MIRA INFORM REPORT

 

 

Report Date :

29.03.2013

 

IDENTIFICATION DETAILS

 

Name :

THE NATIONAL LEATHER FACTORY CO WLL

 

 

Registered Office :

Plot No. 104B, 105B, 106B, Shuaiba Industrial Area (West), PO Box 223, Ardiya 92553

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.03.2002

 

 

Com. Reg. No.:

326736

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Tanning and processing of leather

 

 

No. of Employees :

45

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

With Financials

 

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

(31.03.2012)

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

 

SUMMARY

 

Company Name                                    : THE NATIONAL LEATHER FACTORY CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 11th March 2002

Commercial Registration Number           : 326736

Trade Licence Number                           : 11108

Chamber Membership Number               : 76097

Issued Capital                                       : KD 50,000

Paid up Capital                                     : KD 50,000

Total Workforce                                     : 45

Activities                                               : Tanning and processing of leather

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

THE NATIONAL LEATHER FACTORY CO WLL

 

ADDRESS

 

Registered & Physical Address

 

Building            : Plot No. 104B, 105B, 106B

Area                 : Shuaiba Industrial Area (West)

PO Box            : 223

Town                : Ardiya 92553

Country             : Kuwait

 

Telephone         : (965) 24835607 / 24839587

Facsimile          : (965) 24835702

Mobile              : (965) 99746564 / 99035045

Email                : al_hezam@yahoo.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Ardiya.

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hazem Awad Faheed Al Mutairi                                                         Managing Director

 

·       Faheed Awad Faheed Al Mutairi                                                        Director

 

·       Salfa Saif Shoukan Al Mutairi                                                            Director

 

·       Yosri Abdul Hameed Mohamed                                                         Financial Controller

 

·       Asaad Saleh Al Nazaa                                                                       Export and Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th March 2002

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 326736

 

Trade Licence No.        : 11108

 

Chamber Member No.  : 76097

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Hazem Awad Faheed Al Mutairi                                                        

 

·       Faheed Awad Faheed Al Mutairi                                                       

 

·       Salfa Saif Shoukan Al Mutairi

 

 

OPERATIONS

 

Activities: Engaged in the tanning and processing of leather.

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

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 2,610,000                            KD 2,800,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ardiya

Tel: (965) 24883925

Fax: (965) 24883927

    

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.38

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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%)

 

 

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