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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
INDOGULF GENERAL TRADING & CONTRACTING CO WLL |
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Registered Office : |
Saad Soud Al Mutairi Complex, 2nd Floor, Office No. 16,
Plot No. 6 & 8, Area No. 60, Jaleeb Al Shuyoukh 85855 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.02.2003 |
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Com. Reg. No.: |
96182 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of household appliances and stationery items |
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No. of Employees : |
5 |
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 |
|
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 :
INDOGULF GENERAL TRADING & CONTRACTING CO WLL
Country of Origin :
Kuwait
Legal Form : With Limited Liability - WLL
Registration Date :
2nd February 2003
Commercial Registration Number :
96182
Trade Licence Number :
2503/2003
Chamber Membership Number :
135702
Issued Capital :
KD 150,000
Paid up Capital :
KD 150,000
Total Workforce :
5
Activities :
Distributors of household appliances and stationery items
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Adnan Sahoud Radan Al Dhafeeri, Managing Director
INDOGULF GENERAL TRADING & CONTRACTING CO WLL
Registered &
Physical Address
Location : Saad Soud Al
Mutairi Complex, 2nd Floor, Office No. 16, Plot No. 6 & 8
Area : Area No. 60
Town : Jaleeb Al
Shuyoukh 85855
Country : Kuwait
Telephone : (965) 24332867
Facsimile : (965) 24332867
Mobile : (965)
99555001
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Jaleeb Al Shuyoukh.
Name Position
Adnan Sahoud Radan Al Dhafeeri Managing
Director
Azizah Namshi Jaaza Al Dhafeeri Director
Manesh Radhran Sales
Manager
Date of Establishment : 2nd
February 2003
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 96182
Trade Licence No. : 2503/2003
Chamber Member No. : 135702
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of
Shareholder (s)
Adnan Sahoud Radan Al Dhafeeri
Azizah Namshi Jaaza Al Dhafeeri
Activities: Engaged in the
import and distribution of household appliances and stationery items.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 5 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 Sales KD
1,200,000 KD
1,350,000
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 SAK
Jaleeb Al Shuyoukh
Tel: (965) 24318761
Fax: (965) 24317449
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.