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Report No. : |
327305 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ABEK INTERNATIONAL GENERAL TRADING AND CONTRACTING CO WLL |
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Registered Office : |
Risco Storage
Complex, 1st Floor Shuwaikh Industrial Area 51, Hawalli Shuwaikh 86351 |
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Country : |
Kuwait |
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Date of Incorporation : |
13.05.2012 |
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Com. Reg. No.: |
117613 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Engaged in the
import and distribution of building and construction materials. |
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No. of Employee : |
20 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the tenuous political situation.
|
Source
: CIA |
Company Name :
ABEK INTERNATIONAL GENERAL TRADING AND CONTRACTING CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 13th
May 2012
Commercial Registration
Number : 117613
Chamber Membership
Number : 132893
Issued Capital : KD
150,000
Paid up Capital : KD
150,000
Total Workforce : 20
Activities :
Distributors of building and construction materials.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ABEK INTERNATIONAL
GENERAL TRADING AND CONTRACTING CO WLL
Building : Risco Storage Complex,
1st Floor
Area : Shuwaikh Industrial Area
PO Box : 51, Hawalli
Town : Shuwaikh 86351
Country : Kuwait
Telephone : (965) 24914040 / 24913939 / 24835395
/ 24839240
Facsimile : (965) 24835258
Mobile : (965) 97452279
Email : gm@abekgroup.com / gm@abekgroup.com
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Shuwaikh.
Name Nationality Position
·
Aramo Poyakkara
Mohamed Indian Managing Director
·
Saad
Adel Salem Al Saeedi Kuwaiti Director
·
Saleh
Abdullah Salem Al Mankaf Kuwaiti Director
·
Musaad
Salem Al Saeedi Kuwaiti Director
Date of Establishment : 13th
May 2012
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 117613
Chamber Member No. : 132893
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
·
Aramo
Poyakkara Mohamed
·
Saad
Adel Salem Al Saeedi
·
Saleh Abdullah
Salem Al Mankaf
·
Musaad
Salem Al Saeedi
Activities: Engaged in the import and distribution of
building and construction materials.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 20 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 840,000 KD 975,000
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
Shuwaikh
Tel: (965) 24813266 / 24818350
Fax: (965) 24844126
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.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ANK |
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 |
|
<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.