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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AL YASRA FASHION CO WLL |
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Registered Office : |
South Sabhan, Block No. 11, Plot No. 1218 PO Box 3228 Safat 13033 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.01.1999 |
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Com. Reg. No.: |
75935 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of fashion items and accessories |
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No. of Employees : |
35 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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 : AL YASRA FASHION CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 27th January 1999
Commercial Registration Number : 75935
Trade Licence Number : 81/91
Chamber Membership Number : 57909
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
Total Workforce : 35
Activities : Wholesalers and retailers of fashion items and accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abi Shaik, Financial Controller
AL YASRA FASHION CO WLL
Location : South Sabhan,
Block No. 11, Plot No. 1218
PO Box : 3228
Town : Safat 13033
Country : Kuwait
Telephone : (965) 22411132
/ 24827200 / 22411131 / 22249300 / 22249104
/ 22249100
Facsimile : (965) 22411131
/ 24823100 / 22433270 / 22249301
Email : alyasra@qualitynet.net
/ alyasra@alyasra.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Suburban Business Area of Safat.
Branch Offices
Location Description
· Marina Mall Showroom
premises
· Avenues Mall Showroom
premises
· 360 Mall Showroom
premises
· Grand Avenue Mall Showroom
premises
Name Position
· Ahmed Yousef Ahmed
Al Saqer Managing
Director
· Mohamed Yousef
Ahmed Al Saqer Director
· Yousuf Ahmed
Abdullah Al Saqer Director
· Adel Khalil Ghaith Al Yousef Commercial Manager
· Ibrahim Ali Ibrahim Al Tariri Administration
Manager
· Abi Shaik Financial
Controller
Date of
Establishment : 27th
January 1999
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 75935
Trade Licence No. : 81/91
Chamber Member No. : 57909
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
· Ahmed Yousef Ahmed
Al Saqer
· Mohamed Yousef
Ahmed Al Saqer
· Yousuf Ahmed
Abdullah Al Saqer
· Al Yasra Foodstuff
Company
Al Saqer
Building
Shuwaikh
PO Box:
3228
Safat
13033
Tel:
(965) 24835149 / 24835146
Fax:
(965) 24835140
· Gulf Al Sawani
General Trading & Contracting Co WLL
Salhiya
Real Estate Building, Office No. 91
Salhiya
PO Box:
3228
Safat
13033
Tel:
(965) 22411131
Fax:
(965) 22429482
Activities: Engaged in the wholesale and retail of fashion items and accessories,
including clothing, footwear,
jewellery, handbags and cosmetics.
Import Countries: Germany, Spain and Denmark.
International Suppliers:
· Anja Gockel GmbH Germany
· ECCO Denmark
Operating Trend: Steady
Subject has a workforce of 35 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
2,750,000 KD
3,200,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Abi Shaik, Financial Controller
·
National Bank of Kuwait
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.
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.54.05 |
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|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
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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 |
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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.