|
Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
Atlas Libarary NeTwork |
|
|
|
|
Registered Office : |
Al Nahar Complex,
Kutaiba Street, Al Nuqra Area, P O Box 43835, Hawalli 32053 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.03.1989 |
|
|
|
|
Com. Reg. No.: |
8135 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Distributors of
Stationery and Books |
|
|
|
|
No. of Employees : |
8 |
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 (31.03.2011) |
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 |
Company Name : ATLAS LIBRARY NETWORK
Country of Origin : Kuwait
Legal Form :
Sole Proprietorship
Registration Date : 16th
March 1989
Commercial
Registration Number : 8135
Trade Licence
Number : 996/89
Chamber Membership
Number : 11808
Invested Capital : KD 60,000
Total Workforce : 8
Activities :
Distributors of stationery and books.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ATLAS LIBRARY
NETWORK
Building : Al Nahar Complex
Street : Kutaiba Street
Area : Al Nuqra Area
PO Box : 43835
Town : Hawalli 32053
Country : Kuwait
Telephone : (965) 22661259 / 22619259
Facsimile : (965) 22619259
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Hawalli.
Name Position
·
Abdulrahman
Fahd Abdullaj Al Nuqaidan Proprietor
& General Manager
·
Mishal
Fahd Abdullaj Al Nuqaidan Assistant
General Manager
·
Loay
Mashoor Sarhan Sales
Manager
Date of Establishment :
16th March 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. :
8135
Trade Licence No. : 996/89
Chamber Member No. :
11808
Invested Capital
: KD 60,000
Mr. Abdulrahman Fahd
Abdullaj Al Nuqaidan is the sole proprietor of the business.
Activities: Engaged
in the import and distribution of stationery and books.
Import
Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce
of 8 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales KD 1,515,000 KD 1,570,000
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
Hawalli
Tel: (965) 22645964
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.97 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.