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MIRA INFORM REPORT
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Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SAFWAN ENVIRO CHEM TECHNOLOGIES CO WLL
(SETCO) |
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Registered Office : |
Anwar Al Sabah
Complex, Block 1, 6th Floor, Fahd Al Salem Street, P O Box 20704,
Safat 13068, 4040, Safat 13041 Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.03.2004 |
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Com. Reg. No.: |
99139 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of industrial chemicals, water treatment chemicals and desalination plant equipment |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 31st, 2011
|
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 |
SUMMARY
Company Name : SAFWAN ENVIRO CHEM TECHNOLOGIES CO WLL (SETCO)
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 13th March 2004
Commercial Registration Number : 99139
Trade Licence Number : 719/2004
Chamber Membership Number : 86934
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Total Workforce : 65
Activities :
Distributors of industrial chemicals,
water treatment chemicals and
desalination plant equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
SAFWAN ENVIRO CHEM TECHNOLOGIES CO WLL
(SETCO)
company ADDRESS
Registered &
Physical Address
Building : Anwar Al Sabah Complex, Block 1,
6th Floor
Street : Fahd Al Salem Street
PO Box : 20704, Safat 13068
4040, Safat 13041
Town : Safat
Country : Kuwait
Telephone : (965) 22454004 / 24832454 / 1805060
Facsimile : (965) 22458513
Email : setco@setco.com.kw
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
Name Position
·
Nabeel
Hani Jameel Al Qaddoumi Managing
Director
·
Saeed
Hani Jameel Al Qaddoumi Director
·
Ghazi
Jameel Al Qaddoumi Director
·
Waleed
Radman General
Manager
·
Sama
Hejawi Sales
Manager
·
Richard
D’Souza Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
March 2004
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 99139
Trade Licence No. : 719/2004
Chamber Member No. : 86934
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Name of
Shareholder (s)
·
Nabeel
Hani Jameel Al Qaddoumi
·
Saeed
Hani Jameel Al Qaddoumi
·
Ghazi
Jameel Al Qaddoumi
AFFILIATED COMPANIES
·
Safwan
Trading & Contracting Co
Safat
OPERATIONS
Activities: Engaged in the import and distribution of industrial chemicals, water treatment
chemicals and desalination plant equipment.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 65 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales KD 3,100,000 KD 3,480,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
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UK Pound |
1 |
Rs.75.92 |
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Euro |
1 |
Rs.65.44 |
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.