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Report No. : |
314071 |
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Report Date : |
27.03.2015 |
IDENTIFICATION DETAILS
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Name : |
ALMUNAYES GENERAL TRADING EST |
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Registered Office : |
Al Ardiya Industrial Area, Block - 2, Building. No. 278, 2446 & 4405 Safat 13045 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.10.1967 |
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Com. Reg. No.: |
9 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuff products, including tea, sugar, fruit juice, flavourings, herbs and spices |
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No of Employees : |
19 |
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.
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 : ALMUNAYES GENERAL TRADING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 23rd October 1967
Trade Licence Number : 4090/76
Chamber Membership Number : 2945
Invested Capital : KD 10,000
Total Workforce : 19
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALMUNAYES GENERAL TRADING EST
Location : Al Ardiya Industrial Area, Block
- 2, Building. No. 278
PO Box : 2446 & 4405
Town : Safat 13045
Country : Kuwait
Telephone : (965) 24337853 / 24312674 / 24319657 / 24337635
Facsimile : (965) 24341307
Email : almunayes@almunayes.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Safat.
Name Position
·
Abdullatif Abdulkarim Almunayes Proprietor
& General Manager
·
Bader Abdulkarim Almunayes Assistant
General Manager
Date of
Establishment : 23rd
October 1967
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 9
Trade Licence No. : 4090/76
Chamber Member No. : 2945
Invested Capital : KD 10,000
Mr Abdullatif
Abdulkarim Almunayes is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuff products,
including tea, sugar, fruit juice,
flavourings, herbs and spices.
Import Countries: India, Pakistan, Sri Lanka, Malaysia, Guatemala,
Belgium and Germany.
Brand Names: SAVVY and
SEITENBACHER MUESLI
Operating Trend: Steady
Subject has a workforce of 19 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinar (KD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales KD
1,820,000 KD
1,850,000
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
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box 95
Safat 13001
Tel: (965) 3981188 / 3981189
Fax: (965) 3985643
No complaints regarding subject’s payments have been reported.
Please note that we were unable to contact the subject directly during
our investigation.
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.67 |
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1 |
Rs. 93.26 |
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Euro |
1 |
Rs. 68.85 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.