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Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
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Name : |
TAJ AL MADENA JEWELLERY BRANCH OF UNITED TRADERS GENERAL TRADING &
CONTRACTING CO WLL |
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Registered Office : |
Al Kuwait Building, 15th Floor Fahd Al Salem Street Safat |
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Country : |
Kuwait |
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Date of Incorporation : |
14.03.2012 |
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Com. Reg. No.: |
12808 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Import and distribution of jewellery and
precious stones. Subject also manufactures custom jewellery. |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : TAJ AL MADENA JEWELLERY BRANCH OF
UNITED TRADERS
GENERAL TRADING & CONTRACTING CO WLL
Also Known As :
TAJ AL MADENA JEWELLERY
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
14th March 2012
Commercial Registration Number :
12808
Trade Licence Number : 5394/2005
Chamber Membership Number :
131853
Issued Capital :
KD 50,000
Paid up Capital :
KD 50,000
Total Workforce :
18
Activities :
Distributors of jewellery and precious stones.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Obaid Saadi Obaid Al Mutairi, Director
TAJ AL MADENA JEWELLERY BRANCH OF UNITED TRADERS GENERAL TRADING &
CONTRACTING CO WLL
TAJ AL MADENA JEWELLERY
Building : Al Kuwait Building, 15th Floor
Street :
Fahd Al Salem Street
Town : Safat
Country : Kuwait
Telephone : (965) 22217276
/ 22217277 / 22217278
Facsimile : (965) 22217279
Mobile : (965)
99741797 / 60989891 / 99872999
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Safat.
Branch Offices
Location Description
· Kuwait Real Estate
Building, Ground Floor, Suite No. 54 Showroom
premises
Mubarakiya
Safat
Tel: (965)
22444996 / 66415154
Fax: (965)
22444996
· Eid Al Nassar Complex, Ground Floor, Shop No. 44 Showroom premises
Mubarakiya
Safat
Tel: (965)
22444996 / 66415154
Fax: (965)
22444996
Name Nationality Position
· Atif Muneer Pakistani Managing
Director
· Obaid Saadi Obaid Al Mutairi Kuwaiti Director
· Hessa Khalf Abdullah Kuwaiti Director
· Thaqib Muneer - Assistant
General Manager
Date of
Establishment : 14th
March 2012
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 12808
Trade Licence No. : 5394/2005
Chamber Member No. : 131853
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
· Atif Muneer
· United Trader
General Trading & Contracting
Safat
Activities: Engaged in the import and distribution of jewellery
and precious stones. Subject also manufactures custom jewellery.
Import Countries: Europe and the Far East.
Subject has a workforce of 18 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber
Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council
in its statistical data has shown the export of polished diamonds to have
increase by 28 % in February 2013. Compared to $ 1.4 bn
worth of polished diamond export in February, 2012, India exported $ 1.84
billion worth of polished diamonds in February 2013. A senior executive of
GJEPC said, “Export of cut and polished diamonds started falling month-wise
after the imposition of 2 % of import duty on the polished diamonds. But
February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped completely.”
Demand has started coming from the US, the UK, Japan and China. India’s
polished diamond export is expected to cross $ 21 bn
in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel
III accord – a global voluntary regulatory standard on bank capital adequacy,
stress testing and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.