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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BAIT AWLADONA CO WLL |
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Registered Office : |
Souk Al |
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Country : |
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Date of Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
30547 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of readymade garments, footwear and perfumes |
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No. of Employees : |
350 |
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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
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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.
Source : CIA
Company Name : BAIT AWLADONA CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 21st June 1988
Commercial Registration Number : 30547
Chamber Membership Number : 10175
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Total Workforce : 350
Activities : Wholesalers and retailers of readymade garments, footwear and perfumes
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
BAIT AWLADONA CO WLL
Building : Souk Al
Mouthahida Complex Building, 4th Floor
Street : Fahad Al
Salem Street
PO Box : 4241
Town : Safat 13043
Country : Kuwait
Telephone : (965) 22465347
/ 22457609 / 22465348
Facsimile : (965) 22457608
Email : management@baitawlandona.com
/ rgindi@qualitynet.net
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Safat.
Branch Office (s)
Subject has branch showrooms located in Al Mubarakiya, Salmiya, Al Jahara, Al Souq Al Kabeer and Al Farwaniya.
Name Position
· Radi Beshai Jundi Sulaiman Managing
Director
· Diya Mohamed Yousef Al Nasserallah Director
· Mayouf Ahmed Abdullah Al Farsi General
Manager
· Mohamed A Al Mejren Sales
Manager
Date of
Establishment : 21st
June 1988
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 30547
Chamber Member No. : 10175
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
· Radi Beshai Jundi Sulaiman
· Diya Mohamed Yousef Al Nasserallah
Activities: Engaged in the wholesale and retail of readymade garments, footwear and
perfumes.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 350 employees.
Companies registered in Kuwait are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 22411102
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.63 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.