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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ESSA MEDICAL & SCIENTIFIC EQUIPMENT CO
WLL |
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Registered Office : |
Al Essa Building,
Canada Dry Street, Sector C Street No. 38, Shuwaikh Industrial Area, P O Box 3562, Safat 13036 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.11.1997 |
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Com. Reg. No.: |
71404, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of medical equipment and supplies |
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No. of Employees : |
2200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
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 ESSA MEDICAL & SCIENTIFIC EQUIPMENT CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 15th November 1997
Commercial Registration Number : 71404, Safat
Chamber Membership Number : 54566
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Total Workforce : 2,200
Activities : Distributors of medical equipment and supplies
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sampath Joseph, Financial Manager
AL ESSA MEDICAL
& SCIENTIFIC EQUIPMENT CO WLL
Registered &
Physical Address
Building : Al Essa Building
Street : Canada Dry Street, Sector C
Street No. 38
Area : Shuwaikh Industrial Area
PO Box : 3562
Town : Safat 13036
Country : Kuwait
Telephone : (965) 24833064 / 24833051 / 24834510
Facsimile : (965) 24840629
Email : alessa@ncc.moc.kw / alessa@alessakuwait.com
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Safat.
Branch Office (s)
Location Description
·
Building
49/50 Owned
warehouse premises
Street No. 6
Ardiya Industrial Area
Ardiya
Tel: (965) 24334546 / 24334143
Fax: (965) 24313517
Email: svmkw@gulfnet.net
·
Wellness
Centre Owned
retail outlet
Jaber Al Mubarak Street
Sharq
Tel: (965) 22403341 / 22413156
Name Position
·
Kolanjucomabi
Thomas Mathew Managing
Director
·
Saud
Abdulaziz Essa Al Jenai Director
·
Tariq
Mohamed Saqr Al Mashurji Director
·
Philip
Mathew Sales
Manager
·
Jose
Thomas Commercial
Manager
·
Shaji
Varughese Purchasing
Manager
·
Sunit
Nair Marketing
Manager
·
Sampath
Joseph Financial
Manager
Date of Establishment : 15th
November 1997
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 71404, Safat
Chamber Member No. : 54566
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Name of Shareholder
(s)
·
Kolanjucomabi
Thomas Mathew
·
Saud Abdulaziz
Essa Al Jenai
·
Arabi
Holding Co
(Represented by Mr Tariq Mohamed Saqr Al
Mashurji)
·
Abdul
Aziz Yousuf Al Essa & Co WLL
Al Essa Building
Canada Dry Street
PO Box: 3562
Shuwaikh
Safat 13036
Tel: (965) 24833051 / 24846204
Fax: (965) 24840629
·
Sayyah
& Partners General Trading Co
PO Box: 3562
Shuwaikh
Safat 13036
Tel: (965) 24833051
Fax: (965) 24840629
·
Technical
Services & Supplies Trading & Contracting Co
PO Box: 3562
Shuwaikh
Safat 13036
Tel: (965) 24833064
Fax: (965) 24813517
Activities:
Engaged in the import and distribution of medical equipment, laboratory
instruments,
scientific apparatus, chemical products and
pharmaceutical products. Subject provides the following products and services:
Health Care Equipment:
Engaged in the supply,
installation, commissioning and maintenance of an extensive range of equipment,
instruments, consumables and associated equipment for dentistry, dermatology,
ophthalmology, dialysis and radiology, with a capability to fully equip ICUs,
CCUs, NICUs & ORs.
Scientific Equipment:
The company provides a
complete range of lab equipment including research and analytical equipment for
applied research, genetic engineering, molecular biology, materials testing and
chemical & petroleum products to aluminium and steel alloys, as well as the
supply and commissioning of pilot plants for petroleum research.
Medical & Laboratory Engineering:
Subject offers services
relating to the study, planning and execution of laboratories for oil
companies, hospitals, schools, research institutes, testing centres and sewage
treatment plants. It also offers the design, supply, installation and
maintenance of Hospital and Lab furniture, Central Piped Medical Gas Systems,
Nurse Call Systems.
Home Health Care Services:
Providing qualified
technical staff for the medical field through supplemental staffing and
licensed practical nurses through Home Health-Care services for bedridden and
terminally ill patients at home.
Technical Support & Service:
This department provides
preventive, predictive and corrective maintenance for products supplied through
highly skilled technicians with full inventory of spares, testing equipment
& calibration systems.
Rehabilitation & Wellness:
Subject also operates a
“Wellness Centre” where customers can purchase specialist medical equipment and
dietary care products, including rehabilitation products for diabetics, ostomy
care, from customized wheelchairs to stair lifts, bed hoists and vehicle lifts,
to durable medical equipment from beds to nebulizers.
Import
Countries: United States of
America, United Kingdom, Germany, Spain, Argentina, India and Japan.
International
Suppliers:
·
The
Service Master Company United
States of America
·
Electro
Medical Equipment United
Kingdom
·
Duckhams United
Kingdom
·
Polymer
Laboratories Ltd United
Kingdom
·
Swann
Morton Limited United
Kingdom
·
Bureau
Veritas Quality International (BVQI) United
Kingdom
·
C.
Gerhardt GmbH & Co KG Germany
·
Ohmeda Spain
·
Antek Argentina
·
Jasco Japan
·
Apollo
Hospitals India
Operating Trend: Steady
Subject has a
workforce of 2,200 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 20,280,000 KD 21,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sampath Joseph, Financial Manager
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax:
(965) 22450150
·
National
Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 22422011
Fax:
(965) 22431888
·
Gulf
Bank KSC
PO Box: 3200
Safat 13032
Tel: (965) 22449501
Fax: (965) 22445212
No complaints
regarding subject’s payments have been reported.
Local sources
report that subject meets its payments in a timely manner and is considered to be
a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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 |
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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 |
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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.