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Report No. : |
336448 |
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Report Date : |
14.08.2015 |
IDENTIFICATION DETAILS
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Name : |
EL JOUN UNITED
COMPANY WLL |
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Registered Office : |
El Joun Medical Building,
9th Floor, Beirut Street, Hawalli, P O Box: 1005, Safat 13011 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.06.2011 |
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Com. Reg. No.: |
117289 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and
distribution of medical equipment, chemical raw materials and primary
chemicals. |
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No. of Employees : |
45 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term
economic development plan in almost twenty-five years. While the government
planned to spend up $104 billion over four years to diversify the economy away
from oil, attract more investment, and boost private sector participation in
the economy, many of the projects did not materialize because of the uncertain
political situation.
|
Source
: CIA |
Company Name : EL JOUN
UNITED COMPANY WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 22nd
June 2011
Commercial Registration
Number : 117289
Chamber Membership
Number : 128592
Issued Capital : KD
250,000
Paid up Capital : KD
250,000
Total Workforce : 45
Activities :
Distributors of medical equipment, chemical raw materials and primary
chemicals
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL JOUN UNITED
COMPANY WLL
Building : El Joun Medical Building, 9th
Floor
Street : Beirut Street
Area : Hawalli
PO Box : 1005
Town : Safat 13011
Country : Kuwait
Telephone : (965) 22666211
Facsimile : (965) 22658665
Mobile : (965) 99777512 / 99381266
Email : ghalebazzam@hotmail.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Abdulaziz
Adnan Abdul Karim Al Aidan Managing
Director
·
Mohamed
Adnan Abdul Karim Al Aidan Director
·
Yousef
Adnan Abdul Karim Al Aidan Director
·
Dr
Adnan Abdul Karim Al Aidan Director
·
Manal
Nasser Abdulaziz Al Subie Director
·
Mahmoud
Abdulaziz Finance
Manager
·
Ghaleb
Azzam Business
Development Manager
Date of Establishment : 22nd
June 2011
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 117289
Chamber Member No. : 128592
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
·
Abdulaziz
Adnan Abdul Karim Al Aidan
·
Mohamed
Adnan Abdul Karim Al Aidan
·
Yousef
Adnan Abdul Karim Al Aidan
·
Dr
Adnan Abdul Karim Al Aidan
·
Manal
Nasser Abdulaziz Al Subie
·
El Joun
Medical Centre
Safat
Activities: Engaged in the import and distribution of
medical equipment, chemical raw materials and primary
chemicals.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial highlights
provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales KD 2,170,000 KD 2,350,000
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.
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.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.