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Report Date : |
20.11.2014 |
IDENTIFICATION DETAILS
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Name : |
REDA CHEMICALS CO WLL |
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Registered Office : |
Al Awkaf Complex,
Tower 17, 6th Floor, Office 16, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.02.2010 |
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Com. Reg. No.: |
79483 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Engaged in the import
and distribution of chemicals. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : REDA CHEMICALS CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 8th
February 2000
Commercial
Registration Number : 79483
Trade Licence
Number :
1747/99
Chamber Membership
Number : 600911
Issued Capital : KD
50,000
Paid up Capital : KD 50,000
Total Workforce : 30
Activities :
Distribution of chemicals
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
REDA CHEMICALS CO
WLL
Building : Al Awkaf Complex, Tower 17, 6th
Floor, Office 16
Area : Sharq Area
PO Box : 22013
Town : Safat 13081
Country : Kuwait
Telephone : (965) 22423604 / 22469160
Facsimile : (965) 22423621
Mobile : (965) 99787438
Email : management@redachem.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Mohamed
Basil Abdul Majeed Managing
Director
·
Malik
Tawfiq Khalil Nahlawi Director
·
Mohamed
Bashar Abdullatif Dandashi Commercial
Manager
·
Safwan
Khayat Assistant
General Manager
·
Yahya
Ibrahim Accounts
Manager
Date of Establishment : 8th
February 2000
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 79483
Trade
Licence No. : 1747/99
Chamber Member No. : 600911
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
·
Mohamed
Basil Abdul Majeed
·
Malik
Tawfiq Khalil Nahlawi
·
Trading
& Development Co for Machinery & Equipment Ltd (Reda)
Al Mizan Building, 6th Floor
Olaya Street
Olaya District
PO Box: 58866
Riyadh 11515
Saudi Arabia
Tel: (966-1) 4632159 / 2171783 / 6610605
Fax: (966-1) 4630125 / 2463012
·
Reda
Industrial Materials LLC
Khalid Al Attar Tower, Suite
901
Sheikh Zayed Road
PO Box: 15004
Dubai
United Arab Emirates
Tel: (971-4) 3325100
Fax: (971-4) 3325200
·
Reda
Industrial Materials FZE
PO Box: 18177
Jebel Ali Free Zone
Dubai
United Arab Emirates
Tel: (971-4) 8831400
Fax: (971-4 8831500
·
Reda
Materials & Equipment LLC
PO Box: 47200
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6334830
Fax: (971-2) 6334831
·
Redachem
Gulf FZE
PO Box: 41932
Sharjah
United Arab Emirates
Tel: (971-6) 5260310
Fax: (971-6) 5260311
·
Reda
Industrial Materials (Holding) JFZ
Building LB01
Jebel Ali Free Zone
PO Box: 17137
Dubai
United Arab Emirates
Tel: (971-4) 8815027
Fax: (971-4) 8815036
·
Seirine
Chemicals And Industrial & Building Materials Est
Al Salam Street
PO Box: 2560
Abu Dhabi
United Arab Emirates
Tel: (971-2) 6442578
Fax: (971-2) 6447290
·
Tredex
Syria Ltd
Zorba Building
Bezem Street
Malki
PO Box: 33073
Damascus
Syria
Tel: (963-11) 3734646
Fax: (963-11) 3739492
·
Redachem
Egypt Ltd
Misr-Helwan Road
Borg Badr
PO Box: 1074, Maadi 11728
Cairo
Egypt
Tel: (20-2) 33787006
Fax: (20-2) 33505374
·
Sherkate
Mavad Sanati Va Tajhizat Reda
Bldg. No.32, Apt No. 3
11th Street & Bukharest
Avenue
Tehran
Iran
Tel: (98-21) 8727031
Fax: (98-21) 8728611
·
Reda
Industrial Materials International Sarl
28, Avenue Hoche
Paris 75008
France
Tel: (33-1) 45612670
Fax: (33-1) 45612665
·
Reda
Materials & Equipment Ltd
PO Box: 23376
Doha
Qatar
Tel: (974) 44604654
Fax: (974) 44604653
·
Reda
Majan LLC
PO Box: 211
Muscat
Oman
Tel: (968) 24504892
Fax: (968) 24504896
·
Al Reda
Company for Importation of Industrial Materials Ltd
Tripoli
Libya
Tel: (218-21) 3408740
Fax: (218-21) 3404096
·
Redachem
Tunisie Sarl
Tunis
Tunisia
Tel: (216-71) 901844
Fax: (216-71) 904358
·
Alsochem
Sarl
Algiers
Algeria
Tel: (213-21) 320038
Fax: (213-21) 320032
·
Redachem
Industries Maghreb Sarl
Casablanca
Morocco
Tel: (212) 662787605
Fax: (212) 522664769
·
Al Reda
for Supply of Industrial Materials Ltd
Amman
Jordan
Tel: (962-6) 5852501
Fax: (962-6) 5852701
·
Sara
Ltd
Beirut
Lebanon
Tel: (961-1) 373555
Fax: (961-1) 374027
·
Redachem
Industry Nigeria Ltd
Lagos
Nigeria
Tel: (231-812) 7107485
·
Redachem
East Africa Ltd
Nairobi
Kenya
Tel: (254-20) 4446311
Fax: (254-20) 2617349
·
Reda
Chemicals India Private Ltd
Mumbai
India
Tel: (91-22) 26879478
Fax: (91-22) 26879479
·
Reda
Industrial Materials Pakistan (Pvt) Ltd
Karachi
Pakistan
Tel: (92-21) 34302200
Fax: (92-21) 34302204
·
Reda
Materials LLC
Almaty
Kazakhstan
Tel: (7-727) 2581606
·
Redachem
Malaysia Sdn Bhd
Selangor
Malaysia
Tel: (60-3) 56388828
Fax: (60-3) 56388829
·
PT
Redachem Indonesia
Jakarta
Indonesia
Tel: (62-21) 5748830
Fax: (62-21) 5748888
·
Reda
Fire & Safety Co
Al Khobar
Saudi Arabia
Activities: Engaged in the import and distribution of
chemicals.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Kluper Belgium
·
Wacker Germany
·
Basf Germany
Operating Trend: Steady
Subject has a
workforce of 30 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales KD 2,480,000 KD 2,725,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local 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.
According to local sources,
subject meets its payment obligations in a timely manner and the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.83 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
|
|
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.