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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
GULF MARKET
GENERAL TRADING CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.03.1980 |
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Com. Reg. No.: |
104590 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Distributors of
industrial equipment and machinery. |
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No. of Employees : |
20 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Kuwait - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
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Source : CIA |
Company Name : GULF MARKET GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With
Limited Liability - WLL
Registration Date : 6th
March 1980
Commercial
Registration Number : 104590
Trade Licence Number :
4917/2004
Chamber Membership
Number : 9150
Issued Capital : KD
100,000
Paid up Capital : KD
100,000
Total Workforce :
20
Activities :
Distributors of industrial equipment and machinery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
GULF MARKET GENERAL
TRADING CO WLL
Building : Behbahani
Building
Area : Al Dajij
Area
PO Box : 4584
Town : Safat
13046
Country : Kuwait
Telephone : (965) 24337342 / 22400240
Facsimile : (965) 24337348 / 22464600
Mobile : (965) 66330347
Email : marketing@mercatodelgolfo.net
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Ghazi Faisal
Abdulrazzaq Al Kazemi Managing
Director
·
Faisal Abdulrazzaq Al Kazemi Director
Date of Establishment : 6th
March 1980
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 104590
Trade Licence No. : 4917/2004
Chamber Member No. : 9150
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
·
Ghazi
Faisal Abdulrazzaq Al Kazemi
·
Faisal Abdulrazzaq Al Kazemi
Activities: Engaged in the import and distribution of
industrial equipment and machinery.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 20 employees.
Financial highlights
provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales KD 2,615,000 KD 2,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Kuwait SAK
Mubarak
Al Kabir Street
PO Box: 2861
Safat
13029
Tel: (965) 22411001
Fax: (965) 22450150
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.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
-- |
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.