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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
RED LINE MOBILE CENTER |
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Registered Office : |
Ali Commercial Complex, 3rd Floor, Ibn Khaldoun Street, Hawalli |
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Country : |
Kuwait |
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Date of Incorporation : |
20.05.2008 |
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Com. Reg. No.: |
32710 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of mobile communication products. |
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No of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Trade Licence Expired |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 (30.09.2013) |
Current Rating (01.12.2013) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : RED LINE MOBILE CENTER
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 20th May 2008
Commercial Registration Number : 32710
Trade Licence Number : 1311/2008
Chamber Membership Number : 114942
Invested Capital : KD 50,000
Total Workforce : 1
Activities : Distributors of mobile communication products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
RED LINE MOBILE CENTER
Building : Ali Commercial Complex, 3rd
Floor
Street : Ibn Khaldoun Street
Town : Hawalli
Country : Kuwait
Telephone : (965) 22626900 / 22660243 / 22654450
Facsimile : (965) 22622728
Mobile : (965) 90990543 / 97480009
Email : zizorashed@ymail.com / redline.zain@hotmail.com
Name Position
·
Ahmed
Ali Hassan Al Ansari Proprietor
& General Manager
Date of Establishment : 20th
May 2008
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 32710
Trade Licence No. : 1311/2008
(Expired 09/02/2012)
Chamber Member No. : 114942
Invested Capital
: KD 50,000
Mr Ahmed Ali Hassan
Al Ansari is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of
mobile communication products.
Subject has a
workforce of 1 employee.
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.
·
Commercial
Bank of Kuwait SAK
Hawalli
Tel: (965) 22645964
No complaints
regarding subject’s payments have been reported.
Please note that
subject’s trade licence number (1311/2008) has not been renewed since it expired
on 9th February 2012. We were unable to contact the subject directly
during our investigation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.05 |
|
|
1 |
Rs. 99.61 |
|
Euro |
1 |
Rs. 80.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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.