MIRA INFORM REPORT

Report Date :

31.03.2011

IDENTIFICATION DETAILS

Name :	RIVERA CENTER FOR TEXTILE

Registered Office :	Commercial Area No. 9, Block No. 1, Shop No. 11 P.O.Box No.: 22376 Safat 13034

Country :	Kuwait

Date of Incorporation :	06.10.1999

Com. Reg. No.:	78174

Legal Form :	Proprietorship owned by Hanan Abdullah Sherif (Mrs) (Kuwaiti national).

Line of Business :	Trading as importers, wholesalers and retailers of ladies garments.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	KD 3,000
Status :	Small Company
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Kuwait

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company NAME

Rivera Center for Textile (Correct)

Revera Textile Center (Requested)

ADDRESS

Area : Commercial Area No. 9, Block No. 1, Shop No. 11

P.O.Box No.: 22376

Town : Safat 13034

Country : Kuwait

Telephone : (965) 2245 1982 / Mobile (965) 9797 5059

Fax : (965) 2245 1982

E-Mail : algaeza@hotmail.com

SENIOR COMPANY PERSONNEL

Name Position

1. Asadullah Mohammed Zaman Bour General Manager

2. Farouq Mohammed Zaman Bour Deputy General Manager

(brther of the above)

Total Employees : 6

PAYMENTS

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

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

Opinion on maximum credit : KD 3,000

Trade risk assessment: Normal

PRINCIPAL BANKERS

NAME : KUWAIT FINANCE HOUSE (KFH)

Branch : Main branch

P.O. Box : 24989

Town : Safat 13110

Telephone: (965) 2244 5050

Fax : (965) 2245 5136

The company also has an account with :

Ahli United Bank (fmly BKME KSC)

Darwazat Abdul Razak

PO 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 75,000 - 2010 - exact

: KD 80,000 - 2011 - projected

Net Profit : not given but stated to be profitable

Financial year ends 31 December.

LEGAL STATUS AND HISTORY

Date Started : 6 October 1999

C.R. No. : 78174

KCCI Membership No.: 60267 (expiry date : 18/06/2011)

Capital : not applicable

Proprietorship owned by Hanan Abdullah Sherif (Mrs) (Kuwaiti national).

ACTIVITIES

The Company is involved in the following activities :

Trading as importers, wholesalers and retailers of ladies garments.

Imports from Asia, mainly from China, Japan, South Korea, Indonesia and India.

Subject only sells locally and does not engage in re-export business.

FACILITIES

The Company has the following facilities :

Rented premises comprising administrative offices, a retail outlet and storage facilities located at the heading address.

SPECIAL NOTE

You enquired on: Revera Textile Center. Please note that subject's correct name is as per heading.

The Area name given by you: Commercial Area No. 1 is incorrect. Please note that subject’s correct administrative office address is as per heading.

Interviewed: Asadullah Mohammed Zaman Bour (General Manager).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.77
UK Pound	1	Rs.71.69
Euro	1	Rs.63.02

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.