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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AL KHAMSAN AND BHASIN GENERAL TRADING CO WLL |
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Registered Office : |
Al Nasf Complex Souq Al Hareem, Al Qibla Area PO Box 37 Jahra 01002 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.09.1994 |
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Com. Reg. No.: |
323445 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of readymade garments |
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No. of Employees : |
10 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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.
Source
: CIA
Company Name : AL KHAMSAN AND BHASIN GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 20th September 1994
Commercial Registration Number : 323445
Trade Licence Number : 5454/2007
Chamber Membership Number : 43419
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 10
Activities : Wholesalers and retailers of readymade garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL KHAMSAN AND BHASIN GENERAL TRADING CO WLL
Building : Al Nasf
Complex
Area : Souq Al
Hareem, Al Qibla Area
PO Box : 37
Town : Jahra 01002
Country : Kuwait
Telephone : (965) 22457165
Facsimile : (965) 22457165
Mobile : (965)
55036352 / 99085404
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Jahra.
Name Position
· Sodheer Bhasin Managing
Director
· Khamees Lafi
Khamsan Al Anzi Director
· Sanjay Bhasin Sales
Manager
Date of
Establishment : 20th
September 1994
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 323445
Trade Licence No. : 5454/2007
Chamber Member No. : 43419
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
· Sodheer Bhasin
· Khamees Lafi
Khamsan Al Anzi
Activities: Engaged in the wholesale and retail of ladies and children’s readymade
garments.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 10 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 850,000 KD 930,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Kuwait SAK
Jahra
Tel:
(965) 24771777
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.63.46 |
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|
1 |
Rs.99.42 |
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Euro |
1 |
Rs.85.12 |
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 |
|
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 |
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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.