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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL |
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Registered Office : |
Souq Al Fahd, Al Mubarakiya, PO Box 567, Souk Dakhly 15256, 22318, Safat 13084 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.04.1994 |
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Com. Reg. No.: |
55945 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Wholesale and retail of ready made garments, footwear and fashion
accessories |
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No. of Employees : |
13 |
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 (31.03.2012) |
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 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.
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Source : CIA |
Company Name :
AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
11th April 1994
Commercial Registration Number :
55945
Trade Licence Number :
247/94
Chamber Membership Number :
41326
Issued Capital :
KD 50,000
Paid up Capital :
KD 50,000
Total Workforce :
13
Activities :
Wholesale and retail of ready made garments, footwear and fashion
accessories
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Anas Mohamed Shafik Abdulkarim Darawsha, General
Manager
AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL
Location : Souq Al Fahd, Al Mubarakiya
PO Box : 567, Souk
Dakhly 15256
22318, Safat 13084
Town : Safat 13084
Country : Kuwait
Telephone : (965) 22429901
Facsimile : (965) 22406679
Mobile : (965) 66132329
Email : muntakhabreadymadegarment@hotmail.com
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)
Subject operates 3 showrooms located in Aswaq Al Watania, Safat.
Name Nationality Position
· Mohamed
Shafik Abdul Karim Darawsha Syrian Managing
Director
· Anwar Mohamed Husain Saleh Kuwaiti Director
· Anas
Mohamed Shafik Abdul Karim Darawsha Syrian General
Manager
· Duraij
Mohamed Mohamed Shafik Syrian Sales
Manager
Date of
Establishment : 11th
April 1994
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 55945
Trade Licence No. : 247/94
Chamber Member No. : 41326
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
· Anwar Mohamed Husain Saleh 51%
· Mohamed
Shafik Abdul Karim Darawsha 49%
Activities: Engaged in the wholesale and retail of ready made garments, footwear
and fashion accessories.
Import Countries: Europe and the Far East.
Brand Names: MRG
Operating Trend: Steady
Subject has a workforce of 13 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
2,620,000 KD
3,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Anas
Mohamed Shafik Abdul Karim Darawsha, General Manager
·
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.53.95 |
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UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.