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Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EUREKA GENERAL TRADING CO WLL |
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Registered Office : |
Salamiya Area, PO Box 909, Salmiya 22010 |
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Country : |
Kuwait |
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Date of Incorporation : |
04.09.2002 |
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Com. Reg. No.: |
90582 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of electronic and automation products |
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No. of Employees : |
160 |
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 |
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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 :
EUREKA GENERAL TRADING CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
4th September 2002
Commercial Registration Number :
90582
Trade Licence Number :
2375/2002
Chamber Membership Number :
79289
Issued Capital :
KD 1,500,000
Paid up Capital :
KD 1,500,000
Total Workforce :
160
Activities :
Distributors of electronic and automation products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EUREKA GENERAL TRADING CO WLL
Location : Salamiya Area
PO Box : 909
Town : Salmiya 22010
Country : Kuwait
Telephone : (965) 25761100
/ 25736894 / 25751133
Facsimile : (965) 25736913
/ 25736910
Mobile : (965)
99758118
Email : Khalid.fattah@eurekaq8.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Salmiya.
Branch Office (s)
Subject has 4 showrooms in Salmiya, Shuwaikh,
Fahaheel and Farwaniya.
Name Position
· Ahmed Nouri
Sulaiman Al Kennai Managing
Director
· Khalid Fallah General
Manager
· Hadi Antoun Operations
Manager
· Wael Assi Commercial Manager
· Charbel Tanous Marketing
Manager
· Mamoun Hegazi Advertising
Manager
Date of
Establishment : 4th
September 2002
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 90582
Trade Licence No. : 2375/2002
Chamber Member No. : 79289
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
· The Contractors
General Contracting Co
Safat
· Ahmed Nouri
Sulaiman Al Kennai
Activities: Engaged in the import and distribution of electronic and automation
products.
Import Countries: Europe and GCC countries.
Brand Names: KENWOOD, PANASONIC, CASIO, SONY, TOSHIBA, HP,
CANON, LG, IBM, COMPAQ, DELL,
SHARP, BENQ, SAMSUNG, JVC and
PIONEER.
Subject has a workforce of approximately 160 employees.
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.
·
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
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.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.