MIRA INFORM REPORT

 

 

Report Date :

13.04.2013

 

IDENTIFICATION DETAILS

 

Name :

AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL

 

 

Registered Office :

Souq Al Fahd, Al Mubarakiya, PO Box 567, Souk Dakhly 15256, 22318, Safat 13084, Safat 13084

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.04.1994

 

 

Com. Reg. No.:

55945

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Wholesale and retail of readymade garments, footwear and fashion  accessories

 

 

No. of Employees :

13

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

SUMMARY

 

Company Name                                     : AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 11th April 1994

Commercial Registration Number            : 55945

Trade Licence Number                            : 247/94

Chamber Membership Number                : 41326

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 13

Activities                                               : Wholesale and retail of ready made garments, footwear and fashion

                                                              accessories

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Anas Mohamed Shafik Abdulkarim Darawsha, General Manager

 

 

 

COMPANY NAME

 

AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Souq Al Fahd, Al Mubarakiya

PO Box             : 567, Souk Dakhly 15256

                          22318, Safat 13084

Town                 : Safat 13084

Country             : Kuwait

 

Telephone         : (965) 22429901

Facsimile          : (965) 22406679

Mobile               : (965) 66132329

Email                : muntakhabreadymadegarment@hotmail.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.

 

Branch Office (s)

 

Subject operates 3 showrooms located in Aswaq Al Watania, Safat.

 

 

KEY PRINCIPALS

 

            Name                                                               Nationality                   Position

 

Mohamed Shafik Abdul Karim Darawsha                Syrian                         Managing Director

 

Anwar Mohamed Husain Saleh                                        Kuwaiti                          Director

 

Anas Mohamed Shafik Abdul Karim Darawsha                 Syrian                           General Manager

 

Duraij Mohamed Mohamed Shafik                                     Syrian                         Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th April 1994

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 55945

 

Trade Licence No.       : 247/94

 

Chamber Member No. : 41326

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)                                              Percentage

 

Anwar Mohamed Husain Saleh                                                    51%

 

Mohamed Shafik Abdul Karim Darawsha                          49%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of ready made garments, footwear and fashion accessories.

 

Import Countries: Europe and the Far East.

 

Brand Names: MRG

 

Operating Trend: Steady

 

Subject has a workforce of 13 employees.

 

 

FINANCIAL DATA

 

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 2,620,000                            KD 3,000,000

 

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

 

The above figures were provided by Mr Anas Mohamed Shafik Abdul Karim Darawsha, General Manager

 

 

BANKERS

 

National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

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                                 August 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               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.54.44

UK Pound

1

Rs.83.77

Euro

1

Rs.71.33

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.