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Report Date : |
27.08.2013 |
IDENTIFICATION DETAILS
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Name : |
RIVER FOR FURNITURE CO WLL |
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Registered Office : |
Main Road, Al Rai
Area, P O Box 42110, Shuwaikh 70652 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.07.2000 |
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Com. Reg. No.: |
81543 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
importer and distributor of furniture and bedding. |
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No. of Employees : |
15 |
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 : RIVER FOR FURNITURE CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 24th July 2000
Commercial Registration Number : 81543
Chamber Membership Number : 64417
Issued Capital : KD 15,000
Paid up Capital : KD 15,000
Total Workforce : 15
Activities : Distributors of furniture and bedding
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
RIVER FOR FURNITURE
CO WLL
Registered &
Physical Address
Street : Main Road
Area : Al Rai Area
PO Box : 42110
Town : Shuwaikh 70652
Country : Kuwait
Telephone : (965) 24714646 / 24823055
/ 24823050 / 24832909
Facsimile : (965) 24724646
Mobile : (965) 99427818 / 9988284
Email : projects_ku@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 Shuwaikh.
Name Position
·
Fadi
Antonis Al Samrani Managing
Director
·
Paul Antonis
Al Samrani Director
·
Mrs
Awatif Abdulrahman Al Duaij Director
·
Milad
Antonis Al Samrani Commercial
Manager
Date of Establishment : 24th
July 2000
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 81543
Chamber Member No. : 64417
Issued Capital : KD 15,000
Paid up Capital : KD 15,000
Name of
Shareholder (s)
·
Fadi
Antonis Al Samrani
·
Paul Antonis
Al Samrani
·
Mrs
Awatif Abdulrahman Al Duaij
Activities: Engaged in the import and distribution of
furniture and bedding.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 15 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 1,900,000 KD 2,000,000
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
Shuwaikh
Tel: (965) 24814643
Fax: (965) 24837952
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources
report that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.23 |
|
UK Pound |
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.85.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.