MIRA INFORM
REPORT
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Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
ABSARA BAZAR TEXTILE EXHIBITION |
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Formerly Known As : |
Century Trading / Bazar Trading |
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Registered Office : |
Souk Al Wataniya
Bldg No. 10G, Ground Floor, Shop No. 248, Plot No. 10, Al Murqab Area, P.O.
Box 27021, Safat 13131 |
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Country : |
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Year of Establishment : |
1983 |
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Com. Reg. No.: |
17548 |
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Legal Form : |
Proprietorship Concern |
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Line of Business : |
importers and retailers of all types of textiles,
dress materials and readymade dresses |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
KD 40,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company NAME
Absara
Bazar Textile Exhibition (Correct)
MOHAMMED ABDULLA
KUNHP (Requested)
company ADDRESS
Building : Souk Al Wataniya Bldg No. 10G,
Ground Floor, Shop No. 248
Street :
Plot No. 10
Area :
Al Murqab Area
P.O. Box : 27021
Town :
Safat 13131
Country :
Telephone : (965) 2240 2075 /2243 6557 / Mobiles
(965) 9905 9726 / (965) 9952 2762 / (965) 9956 5259
(Abdulmajid T.)
Fax :
(965) 2240 2075 (ask for fax)
E-Mail absarabazar@hotmail.com
Trading Style : Apsara Bazar
Also Known As : Absara
Bazar Textile Exhibition Est.
Formerly Known as :
Century Trading / Bazar Trading
SENIOR COMPANY PERSONNEL
Name Position
1. Ahmad Hasan
Mohammed Al Sayegh General Manager
(authorised signatory)
2. Mohammed A.
Abdullah Kunhp Executive Manager
3. Abdulmajid
T. Accountant
Total Employees :
40
PAYMENTS
No complaints have
been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for MEDIUM amounts.
Opinion on maximum
credit : KD 40,000
Trade risk
assessment :
Opinion on the
credit figure of US DLRS 150,000:
The above figure is
higher than normally seen in one amount, however could prove admissible if
split into two transactions provided the total indebtedness is strictly
monitored.
PRINCIPAL BANKERS
NAME :
AL AHLI UNITED BANK (
Branch :
PO Box :
2616
Town :
Safat 13027
Telephone : (965) 2243 8156
Fax :
(965) 2240 2943
Subject also has an
account with :
Commercial Bank Of
Safat 13029
Telephone: (965)
2241 1001
Fax : (965) 2245 0150
Subject formerly
had an account with:
National Bank Of
Safat 13001
Telephone: (965)
2242 2011
Fax : (965) 2246 4156
FINANCIAL INFORMATION
Private companies
in
Sales Turnover : KD 1,750,000 - 2008 - exact
: KD 1,500,000 -
2009 – exact *
: KD 1,800,000 – 2010 - exact
Net Profit : not given but stated to be 10%-12% of
sales turnover
* Decrease in sales
turnover in 2009 was due to unfavourable market
conditions.
Financial year ends
31 December.
LEGAL STATUS AND HISTORY
Date Started : 1983
History : The
subject company was established in
C.R. No. : 17548
KCCI Membership No.
: 74736 (issue date: 8 January 2002)
(expiry date: 19
February 2014)
Capital : not
applicable
Proprietorship
owned by Alia Abdul Hameed Mohammed Al Sayegh (Mrs) (Kuwaiti national, wife of Ahmad
Hasan Mohammed Al Sayegh).
* It is understood
that Mohammed A. Abdullah Kunhp (Indian national) is the unofficial owner of
the business.
ACTIVITIES
The Subject is
involved in the following activities :
Trading as
importers and retailers of all types of textiles, dress materials and readymade
dresses.
Imports mainly from
Asia, mainly from
Subject does not
export, all sales are domestic.
FACILITIES
The Subject has the
following facilities :
Rented premises comprising
administrative offices and a retail outlet with integrated storage facilities
located at the heading address as well as 2 retail outlets located elsewhere in
Murqab Area and one retail outlet comprising 12,000 sq. ft. located in Abbasiya
Area.
SPECIAL NOTE
You enquired on :
MOHAMMED ABDULLA KUNHP. Please note that subject's correct registered name is
as per heading.
Interviewed :
Abdulmajid T. (Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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1 |
Rs.73.43 |
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Euro |
1 |
Rs.62.32 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.