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Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
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Name : |
RED LINE MOBILE CENTER |
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Registered Office : |
Ali Commercial Complex Ibn Khaldoun Street Hawalli |
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Country : |
Kuwait |
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Date of Incorporation : |
20.05.2008 |
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Com. Reg. No.: |
32710 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of mobile communication products |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 : RED LINE MOBILE CENTER
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 20th May 2008
Commercial Registration Number : 32710
Trade Licence Number : 1311/2008
Chamber Membership Number : 114942
Invested Capital : KD 50,000
Total Workforce : 1
Activities : Distributors of mobile communication products
Financial Condition : Undetermined
Payments :
Unknown
RED LINE MOBILE CENTER
Building : Ali
Commercial Complex
Street : Ibn Khaldoun
Street
Town : Hawalli
Country : Kuwait
Telephone : (965) 22626900
/ 22660243
Facsimile : (965) 22622728
Mobile : (965)
90990543 / 97480009
Email : zizorashed@ymail.com
/ redline.zain@hotmail.com
Name Position
· Ahmed Ali Hassan
Al Ansari Proprietor
& General Manager
Date of
Establishment : 20th
May 2008
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 32710
Trade Licence No. : 1311/2008 (Expired 09/02/2012)
Chamber Member No. : 114942
Invested Capital : KD 50,000
Mr Ahmed Ali Hassan Al Ansari is the sole proprietor of the business.
Activities: Engaged in the import and distribution of mobile communication
products.
Subject has a workforce of 1 employee.
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.
·
Commercial Bank of Kuwait SAK
Hawalli
Tel: (965) 22645964
Unknown
Please note that subject’s trade licence number (1311/2008) has not been
renewed since it expired on 9th February 2012. We were unable to
contact the subject directly during our investigation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.