MIRA INFORM REPORT

 

 

Report Date :

25.07.2012

 

IDENTIFICATION DETAILS

 

Name :

GULF MYSORE GENERAL TRADING & CONTRACTING CO WLL

 

 

Registered Office :

Souq Al Safat Area, Al Murqab Area, PO Box: 34186, Town: Al Adliya 73252

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.01.1983

 

 

Com. Reg. No.:

91139, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates several divisions like Handloom House, Mysore Textile, Indian Heritage

 

 

No. of Employees :

95

 

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

 

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 – March 31, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : GULF MYSORE GENERAL TRADING & CONTRACTING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 18th January 1983

Commercial Registration Number            : 91139, Safat

Trade Licence Number                            : 2779/2002

Chamber Membership Number                : 13006

Issued Capital                                        : KD 120,000

Paid up Capital                                      : KD 120,000

Total Workforce                                     : 95

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Jassim Kandari, Administration Manager

COMPANY NAME

 

GULF MYSORE GENERAL TRADING & CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Souq Al Safat

Area                 : Al Murqab Area

PO Box             : 34186

Town                 : Al Adliya 73252

Country             : Kuwait

Telephone         : (965) 22435807 / 22403301 / 22403302 / 22435808

Facsimile          : (965) 22427072

Mobile               : (965) 99701513

Email                : mail@mysorekwt.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Al Adliya.

 

 

Branch Office (s)

 

            Location                                                                                              Description

 

Souq Al Maseel                                                                         Rented showroom premises

Safat

Tel: (965) 24080168

 

Souq Al Fahd                                                                            Rented showroom premises

Safat

Tel: (965) 22430162

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Mohamed Hussain Al Rais                                                                      Managing Director

Abdulaziz Hussain Al Rais                                                                      Director

Anuban Jean Kumar                                                                               General Manager

Jassim Kandari                                                                                      Administration Manager

K Sajid                                                                                                  Sales Manager

Rajendran Sabstain                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th January 1983

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 91139, Safat

 

Trade Licence No.       : 2779/2002

 

Chamber Member No. : 13006

 

Issued Capital              : KD 120,000

 

Paid up Capital            : KD 120,000

 

Name of Shareholder (s)

 

Mohamed Hussain Al Rais

Abdulaziz Hussain Al Rais

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

Handloom House

 

Engaged in the import and distribution of handicraft products.

 

Mysore Textile

 

Engaged in the import and distribution of textiles.

 

Indian Heritage

 

Engaged in the import and distribution of imitation jewellery.              

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 95 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                KD 2,800,000                            KD 3,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Jassim Kandari, Administration Manager

 

 

BANKERS

 

Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 October 2005                             November 2007

Credit amount                                        150,000                         150,000

Amount overdue                                     0                                              0

Payment terms                                      60 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 US Dollars

 

 

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 company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.01

UK Pound

1

Rs.86.89

Euro

1

Rs.67.84

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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.