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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF MYSORE GENERAL TRADING & CONTRACTING
CO WLL |
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Registered Office : |
Souq Al Safat, Al
Murqab Area, P O Box 34186, Al Adliya 73252 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.01.1983 |
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Com. Reg. No.: |
91139, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s
operations are performed through the following divisions :- · Handloom House Mysore
Textile Indian
Heritage |
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No. of Employees : |
95 |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 102 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 and 2012 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 historically 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 : 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
GULF MYSORE GENERAL
TRADING & CONTRACTING CO WLL
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 medium sized 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
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
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
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
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 3,000,000 KD 3,350,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Jassim Kandari, Administration Manager
·
Kuwait
Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints
regarding subject’s payments have been reported.
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
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.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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 |
|
<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.