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Report No. : |
347214 |
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Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GENERAL CONTROL GROUP FOR TRADING AND CONTRACTING CO WLL |
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Registered Office : |
Sabhan Industrial Area (North), Safat 31327, PO Box 26607 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.01.2000 |
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Com. Reg. No.: |
95227 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject is engaged in the import and distribution of control panels, access boxes, low tension panels, amps, draw out motor control centres, main switch boards, distribution boards, automatic transfer switches, feeder pillar, manual transfer switch, synchronizing panels, mew service cut outs, DC panels, cable trays, IP 55 enclosures and AC boxes. Subject also provides electromechanical contracting services. |
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No. of Employee : |
150 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 uncertain political situation.
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Source
: CIA |
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
GENERAL CONTROL GROUP FOR TRADING AND
CONTRACTING CO WLL |
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2) Registered Address: |
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Address |
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Sabhan Industrial Area (North) |
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Town |
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Safat 31327 |
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Country |
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Kuwait |
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PO Box |
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26607 |
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Phone (s) |
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(965) 24766617 |
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(965) 24766618 |
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(965) 24756988 |
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(965) 24756989 |
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Facsimile |
: |
(965) 24766619 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
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Sabhan Industrial Area (North) |
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Town |
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Safat 31327 |
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Country |
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Kuwait |
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PO Box |
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26607 |
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Phone (s) |
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(965) 24766617 |
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(965) 24766618 |
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(965) 24756988 |
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(965) 24756989 |
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Facsimile |
: |
(965) 24766619 |
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Email |
: |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
: |
With Limited Liability - WLL |
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Date of Registration |
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4th January 2000 |
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Commercial Registration Number |
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95227 |
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OTHER
REGISTRATION/ MEMBERSHIPS
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Chamber Membership Number |
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60905 |
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KEY
FACTS
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Operational Status |
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Steady |
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Financial Condition |
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Fair |
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Primary Business Activity |
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Distributors of electrical products and
equipment (1) |
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Number of Employees |
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150 |
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Capital |
: |
KD 2,000,000 |
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Note: 1 |
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Engaged in the import and distribution of control panels,
access boxes, low tension panels up to 10,000 |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
KD 2,000,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
KD 2,000,000 |
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FINANCIAL
DATA
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Financial highlights provided by local
sources are given below: |
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Currency: Kuwaiti Dinars (KD) |
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Year Ending
31/12/13 |
Year Ending
31/12/14 |
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Total Sales |
KD 4,620,000 |
KD 5,000,000 |
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Local sources consider subject’s financial
condition to be Fair. |
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The above figures were provided by Mr
Mamdouh Sadiq, Finance Manager |
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BANKER
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1 |
Name |
Commercial Bank of Kuwait SAK |
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Address |
Mubarak Al Kabir Street |
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PO Box |
2861 Safat 13029 |
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Tel |
(965) 22411001 |
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Fax |
(965) 22450150 |
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SHAREHOLDERS
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Sr.No |
Name of
Shareholders |
Country |
No. of Shares |
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1 |
General Control Group Holding |
Kuwait |
99% |
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2 |
Hamd Khalid Yousef Al Mutawa |
n/a |
1% |
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Total Share |
100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Dsignation |
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1 |
Tareq Hamd Khalid Al Mutawa |
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Managing Director |
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2 |
Hamd Khalid Yousef Al Mutawa |
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Director |
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3 |
Fahd Khalid Yousef Al Mutawa |
General Manager |
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4 |
Mamdouh Sadiq |
Finance Manager |
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5 |
Abdul Nasser Al Daass |
Commercial Manager |
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6 |
Francis D’Souza |
Technical Manager |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
Far East |
Import |
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PREMISES
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Subject operates from a large suite of
offices and a warehouse that are rented and located in the Industrial Area of
Safat. |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
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No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
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No record found |
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Litigations |
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No record found |
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Former Business Relationships |
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No record found |
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INVESTIGATOR'S
COMMENTS
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Person
Interviewed : Mamdouh Sadiq, Finance
Manager |
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.15 |
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1 |
Rs.99.36 |
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Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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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.