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Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL RATHAAN ELECTRONIC CO KSC (C) |
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Registered Office : |
Al Salybia Industrial Area PO Box 40332 Al Jahra 01754 |
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Country : |
Kuwait |
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Date of Incorporation : |
02.01.1984 |
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Com. Reg. No.: |
27087 |
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Legal Form : |
Kuwaiti Shareholding Closed Company – KSC (C) |
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Line of Business : |
Distributors of electronic and electrical products |
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No. of Employees : |
65 |
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 (31.03.2011) |
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.
Source
: CIA
Company Name : AL RATHAAN ELECTRONIC CO KSC (C)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company – KSC (C)
Registration Date : 2nd January 1984
Commercial Registration Number : 27087
Trade Licence Number : 1769/2007
Chamber Membership Number : 8265
Issued Capital : KD 9,000,000
Paid up Capital : KD 9,000,000
Total Workforce : 65
Activities : Distributors of electronic and electrical products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL RATHAAN ELECTRONIC CO KSC (C)
Location : Al Salybia
Industrial Area
PO Box : 40332
Town : Al Jahra
01754
Country : Kuwait
Telephone : (965) 24567629 /
24888998 / 24558928
Facsimile : (965) 24554736
Email : al-rathaan@hotmail.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Industrial Area of Al Jahra.
Branch Office (s)
Subject has 5 showrooms located throughout Kuwait.
Name Position
· Abid Jalfan
Rathaan Al Zaydi Managing
Director
· Ibrahim Abid
Jalfan Rathaan Al Zaydi Director
· Abdullah Abid
Jalfan Rathaan Al Zaydi Director
· Mutaab Abid Jalfan
Rathaan Al Zaydi Director
Date of
Establishment : 2nd
January 1984
Legal Form : Kuwaiti
Shareholding Closed Company – KSC (C)
Commercial Reg.
No. : 27087
Trade Licence No. : 1769/2007
Chamber Member No. : 8265
Issued Capital : KD 9,000,000
Paid up Capital : KD 9,000,000
· Abid Jalfan
Rathaan Al Zaydi
· Ibrahim Abid
Jalfan Rathaan Al Zaydi
· Abdullah Abid
Jalfan Rathaan Al Zaydi
· Mutaab Abid Jalfan
Rathaan Al Zaydi
Activities: Engaged in the import and distribution of electronic and electrical
products, including televisions,
computers, air conditioning equipment, ovens, water coolers, irons,
camcorders and handheld gaming
devices.
Import Countries: Europe and the Far East.
Brand Names: TOSHIBA, SUPER GENERAL, CROWN, AUSONIA, PANASONIC
and SONY
Subject has a workforce of 65 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 SAK
Al Jahra
Tel: (965) 24773123
Fax: (965) 24773124
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.54.39 |
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|
1 |
Rs.82.32 |
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Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.