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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FAKHRA AL KUWAIT GENERAL TRADING CO WLL |
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Registered Office : |
Building No. 20, Souq Al Fahd, Al
Mubarakiya, Shop No. 17 & |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.04.1988 |
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Com. Reg. No.: |
1131 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesale and retail of readymade garments, cloth, shoes and leather accessories |
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No. of Employees : |
85 |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Kuwait - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
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Source : CIA |
Company Name : FAKHRA AL KUWAIT GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 18th April 1988
Commercial Registration Number : 1131
Trade Licence Number : 152/88
Chamber Membership Number : 19079
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 85
Activities :
Wholesale and retail of readymade
garments, cloth, shoes and leather
accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Akbar Ali Ramo Wala, Director
FAKHRA AL KUWAIT GENERAL TRADING CO WLL
Location : Building No. 20, Souq Al Fahd, Al Mubarakiya, Shop No. 17 & 23
PO Box : 20415
Town : Safat 13065
Country : Kuwait
Telephone : (965) 22428597 / 22420955
Facsimile : (965) 22405913
Email : taherabd@vip-centre.com
Subject operates from a medium sized suite of offices and a showroom that
are rented and located in the Central Business Area of Safat.
Branch Offices
Location Description
· Beirut Street Showroom
premises
Hawalli
Tel: (965) 22627100
· Farwaniya Showroom
premises
Tel: (965) 24757252
Name Nationality Position
· Taha Mohamed Khalf Malallah Kuwaiti Managing
Director
· Akbar Ali Ramo Wala Indian Director
· Khalid Taha Mohamed Khalf Malallah Kuwaiti General
Manager
· Murtada Akbar Ali Ramo Wala Indian Assistant
General
Manager
· Abbas Ali - Sales
Manager
· Shafiq Ahmed - Finance
Manager
Date of
Establishment : 18th
April 1988
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 1131
Trade Licence No. : 152/88
Chamber Member No. : 19079
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
· Taha Mohamed Khalf Malallah
· Akbar Ali Ramo Wala
· Sun & Moon General Trading Co
Safat
Activities: Engaged in the wholesale and retail of readymade
garments, cloth, shoes and leather accessories.
Import Countries: India
Brand Names: TAHER ABD
Operating Trend: Steady
Subject has a workforce of 85 employees.
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
3,950,000 KD
4,400,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Akbar Ali Ramo
Wala, Director
·
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965)
22410818
Fax: (965)
22410819
No complaints regarding subject’s payments have been reported.
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.54.99 |
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|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
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 |
-- |
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.