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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BHASIN CO WLL |
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Registered Office : |
Block No. 12, Building No. 1122, Road No. 21 Al Sharq Area |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.02.1981 |
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Com. Reg. No.: |
232, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of uniforms |
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No. of Employees : |
35 |
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.
Source
: CIA
Company Name : BHASIN CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 4th February 1981
Commercial Registration Number : 232, Safat
Trade Licence Number : 4782/80
Chamber Membership Number : 10068
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 35
Activities : Distributors of uniforms.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashok Kumar, Sales Manager
BHASIN CO WLL
Location : Block No. 12,
Building No. 1122, Road No. 21
Area : Al Sharq Area
PO Box : 93
Town : Safat 13001
Country : Kuwait
Telephone : (965) 22433552
/ 22435301
Facsimile : (965) 22407940
Email : bhasin@qualitynet.net
/ bhasin@bhasinuniforms.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Safat.
Branch Offices
Location Description
· Farwaniya Office
premises
Tel: (965)
24314839
Name Nationality Position
· Hemant Kumar
Bhasin Indian Managing
Director
· Shavi Bhasin Indian Director
· Farag Mubarak Al
Ajeel Kuwaiti Director
· Prithu Bhasin - General
Manager
· Satish Kumar - Finance
Manager
· Ashok Kumar - Sales
Manager
Date of
Establishment : 4th
February 1981
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 232, Safat
Trade Licence No. : 4782/80
Chamber Member No. : 10068
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
· Hemant Kumar
Bhasin
· Shavi Bhasin
· Farag Mubarak Al
Ajeel
Activities: Engaged in the import and distribution of a wide range of uniforms,
including police, army, medical, school and catering uniforms, sportswear
outfits and accessories and tailoring materials.
Import Countries: Europe and the Far East.
Brand Names: UNIX, CA, DDM and FABER
Operating Trend: Steady
Subject has a workforce of 35 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales KD
4,815,000 KD
5,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ashok Kumar, Sales Manager
·
Commercial Bank of Kuwait SAK
Mubarak Al Kabir
Street
PO Box: 2861
Safat 13029
Tel: (965)
22411001
Fax: (965) 22450150
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
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.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.