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Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AL NISF ELECTRICAL CO WLL |
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Registered Office : |
Street No. 17, Plot
No. 1, Shuwaikh Industrial Area, P O Box 4784 & 871, Safat 13048 |
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Country : |
Kuwait |
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Date of Incorporation : |
02.11.1996 |
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Com. Reg. No.: |
67303 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject’s
operations are performed through the following divisions:- Al Nisf Switchgear Factory Engaged in the
manufacture of switchgear, panel control and circuit breakers. Al Nisf Lighting Factory Engaged in the
manufacture of lighting fittings and accessories. Al Nisf Transformer Factory Engaged in the
manufacture of transformers. |
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No. of Employees |
450
(approximately) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 - 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.
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Source : CIA |
Company Name : AL NISF ELECTRICAL CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 2nd November 1996
Commercial Registration Number : 67303
Chamber Membership Number : 51235
Issued Capital : KD 1,020,000
Paid up Capital : KD 1,020,000
Total Workforce : 450
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mostafa Henawi, Financial Manager
AL NISF ELECTRICAL
CO WLL
Registered &
Physical Address
Street : Street No. 17, Plot No. 1
Area : Shuwaikh Industrial Area
PO Box : 4784 & 871
Town : Safat 13048
Country : Kuwait
Telephone : (965) 24815139 / 24845660 / 24833162
/ 24811294 / 24727934
Facsimile : (965) 24815283 / 24815282 / 24731917
Email : nisfswqr@alnisfgroup.com / sales@alnisfgroup.com
Please note that
subject’s previous address was, Street No. 1, Plot No. 54, Shuwaikh Industrial
Area, Safat.
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
·
Al Rai
Industrial Area Owned
factory premises
·
Amghara
Industrial Area No. 2, Plot No. 55 Owned
factory premises
Name Position
·
Osama
Mohamed Yousef Al Nisf Managing
Director
·
Yousef
Mohamed Yousef Al Nisf Director
·
Mussab
Salem Mohamed Yousef Al Nisf General
Manager
·
Mostafa
Henawi Financial
Manager
·
Basil
Amin Assistant
Financial Manager
Date of Establishment : 2nd
November 1996
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 67303
Chamber Member No. : 51235
Issued Capital : KD 1,020,000
Paid up Capital : KD 1,020,000
Name of Shareholder
(s) Percentage
·
Osama
Mohamed Yousef Al Nisf 33.3%
·
Heirs
of the late Salem Mohamed Yousef Al Nisf 33.3%
·
Yousef
Mohamed Yousef Al Nisf 33.3%
·
Salem M
Al Nisf Electrical Co (SNEC)
PO Box: 871
Safat 13009
Tel: (965) 24815139
Fax: (965) 24815282
Activities: Subject’s operations are performed through the
following divisions:
·
Al
Nisf Switchgear Factory
Engaged in the manufacture of switchgear,
panel control and circuit breakers.
·
Al
Nisf Lighting Factory
Engaged in the manufacture of lighting
fittings and accessories.
·
Al
Nisf Transformer Factory
Engaged in the manufacture of transformers.
Import
Countries: Europe and the
Far East.
International Suppliers:
· MEM
Limited United
Kingdom
· Mitsubishi
Electric Corporation Japan
Subject has a
workforce of approximately 450 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.
·
National
Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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.61.90 |
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|
1 |
Rs.103.26 |
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Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.