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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ELECTROZAN GENERAL TRADING CO WLL |
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Registered Office : |
Electrozan
Complex, Al Rai, Shuwaikh, P O Box 1251, Safat 13013 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.04.2006 |
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Com. Reg. No.: |
113387, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of electronic products |
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No. of Employees : |
120 |
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) |
|
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 : ELECTROZAN GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 9th April 2006
Commercial Registration Number : 113387, Safat
Trade Licence Number : 1918/2007
Chamber Membership Number : 100938
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Total Workforce : 120
Activities : Distributors of electronic products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ELECTROZAN GENERAL
TRADING CO WLL
Registered &
Physical Address
Building : Electrozan Complex
Area : Al Rai, Shuwaikh
PO Box : 1251
Town : Safat 13013
Country : Kuwait
Telephone : (965) 24811193 / 1825000 / 1825252
Facsimile : (965) 24823366
Mobile : (965) 97543887
Email : sales@electrozan.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central Business
Area of Safat.
Name Position
·
Saad
Abdulaziz Ali Al Wazzan Managing
Director
·
Salah M
Al Wazzan Director
·
Waleed
Khalifa Abdullah Al Saif Director
·
Moazam
Ali Marketing
Manager
·
Amer El
Sayed Human
Resources Manager
·
K
Nagraj Financial
Manager
Date of Establishment : 9th
April 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 113387,
Safat
Trade
Licence No. : 1918/2007
Chamber Member No. : 100938
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of
Shareholder (s)
·
Saad
Abdulaziz Ali Al Wazzan
·
Salah M
Al Wazzan
·
Waleed
Khalifa Abdullah Al Saif
Activities: Engaged in the import and distribution of
electronic products.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 120 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 3,880,000 KD 4,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Burgan
Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
---- |
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.