MIRA
INFORM REPORT
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Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL ESSA FURNITURE CENTRE |
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Registered Office : |
Al
Ghazali Street, Al Rai, PO Box
38119, Dhait Abdullah Al Salem |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.11. 2000 |
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Com. Reg. No.: |
445591 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail of Household Furniture, Bedding and Soft
Furnishing Products, as well as
Office Furniture |
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 ESSA FURNITURE CENTRE
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 6th November 2000
Commercial Registration Number : 445591
Trade Licence Number : 5577/95
Chamber Membership Number : 66514
Invested Capital : KD 50,000
Total Workforce : 15
Activities : Wholesale and retail of household furniture, bedding and soft furnishing
products, as well as office furniture
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
AL ESSA FURNITURE
CENTRE
ADDRESS
Registered & Physical Address
Street : Al
Ghazali Street
Area : Al
Rai
PO Box : 38119
Town : Dhait
Abdullah Al Salem
Country : Kuwait
Telephone : (965) 4722115 / 4722119
Facsimile : (965) 4722116
Mobile : (965) 9844996
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dhait Abdullah Al Salem.
KEY PRINCIPALS
Name Position
·
Essa
Abdul Wahab Al Essa Proprietor
& General Manager
·
Rafat
Abdul Samad Bahnasi Assistant
General Manager
·
Saeed
Mahmoud Bahnasi Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 6th
November 2000
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 445591
Trade Licence No. : 5577/95
Chamber Member No. : 66514
Invested Capital
: KD 50,000
Mr Essa Abdul Wahab Al Essa is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of household
furniture, bedding and soft furnishing products, as well as office furniture.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 15 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 1,400,000 KD 1,650,000
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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Commercial
Bank of Kuwait
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
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.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)