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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
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Name : |
GROWMORE GENERAL TRADING COMPANY WLL |
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Registered Office : |
Ardya Industrial Area, Plot No. 2, |
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Country : |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
12.08.1993 |
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Com. Reg. No.: |
51889 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the import and distribution of books, magazines and
periodicals. |
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No of Employees : |
20 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 102
billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to
higher budget expenditures, particularly wage hikes for many public sector
employees, as well as increased allotments to Kuwait’s Future Generations Fund.
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, though much
of these funds have yet to be allocated.
|
Source
: CIA |
Company Name :
GROWMORE GENERAL TRADING COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
12th August 1993
Commercial Registration Number :
51889
Trade Licence Number :
543/93
Chamber Membership Number :
37207
Issued Capital :
KD 200,000
Paid up Capital :
KD 200,000
Total Workforce :
20
Activities :
Distributors of books, magazines and periodicals.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Kaid Johar, Finance Manager
GROWMORE GENERAL TRADING COMPANY WLL
Registered &
Physical Address
Location : Ardya
Industrial Area, Plot No. 2
PO Box : 251
Town : Safat 13003
Country : Kuwait
Telephone : (965) 24316761
/ 1833444
Facsimile : (965) 24330451
Mobile : (965) 99549854
/ 99651677
Email : books@growmorebooks.com
/ gmbooks@qualitynet.net
Premises
Subject operates from a small suite of offices and a warehouse that are owned
and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
Al Nomor Jewellery Rented
shop
Central Gold Market, Shop No. 45
Mubarikiya
Safat
Tel: (965) 22447258 / 22433003
Fax: (965) 22440341
Name Nationality Position
Faisal Abdulaziz Al Zahem Kuwaiti Managing Director
Lokish D Malhotra Indian Director
Shalinder Shreevastav - General
Manager
Kaid Johar - Finance
Manager
Sanjay Verma - Financial Controller
Joy Muzamazdas
- Sales
Manager
Date of Establishment : 12th
August 1993
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 51889
Trade Licence No. : 543/93
Chamber Member No. : 37207
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of Shareholder (s)
Faisal Abdulaziz Al Zahem
Lokish D Malhotra
Al Zahem & Malhotra General Trading WLL
Block No. 2, Plot No. 122/123
Street No. 6
Ardiya
PO Box: 251
Safat 13003
Tel: (965) 22491436
Activities: Engaged in the import and distribution of books, magazines and
periodicals.
Import Countries: United Kingdom, United States of America, India,
Singapore and Lebanon.
International Suppliers:
Marshall Cavendish ELT United
Kingdom
Heinle United
States of America
John Valley Education United
Kingdom
Pearsons Education United
Kingdom
Mcgrawhill United
Kingdom
Oxford Dictionary United
Kingdom
Operating Trend: Steady
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 30/06/13: Year Ending 30/06/14:
Total Sales KD
3,000,000 KD
3,576,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Kaid Johar, Finance Manager
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
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.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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 |
|
-- |
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.