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Report No. : |
323433 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FAHD AL JAZIRAH GENERAL TRADING AND CONTRACTING CO WLL |
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Registered Office : |
Al Romi Complex, 3rd Floor, A1, Plot No. 70, Tunis Street, Hawalli, PO Box No.: 26154, Safat 13122 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
28.11.1992 |
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Com. Reg. No.: |
48421 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s operations are performed through the following divisions: · General Trading Division ·
Furniture Division |
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No. of Employees : |
45 |
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 : FAHD AL
JAZIRAH GENERAL TRADING AND CONTRACTING CO
WLL
Country of
Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration
Date : 28th
November 1992
Commercial Registration
Number : 48421
Trade Licence
Number : 117/92
Chamber
Membership Number : 33278
Issued Capital : KD
5,000,000
Paid up Capital : KD
5,000,000
Total Workforce :
45
Activities :
Subject operates several divisions (see below for details)
Financial
Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person
Interviewed :
Emad Mostafa, Financial Controller
FAHD AL JAZIRAH GENERAL TRADING AND
CONTRACTING CO WLL
Location : Al Romi Complex, 3rd
Floor, A1, Plot No. 70
Street : Tunis Street
Area : Hawalli
PO Box : 26154
Town : Safat 13122
Country : Kuwait
Telephone : (965) 22452546 / 22452547 / 22452548
Facsimile : (965) 22630124
Email : sales@fahdaljazirah.com
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Safat.
Name Position
·
Abdullah Saad Munir Al Mohna Managing
Director
·
Mona Saad Munir Al Mohna Director
·
Fatima Saad Munir Al Mohna Director
·
Gaida Saad Munir Al Mohna Director
·
Gadeer Saad Munir Al Mohna Director
·
Aliya Saad Munir Al Mohna Director
·
John Saji Jacoub Sales
Manager
·
Emad Mostafa Financial
Controller
Date of Establishment : 28th
November 1992
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 48421
Trade Licence No. : 117/92
Chamber Member No. : 33278
Issued Capital : KD 5,000,000
Paid up Capital : KD 5,000,000
·
Abdullah Saad Munir Al Mohna
·
Mona Saad Munir Al Mohna
·
Fatima Saad Munir Al Mohna
·
Gaida Saad Munir Al Mohna
·
Gadeer Saad Munir Al Mohna
·
Aliya Saad Munir Al Mohna
Activities: Subject’s operations are performed through
the following divisions:
· General Trading Division
Engaged
in the import and distribution of building materials, ceramics, marble and
sanitaryware products.
· Furniture Division
Engaged
in the wholesale and retail of domestic and office furniture
Import
Countries: Spain, Italy,
China and India
International
Suppliers:
·
Halcyon Spain
·
Gomez Spain
Operating Trend: Steady
Subject has a
workforce of 45 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 3,100,000 KD 3,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
VNT |
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.