimile : (965) 22452300
Mobile : (965)
97238187
Email : info@burganalarabia.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Safat.
Name Position
Majid Mahawesh Mohamed Al Dowaish Managing
Director
Wadah Mutlaq Mohamed Al Dowaish Director
Tariq Mohamed Abdulazim General
Manager
Ahmed Al Mahlawi Accounts
Manager
Date of Establishment : 14th
November 2000
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 82708
Chamber Member No. : 66685
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Name of Shareholder (s)
Majid Mahawesh Mohamed Al Dowaish
Wadah Mutlaq Mohamed Al Dowaish
Activities: Subjects operations are performed through the following divisions:
Oil Field Supplies
Division
Engaged in the import an distribution of products for the oil and gas
industry
Water Treatment
Division
Engaged in the provision of water purification.
Food Services
Division
Engaged in the import and distribution of catering equipment.
Medical Division
Engaged in the import and distribution of medical equipment
Toys Division
Engaged in the import and distribution of toys and novelty products.
Import Countries: Europe and the Far East
Brand Names: DIXY’S
Operating Trend: Steady
Subject has a workforce of 65 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
3,690,000 KD
3,950,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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1 |
Rs.93.27 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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 |
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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.