MIRA INFORM
REPORT
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Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KHALID FARAG TEXTILE EST |
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Registered Office : |
Souq Al Safa,
Shop No. 8, Al Qibla Area, P O Box 22321, Safat 13084 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
109027 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of textiles and ready made garments |
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$ 100,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Kuwait |
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 |
Bottom of Form
SUMMARY
Company Name : KHALID FARAG TEXTILE EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 19th July 2005
Commercial Registration Number : 109027
Trade Licence Number : 2698/2005
Chamber Membership Number : 601665
Invested Capital : KD 50,000
Total Workforce : 8
Activities : Wholesalers and retailers of textiles and ready made garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
Person Interviewed : Mansour Arsalan Shareef Bour, Commercial Manager
COMPANY NAME
KHALID FARAG TEXTILE EST
company ADDRESS
Registered & Physical Address
Location : Souq Al Safa, Shop No. 8
Area : Al Qibla Area
PO Box : 22321
Town : Safat 13084
Country : Kuwait
Telephone : (965) 22449908
Facsimile : (965) 22449908
Mobile : (965) 99340385 / 55442102
Email : khalidfarag.est56@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 Position
·
Khalid
Farag Abdul Karim Abdullah Proprietor
& General Manager
·
Ali
Arsalan Shareef Bour Assistant
General Manager
·
Mansour
Arsalan Shareef Bour Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
July 2005
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 109027
Trade Licence No. :
2698/2005
Chamber Member No. : 601665
Invested Capital
: KD 50,000
Mr Khalid Farag Abdul Karim Abdullah is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles and ready made garments.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 8 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales KD 900,000 KD 1,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.21 |
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UK Pound |
1 |
Rs.74.31 |
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Euro |
1 |
Rs.64.40 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.