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Report No. : |
322420 |
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Report Date : |
21.05.2015 |
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, 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:
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No. of Employee : |
450 |
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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Kuwait |
A1 |
A1 |
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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 - 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 tenuous
political situation.
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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 :
Ahmed Saleh, Technical Manager
AL NISF ELECTRICAL CO WLL
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
Mobile : (965)
97201092 / 97222564
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.
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
· Shady Ayash Commercial
Manager
· Ahmed Saleh Technical
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
· 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:
Engaged in the
manufacture of switchgear, panel control and circuit breakers.
Engaged in the
manufacture of lighting fittings and accessories.
Engaged in the
manufacture of transformers.
Import Countries: Europe and the Far East.
International
Suppliers:
·
MEM Limited United
Kingdom
·
Mitsubishi
Electric Corporation Japan
·
Lucy Switchgear United Kingdom
·
Thorn Lighting United Kingdom
·
Schneider Electric France
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.87 |
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|
1 |
Rs.98.89 |
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Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
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Analysis Done by
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SAN |
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Report Prepared
by : |
ASH |
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.