MIRA INFORM
REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT FREE TRADE ZONE |
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Registered Office : |
Building No. 2, Shuwaikh B, P.O. Box 64585, Shuwaikh 70456 |
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Country : |
Kuwait |
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Date of Incorporation : |
August 1998 |
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Legal Form : |
Free Zone Authority |
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Line of Business : |
Provider of incentives for companies registered in the free zone |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Kuwait |
a2 |
a2 |
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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 |
COmpany NAME
Kuwait Free Trade
Zone
company ADDRESS
Building : Building No. 2
Area : Shuwaikh B
P.O. Box : 64585
Town : Shuwaikh 70456
Country : Kuwait
Telephone : (965) 2248 0000 (unattended) / 802 808 (Free Toll)(unattended) / 9973 1199
(Mobile)(unattended)
Fax : (965) 2246 5103 (unattended)
E-Mail : mansourashkanani@yahoo.com
Shortform Name : KFTZ
SENIOR COMPANY PERSONNEL
Name Position
Mansour Ashkanani Chairman
Total Employees : 50 (as of January 2008)
PAYMENTS
Current trade experience of payments has not been traced.
Our sources could not contact the subject and obtain a direct interview.
According to our subject’s telephone and fax number are (965) 2248 0000 (unattended) / 802 808 (Free Toll) / 9973 1199 (Mobile) and (965) 2246 5103 respectively, however these number have been reallocated to National Real Estate Company and are continuously unattended. Several messages have been sent to the above fax number requesting a contact, however no reply have been received. No other telephone numbers are listed for the subject at the local telephone directory.
According to the third party sources Kuwait Free Trade Zone is currently not operating due to legal proceedings between National Real Estate Company and the Government of Kuwait, however we have been unable to verify this with the company.
Information in this report was obtained from third party sources.
Opinion on maximum credit : In view of the above, we have
insufficient basis on which to speak for
unsecured credit and recommend dealing on
fully secured terms.
Trade risk assessment : No classification (see above comments)
PRINCIPAL BANKERS
NAME : AL AHLI UNITED BANK (KUWAIT)
Branch : Ahmed Al Jaber Street
PO Box : 2616
Town : Safat 13027
Telephone: (965) 2243 8156
Fax : (965) 2240 2943
The company also has an account with :
1. National Bank Of Kuwait (NBK)
Abdullah Al Salem Street
PO Box 95
Safat 13001
Telephone: (965) 2242 2011
Fax : (965) 2246 4156
2. Kuwait Finance House (KFH)
Main branch
PO Box 24989
Safat 13110
Telephone: (965) 2244 5050
Fax : (965) 2245 5136
According to our records the subject's bankers are as above. These banks have been approached a number of times but no reply has been received.
FINANCIAL INFORMATION
Balance sheets are not available and no financial information could
be obtained from third party sources.
LEGAL STATUS AND HISTORY
Date Started : August 1998
History : The company was incorporated in Kuwait in August 1998, but it was officially inaugurated on 21 November 1999. Initially Kuwait Free Trade Zone was managed by National Real Estate Co SAK until November 2006. In December 2006, the Government of Kuwait has appointed a Public Authority for Industry as an operator of the Kuwait Free Trade Zone.
Capital : not given
Subject is a free zone authority responsible to the following :
Ministry of Commerce and Industry
PO Box 2944
Safat 13030
Kuwait
Telephone: (965) 2248 0000
Fax : (965) 2241 1089
Subject is operated by :
Public Authority for Industry
Telephone: (965) 2530 2222
Fax : (965) 2530 2190
ACTIVITIES
The Company is involved in the following activities :
Subject is free zone authority established by the Government of
Kuwait to provide incentives for companies registered in the free
zone such as : exemption for taxation on all corporate and personal
forms of income, 100% foreign ownership and free movement of the
capital.
The KFTZ offers services such as:
Obtaining business licenses;
Facilities to recruit and accommodate foreign workforces;
Processing of residency and entrance permits;
On-site banking and financial services;
On-site consulting services;
24-hour service to all investors.
There are over 400 companies are currently operating in the KFTZ.
FACILITIES
The Company has the following facilities :
Administrative offices located at the heading address.
Subject has total area of 226,054.91Sq/m.
SPECIAL NOTE
Interviewed: Third Party Sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.28 |
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UK Pound |
1 |
Rs.73.30 |
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Euro |
1 |
Rs.63.61 |
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.