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Report No. : |
321836 |
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Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
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Name : |
AL KANKONI ALMIA GENERAL TRADING AND CONTRACTING COMPANY WLL |
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Registered Office : |
Dana Tower, Block 1, Arabian Gulf Road, Salmiya |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.01.2006 |
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Com. Reg. No.: |
117869 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs,
including dried, fresh fruit, fresh and frozen meat and poultry, subject also
import and distributes building materials. |
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No. of Employees : |
32 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Kuwait |
A2 |
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.
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Source
: CIA |
Company Name :
AL KANKONI ALMIA GENERAL TRADING AND CONTRACTING
COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
3rd January 2006
Commercial Registration Number :
117869
Chamber Membership Number :
135775
Issued Capital :
KD 250,000
Paid up Capital :
KD 250,000
Total Workforce :
32
Activities :
Distributors of general foodstuffs and building materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ashrad Al Sawaf, General Manager
AL KANKONI ALMIA GENERAL TRADING AND CONTRACTING COMPANY WLL
Registered &
Physical Address
Building : Dana Tower,
Block 1
Street : Arabian Gulf
Road
Town : Salmiya
Country : Kuwait
Telephone : (965) 22026460
Facsimile : (965) 22026463
Mobile : (965)
98888690 / 66028504
Email : ashraf@kankoni-int.com
Premises
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Salmiya.
Branch Office (s)
Location Description
Shuwaikh Industrial Area Warehouse
premises
Name Position
Fahd Nayef Mohamed Al Shamari Managing
Director
Samaher Ahmed Mohamed Al Kankoni Director
Ashrad Al Sawaf General
Manager
Date of Establishment : 3rd
January 2006
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 117869
Chamber Member No. : 135775
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
Fahd Nayef Mohamed Al Shamari
Samaher Ahmed Mohamed Al Kankoni
Activities: Engaged in the import and distribution of general foodstuffs, including
dried, fresh fruit, fresh and frozen meat and poultry, subject also import and
distributes building materials.
Import Countries: Egypt and Spain
International Suppliers:
Alex Food Egypt
SADA Co Spain
Operating Trend: Steady
Subject has a workforce of 32 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
1,420,000 KD
1,600,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ashrad Al Sawaf, General Manager
Commercial Bank of Kuwait SAK
Salmiya
Tel: (965) 25715989
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.19 |
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1 |
Rs.100.57 |
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Euro |
1 |
Rs.72.07 |
INFORMATION DETAILS
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Analysis Done by
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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 |
-- |
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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.