MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL DIWAN GIFTS AND ANTIQUES EST |
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Registered Office : |
Al
Rai Centre, Ground Floor, Shop No A4, Al Rai Area, PO Box 21948, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
80283 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Antiques,
Gifts and Novelty Products |
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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL DIWAN GIFTS AND ANTIQUES EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Start Date : 1996
Registration Date : 29th March 2000
Commercial Registration Number : 80283
Trade Licence Number : 922/2000
Invested Capital : KD 50,000
Total Workforce : 4
Activities : Wholesale and retail of antiques, gifts and novelty products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Abdullatif Mohamed Abdullah Al Hamadi, Proprietor
COMPANY NAME
AL DIWAN GIFTS AND
ANTIQUES EST
ADDRESS
Registered & Physical Address
Building : Al Rai
Centre, Ground Floor, Shop No A4
Area : Al
Rai Area
PO Box : 21948
Town : Safat
Country : Kuwait
Telephone : (965) 66192050
Facsimile : (965) 66192050
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
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Abdullatif
Mohamed Abdullah Al Hamadi Kuwaiti Proprietor & General Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1996, however it was registered on 29th
March 2000
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 80283
Trade Licence No. : 922/2000
Invested Capital
: KD 50,000
Mr Abdullatif Mohamed Abdullah Al Hamadi is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of antiques, gifts and novelty products.
Import
Countries: India, China and
Thailand
Operating Trend: Steady
Subject has a
workforce of 4 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales KD 875,000 KD 1,020,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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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.
GENERAL COMMENTS
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
business is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)