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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AL TAREEF TEXTILE CO WLL |
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Registered Office : |
Souq Al Safat, Commercial Area No. 9 PO Box 21123 & 1717 Safat
13072 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.02.1969 |
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Com. Reg. No.: |
29352, Amman |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of textiles for jackets, trousers and shirts for men |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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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 |
|
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 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 TAREEF TEXTILE CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 16th February 1969
Commercial Registration Number : 29352, Amman
Chamber Membership Number : 2627
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 15
Activities : Distributors of textiles for jackets, trousers and shirts for men
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL TAREEF TEXTILE CO WLL
Location : Souq Al
Safat, Commercial Area No. 9
PO Box : 21123 &
1717
Town : Safat 13072
Country : Kuwait
Telephone : (965) 22454500
/ 22424838 / 22434526
Facsimile : (965) 22454500
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
· Commercial Area
No. 9 Showroom
premises
Safat
Tel: (965)
224283830
Name Position
· Anton Faraj Barah Managing
Director
· Abdulrahman
Mohamed Ibrahim Al Jara Director
· Hani Nassan Sales
Manager
Date of
Establishment : 16th
February 1969
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 29352, Safat
Chamber Member No. : 2627
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
· Anton Faraj Barah
· Abdulrahman
Mohamed Ibrahim Al Jara
Activities: Engaged in the import and distribution of textiles for jackets, trousers
and shirts for men.
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
2,110,000 KD
2,200,000
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
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
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 |
|
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.