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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Takheem Building, 2nd Floor, Office No. 6, Block No. 3, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.11.1991 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import and distribution of ropes and gloves. |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 - 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 and 2012 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
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.
|
Source
: CIA |
UNION GULF GENERAL TRADING & CONTRACTING CO
Building : Takheem
Building, 2nd Floor, Office No. 6, Block No. 3
Street : Tunis Street
PO Box : 364, Salmiya
22004
Town : Hawalli
Country : Kuwait
Telephone : (965) 22626310
Facsimile : (965) 22626310
Mobile : (965)
66167999 / 99592253
Email : Husain@tzziropes.com
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Hawalli.
Name Position
·
Abdulaziz Yousef Mohamed Siddiqi Managing
Partner
·
Mrs Fatima Mohamed Ahmed Partner
·
Shafaqat Taher Ali Administration
Manager
·
Hussain Ezzi Sales
Executive
Date of
Establishment : 9th
November 1991
Legal Form : General Partnership
Commercial Reg.
No. : 44558
Trade Licence No. : 107/91
Chamber Member No. : 26260
Partners Capital : KD 44,000
Name of Partner (s)
·
Abdulaziz Yousef Mohamed Siddiqi
·
Mrs Fatima Mohamed Ahmed
Activities: Engaged in the import and distribution of ropes and gloves.
Import Countries: India and Pakistan
International Suppliers:
·
Zenith Trading Corporation India
·
Global Express Trading Pakistan
Brand Names: ZROPES
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 685,000 KD 710,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Kuwait SAK
Hawalli
Tel: (965)
22645964
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.53 |
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|
1 |
Rs. 101.08 |
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Euro |
1 |
Rs. 83.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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.