MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOOD LUCK TEXTILE
EST |
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Registered Office : |
Block No. 1, Shop No. 9, Commercial Area No. 9, PO Box 23916, Safat
13100 |
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Country : |
Kuwait |
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Date of Incorporation : |
22.05.1996 |
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Com. Reg. No.: |
270, Safat |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Retailers of
textile materials for men’s clothing. |
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 : GOOD LUCK TEXTILE EST
Country of Origin : Kuwait
Legal Form :
Sole Proprietorship
Registration Date : 22nd
May 1996
Commercial Registration
Number : 270, Safat
Trade License Number : 2204/96
Membership Number : 49676
Invested Capital : KD 40,000
Total Workforce : 8
Line of Business : Retailers
of textile materials for men’s clothing.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GOOD LUCK TEXTILE EST
ADDRESS
Registered & Physical Address
Building : Block No. 1,
Shop No. 9
Area : Commercial
Area No. 9
PO Box : 23916
Town : Safat 13100
Country : Kuwait
Telephone : (965) 2462132 /
2432832
Facsimile : (965) 2462132
/ 2432832
Email :
goodluckq9@yahoo.com
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
·
Lakhmichand Ramchand Muthrega Indian Proprietor
& General Manager
·
Paresh Kumar L Muthrega - Assistant General Manager
·
Ali Hassan Ali Al Ansari Kuwaiti Local Sponsor
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
May 1996
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 270, Safat
Trade Licence No. :
2204/96
Membership No. : 49676
Invested Capital : KD 40,000
Mr Lakhmichand Ramchand Muthrega is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations: Engaged as retailers of textile materials for men’s clothing.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 8 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
930,000 KD
1,050,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial Bank of Kuwait SAK
Mubarak Al
Kabir Street
PO Box :
2861
Safat
13029
Tel :
(965) 2411001
Fax :
(965) 2450150
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1996, subject is owned and managed by Mr Lakhmichand Ramchand
Muthrega, an Indian national who operates in Kuwait under the local sponsorship
of Mr Ali Hassan Ali Al Ansari.
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.
Maximum suggested credit figure: US$ 150,000
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%)