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MIRA INFORM REPORT
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Report No. : |
506536 |
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Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL
MARKETING CENTRE FOR GENERAL TRADING AND CONTRACTING WLL |
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Registered Office : |
Shaker Abdulmajeed Al Kazem Building |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
06.03.1988 |
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Com. Reg. No.: |
93636 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Import and
distribution of general building materials, stone, marble and electrical equipment.
Subject is also engaged in manpower supply. |
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No. of Employees : |
9 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Kuwait |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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Source
: CIA |
SUMMARY
Company Name : NATIONAL
MARKETING CENTRE FOR GENERAL TRADING AND
CONTRACTING WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 6th
March 1988
Commercial
Registration Number : 93636
Trade Licence
Number :
825/2003
Chamber Membership
Number : 18799
Issued Capital : KD
50,000
Paid up Capital : KD 50,000
Total Workforce :
9
Activities :
Distributors of general building materials, stone, marble and electrical
equipment
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
NATIONAL MARKETING CENTRE
FOR GENERAL TRADING AND CONTRACTING WLL
ADDRESS
Registered & Physical
Address
Building : Shaker Abdulmajeed Al Kazem Building
Street : Ahmed Al Jaber Al Street
PO Box : 747 & 304, Qurtoba
73507
5, Dasman 15451
Town : Qurtoba
Country : Kuwait
Telephone : (965) 22423700
Facsimile : (965) 4136438567 / 22404267
Mobile : (965) 6982333 / 66691331
Email : mmatook@gmail.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Suburban Business Area of Qurtoba.
KEY
PRINCIPALS
Name Position
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Mohamed Haider Abbass Shamsuddine Managing
Director
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Yousef Mohamed Haider Abbass Shamsuddine Director
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Abdulaziz Mohamed Haider Abbass Shamsuddine Director
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Thoraya Mohamed Haider Abbass Shamsuddine Director
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Mohamed Matook General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 6th
March 1988
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 93636
Trade Licence No. :
825/2003
Chamber Member No. : 18799
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
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Mohamed Haider Abbass Shamsuddine
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Yousef Mohamed Haider Abbass Shamsuddine
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Abdulaziz Mohamed Haider Abbass Shamsuddine
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Thoraya Mohamed Haider Abbass Shamsuddine
OPERATIONS
Activities: Engaged in the import and distribution of general building
materials, stone, marble and electrical
equipment. Subject is also engaged in
manpower supply.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 9 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD 3,825,000 KD 4,150,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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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
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that we
were unable to contact the subject directly during our investigation.
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 |
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US Dollar |
1 |
INR 66.77 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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KWD |
1 |
INR 222.64 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.