MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

GREEN WING CO. WLL FOR GARMENTS, SHOES AND ACCESSORIES

 

 

Registered Office :

Abdulaziz Saud Al Subah Building, Office no. 94, Salem Al Mubarak Street, Salmiyah Area, P.O.Box No.20701 Safat 13068, Kuwait City

 

 

Country :

Kuwait

 

 

Date of Incorporation :

10.01.1979

 

 

Com. Reg. No.:

27398

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and retailers of ladies' and children's fashion clothes, ready-made garments and shoes as well as lingerie and accessories.

 

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 :

KD 125,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Kuwait

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpANY NAME

 

Green Wing Co. WLL For Garments, Shoes And Accessories (Correct)

GREEN WINGS COMPANY WLL (Requested)

 

 

company ADDRESS

 

Building             : Abdulaziz Saud Al Subah Building, Office no. 94

Street               : Salem Al Mubarak Street

Area                 : Salmiyah Area

P.O.Box No.      : 20701 Safat 13068

Town                 : Kuwait City

Country             : Kuwait

Telephone         : (965) 2571 0189 / 2573 1974 / 2573 1975 / 2571 2192 /

                        2574 4595

Fax                   : (965) 2574 8395

E-Mail               : amostafa@antoah.com / info@anotah.com / tahan-gw@hotmail.com  

Website            : www.anotah.com

 

Also Known As : Green Wing Readymade, Shoes, & Novelties Co.

 

 

SENIOR COMPANY PERSONNEL

           

   Name                                                Position

 

1. Ihsan Hassan Al Tahan                       Chairman

 

2. Anwar Ihsan Hassan Al Tahan             Vice Chairman

 

3. Nesreen Ihsan Hassan Al Tahan          Managing Director

 

4. Anass Ihsan Hassan Al Tahan             General Manager

 

5. Omar Ihsan Hassan Al Tahan              Administration Manger

 

6. Ahmed Mustafa                                  Accounts Manager

 

7. Mohammed Alkhousi                          Marketing Manager

 

8. Ahmed Saleh                                     Human Resource Manager

 

9. Sherif Ashrafi                                     Accountant

 

Total Employees : 220

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a well-established business with operations dating back to 1955 in Kuwait and considered as one of the first companies dealing in ladies and children's fashion clothes.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : KD 125,000

 

Trade risk assessment : Normal

 

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

 

We consider the above figure to be within the company's financial capabilities.

 

 

PRINCIPAL BANKERS

 

NAME               : COMMERCIAL BANK OF KUWAIT

Branch              : Mubarak Al Kabir Street

P.O. Box           : 2861

Town                 : Safat 13029

Telephone         : (965) 2241 1001

Fax                   : (965) 2245 0150

 

Subject also has an account with the following banks:

 

1. Gulf Bank

   Mubarak Al Kabir Street

   P.O. Box 3200

   Safat 13032

   Telephone: (965) 2244 9501

   Fax      : (965) 2244 5212

 

2. Ahli United Bank (fmly BKME)

   Darwazat Abdul Razak

   P.O. Box 71

   Safat 13001

   Telephone: (965) 2245 9771

   Fax      : (965) 2246 1430

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information:

 

Sales Turnover   : KD 1,500,000 - 1998 - exact

               : KD 2,000,000 - 1999 - exact

               : KD 2,100,000 - 2000 - exact

               : KD 2,000,000 - 2001 - exact

               : KD 1,800,000 - 2002 - exact

               : KD 1,800,000 - 2003 - exact

               : KD 3,000,000 - 2004 - exact

               : KD 3,250,000 - 2005 - exact

               : KD 3,500,000 - 2006 - exact

               : KD 4,000,000 - 2007 - exact

               : KD 4,500,000 - 2008 - exact

               : KD 4,900,000 - 2009 - exact

               : KD 6,200,000 - 2010 - exact

              : KD 7,200,000 – 2011 – projected

 

Net Profit             : KD   600,000 – 2009 - exact

                           : KD 1,500,000 – 2010 – exact

                           : KD 2,000,000 – 2001 - projected

 

Financial year ends 28/29 February.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 10 January 1979

 

C.R. No.                        : 27398

 

KCCI Membership No.    : 7718 (expiry date: 14/03/2011)

 

Authorised Capital          : KD 1,000,000 (increased from KD 750,000 in 2010)

 

Paid up Capital              : KD 1,000,000 (increased from KD 750,000 in 2010)

 

Limited Liability Company with the following shareholders :

 

                                                            Percentage

 

1. Ihsan Hassan Al Tahan                        19%

   (Syrian national)

 

2. Anwar Ihsan Hassan Al Tahan            15%

   (son of the above)

 

3. Esaaf Mouhsen Khalid Shawkat (Mrs.)          15%

   (Kuwaiti national, Syrian origins)

   (wife of the above)

 

4. Mahmoud Abdulla Rashed Al Shatti             51%

   (Kuwaiti national)

 

* The local sponsor, according to Kuwaiti laws must hold a minimum of 51% of the capital, however, in practice and unofficially the local sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and retailers of ladies' and children's fashion clothes, ready-made garments and shoes as well as lingerie and accessories.

 

Brand Name

 

- Anotah

 

Imports from Europe and Asia, mainly from UK, Germany, France, Spain, Italy, Turkey, China and India.

 

Exports to Egypt, Libya and GCC countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising several administrative offices located at the heading address and storage facilities located in Ardiya Area, Kuwait as well as 5 retail outlets located elsewhere in Kuwait, 9 retail outlets located in Saudi Arabia, 2 retail outlets in United Arab Emirates, 1 retail outlet in Bahrain and 1 retail outlet in Qatar (see 'Branch Offices' below).

 

BRANCH OFFICES

 

Main Branches  :

 

1. Sharq Market

   Kuwait

   Telephone: (965) 2245 2150

 

2. Fanar Mall

   Kuwait

   Telephone: (965) 2573 1698

 

3. Mohallab Centre

   Kuwait

   Telephone: (965) 2261 6542

 

4. Sahara Mall

   Sharjah

   United Arab Emirates

   Telephone: (971 6) 531 3755

 

5. Dahran Mall

   Saudi Arabia

   Telephone: (966 3) 868 4335

 

6. Sahara Mall

   Saudi Arabia

   Telephone: (966 3) 452 0701

 

7. Seef Mall

   Bahrain

   Telephone: (973) 1758 1875

   Fax    : (973) 1756 4610

 

8. Doha City Centre

   Qatar

   Telephone: (974) 4483 2380

 

 

SPECIAL NOTE

 

You enquired on: GREEN WINGS COMPANY WLL. Please note that the correct name is as per heading.

 

The building name given by you: South Salmiyah Building is incorrect. Please note that subject’s correct administrative office address is as per heading.

 

The telephone numbers given by you: (965) 571 2192 / 574 4595 / 571 0189 are incomplete. Please note that subject’s correct telephone numbers are as per heading.

 

The fax number given by you: (965) 574 8395 is incomplete. Please note that subject’s correct fax number is as per heading.

 

Telephone numbers in Kuwait have been changed. Please note that

subject's correct telephone numbers are as per heading.

 

Interviewed: Ihsan Hassan Al Tahan (Chairman).

          


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.