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Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GENOA GENERAL TRADING COMPANY WLL |
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Registered Office : |
Souq Al Kuwait, Office No. 607, Kuwait City, P O Box 789, Al Souk Al Dakhly 15258,
Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.03.2001 |
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Com. Reg. No.: |
83433 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of health products and vitamins |
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No. of Employees : |
35 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 102 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 and 2012 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 historically 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 : GENOA GENERAL TRADING COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 25th March 2001
Commercial Registration Number : 83433
Trade Licence Number : 168/2001
Chamber Membership Number : 69243
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 35
Activities : Distributors of health products and vitamins.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GENOA GENERAL
TRADING COMPANY WLL
Registered &
Physical Address
Location : Souq Al Kuwait, Office No. 607, Kuwait City
PO Box : 789, Al Souk Al Dakhly 15258
Town : Safat
Country : Kuwait
Telephone : (965) 22469740
Facsimile : (965) 22450607
Mobile : (965) 9419471 / 66592225 / 99690030
Email : info@genoa-gtc.com
/ genowagtc@yahoo.com / info@genoagtc.com / info@gpikuwait.com
Please note that
subject’s previous address was, Amghara Industrial Area, Block 3, Plot 33-40,
Safat.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Safat.
Name Position
·
Abdul
Moshin Ibrahim Abdulaziz Al Fares Managing
Director
·
Barrak
Abdul Moshin Ibrahim Abdulaziz Al Fares Director
·
Yousef
Al Masharani Commercial
Manager
· Osama Mohamed Financial Controller
· Sree Kumar Human
Resources Manager
·
Waleed Shareef Sales
Manager
Date of Establishment : 25th
March 2001
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 83433
Trade Licence No. :
168/2001
Chamber Member No. : 69243
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of
Shareholder (s)
·
Abdul
Moshin Ibrahim Al Fares
·
Barrak
Abdul Moshin Ibrahim Al Fares
·
Genoa
Plastic Industries WLL
Amghara Industrial Area, Block 3, Plot 33-40
PO Box: 789, Al Souk Al Dakhly 15258
Safat
Tel: (965) 24552759 /
24551479
Fax: (965) 24552748
CR No. 95451
·
Genoa
Apparel
Safat
·
Results
Vitamin Shops
Safat
·
Flat
Sole
Safat
·
Genoa
Food Masters
Safat
·
Tableeka
Safat
Activities: Engaged in the import and distribution of
health products and vitamins.
Import
Countries: Italy, Canada,
United States of America and India.
International Suppliers:
·
Ultimate Nutrixe United
States of America
Operating Trend: Steady
Subject has a workforce
of 35 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue KD 3,925,000 KD 4,140,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.