MIRA INFORM REPORT

 

 

Report No. :

348167

Report Date :

07.11.2015

 

IDENTIFICATION DETAILS

 

Name :

MRC INTERNATIONAL CO WLL

 

 

Registered Office :

Nasser Al Duhaili Complex, 1st Floor, Office No. 3 Khaitan Area 26691 Safat 13127

 

 

Country :

Kuwait

 

 

Date of Incorporation :

26.08.2013

 

 

Com. Reg. No.:

348307

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the import and distribution of general merchandise, specialising in scrap ferrous and non-ferrous metals, aggregate, sand, stones and rocks.

 

 

No. of Employee :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 uncertain political situation.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                                : MRC INTERNATIONAL CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 26th August 2013

Commercial Registration Number                       : 348307

Chamber Membership Number               : 139814

Issued Capital                                       : KD 10,000

Paid up Capital                                     : KD 10,000

Total Workforce                                     : 10

Activities                                               : Distributors of general merchandise, specialising in scrap ferrous and non- ferrous metals, aggregate, sand,   stones and rocks.

Financial Condition                                : Undetermined

Payments                                             : Unknown

 

 

COMPANY NAME

 

MRC INTERNATIONAL CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Nasser Al Duhaili Complex, 1st Floor, Office No. 3

Area                 : Khaitan Area

 

PO Box                        : 26691

 

Town                : Safat 13127

Country             : Kuwait

 

Telephone         : (965) 24759442

Facsimile          : (965) 24759442

Mobile              : (965) 99123470

Email                : salajmi30@hotmail.com

 

Please note that subject’s previous address was, Al Safwa Tower, 6th Floor, Mubarak Al Kabeer Street, Al Sharq Area, Safat.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Safat.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Yard 57, Amgara                                                                              Warehouse premises

Jahra

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                Position

 

·       Keshoury Sindhour                           Indian                                       Managing Director

 

·       Dr Saad Shaji Saad Al Ajmi               Kuwaiti                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th August 2013

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 348307

 

Chamber Member No.  : 139814

 

Issued Capital              : KD 10,000

 

Paid up Capital            : KD 10,000

 

Name of Shareholder (s)

 

·       Keshoury Sindhour

 

·       Dr Saad Shaji Saad Al Ajmi

 

 

AFFILIATED COMPANIES

 

·       Larosa Transportation

Safat

CR No. 60616

 

·       Trust International General Trading & Contracting

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general merchandise, specialising in scrap ferrous and non-

     ferrous metals, aggregate, sand, stones and rocks.

 

Import Countries: Europe and the Far East.

 

International Suppliers:

 

·       Ababa Group           Egypt

 

Clients:

 

·       Hyundai Construction

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

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.65.79

UK Pound

1

Rs.99.95

Euro

1

Rs.71.55

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

--

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.