MIRA INFORM REPORT

 

 

Report Date :

02.11.2007

 

IDENTIFICATION DETAILS

 

Name :

GULF MYSORE GENERAL TRADING CO WLL

 

 

Registered Office :

Souq Al Safat, Al Murqab Area, P O Box 34186, Al Adliya 73252

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

18th January 1983

 

 

Com. Reg. No.:

91139, Safat

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Engaged in the wholesale and retail of fabrics, textiles, ready made garments and handicrafts.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : GULF MYSORE GENERAL TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 18th January 1983

Commercial Registration Number            : 91139, Safat

Trade Licence Number                            : 2779/2002

Membership Number                              : 13006

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 20

Line of Business                                    : Wholesalers and retailers of fabrics, textiles, ready made

                                                  garments and handicrafts.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

GULF MYSORE GENERAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Souq Al Safat

Area                 : Al Murqab Area

PO Box             : 34186

Town                 : Al Adliya 73252

Country             : Kuwait

Telephone         : (965) 2435807 / 2456988

Facsimile          : (965) 2427072

Email                : mail@indian-heritage.com

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Al Adliya.

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Fahaheel Area                                                                      Rented showroom premises

Tel : (965) 3919277

 

·       Farwaniya Area                                                                     Rented showroom premises

Tel : (965) 4766699

 

 

KEY PRINCIPALS

 

·       Mohamed Hussain Al Rais                                                     Managing Director

 

·       Abdulaziz Hussain                                                                Director

 

·       Anuban Jean Kumar                                                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th January 1983

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 91139, Safat

 

Trade Licence No.       : 2779/2002

 

Membership No.          : 13006

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

 

Name of Shareholder (s)

 

·       Mohamed Hussain Al Rais

 

·       Abdulaziz Hussain

 

Notes to the legal Form

 

Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.

 

Under the Kuwaiti Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. At least 51 percent of the capital must be owned by Kuwaitis. The minimum amount of capital required is KD 7,500. Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares. WLLs may not engage in banking, insurance or investment activities on behalf of others.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the wholesale and retail of fabrics, textiles, ready made garments and handicrafts.

 

Import Countries : Europe and GCC countries.

 

Operating Trend : Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/05:                            Year Ending 31/12/06:

 

Total Revenue                            KD 1,485,000                                        KD 1,670,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box : 24989

Safat 13110

Tel : (965) 2445050

Fax : (965) 2455135

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 October 2005

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1983, subject is involved in the wholesale and retail of fabrics, textiles, ready made garments and handicrafts.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions