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Report No. : |
350235 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SILVER STARS BUILDING
MATERIAL COMPANY WLL |
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Registered Office : |
Farah Center, Shop No. 4, Block No. 1, Street
No. 23, Shuwaikh Industrial Area |
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Country : |
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Year of Establishment : |
1991 |
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Com. Reg. No.: |
329698, Safat |
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Legal Form : |
With Limited
Liability – WLL |
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Line of Business : |
Subject
is engaged in the wholesale and retail of general building materials as well as
central air conditioning systems, plumbing and sanitary materials and tools. |
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No. of Employee : |
12 |
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 uncertain political situation.
|
Source
: CIA |
Company Name : SILVER STARS BUILDING
MATERIAL COMPANY WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability – WLL
Start Date :
1991
Registration Date : 11th
November 2008
Commercial
Registration Number : 329698, Safat
Trade Licence Number :
4924/2008
Chamber Membership
Number : 117037
Issued Capital : KD
30,000
Paid up Capital : KD
30,000
Total Workforce : 12
Activities : Distributors of general building materials
as well as central air conditioning systems, plumbing and sanitary materials
and tools.
Financial Condition : Undetermined
Payments :
No Complaints
Person Interviewed : Emmanuel
Christi, Accountant
SILVER STARS BUILDING MATERIAL COMPANY WLL
Building : Farah
Center, Shop No. 4, Block No. 1
Street : Street
No. 23
Area : Shuwaikh
Industrial Area
PO Box : 42210, Shuwaikh
70653
Town : Safat
Country : Kuwait
Telephone : (965) 24823961 / 24841406
Facsimile : (965) 24913270
Mobile : (965) 99771607 / 99401786
Email : silverstarskwt@gmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Industrial Area of Safat.
Name Nationality Position
·
Dhirar Khalid Al Rabah Kuwaiti Managing
Director
·
Ali
Mohamed Asghar Indian Director
·
Ibrahim Vora Indian Director
·
Mohamed Asghar - General
Manager
·
Ali Akbar - Sales
Manager
·
Emmanuel
Christi - Accountant
Date of Establishment : Subject's operations
date back to 1991, however it was registered on 11th November 2008
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 329698, Safat
Trade Licence No. : 4924/2008
Chamber Member No. : 117037
Issued Capital : KD 30,000
Paid up Capital : KD 30,000
·
Dhirar Khalid Al Rabah
·
Ali
Mohamed Asghar
·
Ibrahim Vora
Activities: Engaged in the
wholesale and retail of general building materials as well as central air conditioning
systems, plumbing and sanitary materials and tools.
Import
Countries: Europe and India
International
Suppliers:
·
Duraduct India
·
Sidhant Export
Ltd India
·
R Hira Trading Co Dubai
Subject has a
workforce of 12 employees.
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.
·
National
Bank of Kuwait
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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.