MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	AL ROUDAN STAR GENERAL TRADING CO WLL

Registered Office :	Al Zammami Complex, Office No. 7, Al Othman Street, Hawalli

Country :	Kuwait

Financials (as on) :	31.12.2012

Date of Incorporation :	11.03.2007

Com. Reg. No.:	119294

Legal Form :	With Limited Liability

Line of Business :	wholesaler and retailer of readymade garments, specialising in ladies and children’s nightwear and pyjamas

No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Kuwait

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 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.

Source : CIA

SUMMARY

Company Name : AL ROUDAN STAR GENERAL TRADING CO WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 11^th March 2007

Commercial Registration Number : 119294

Trade Licence Number : 900/2007

Chamber Membership Number : 107175

Issued Capital : KD 250,000

Paid up Capital : KD 250,000

Total Workforce : 15

Activities : Wholesale and retail of readymade garments.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Person Interviewed : Basheer Majali Mubarak, Managing Director

COMPANY NAME

AL ROUDAN STAR GENERAL TRADING CO WLL

Company ADDRESS

Registered & Physical Address

Building : Al Zammami Complex, Office No. 7

Street : Al Othman Street

Town : Hawalli

Country : Kuwait

Telephone : (965) 25651052 / 22646390

Facsimile : (965) 25651052

Mobile : (965) 99781210

Email : alroudanstar@hotmail.com

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Hawalli.

Branch Offices

Location Description

· Shop No. 19, Al Fahd Commercial Complex Showroom premises

Souq Al Fahd

Al Mubarakiya

Safat

Tel: (965) 22456190

· Al Adasani Complex Showroom premises

Hawalli

KEY PRINCIPALS

Name Nationality Position

· Basheer Majali Mubarak Syrian Managing Director

· Tariq Naser Al Roudan Kuwaiti Director

· Abdullah Abu Zaalan - Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 11^th March 2007

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 119294

Trade Licence No. : 900/2007

Chamber Member No. : 107175

Issued Capital : KD 250,000

Paid up Capital : KD 250,000

Name of Shareholder (s)

· Basheer Majali Mubarak

· Tariq Naser Al Roudan

OPERATIONS

Activities: Engaged in the wholesale and retail of readymade garments, specialising in ladies and children’s

nightwear and pyjamas.

Subject are sole agents for Chola Impex, who are manufacturers of garments and are based in Tripur,

India.

Import Countries: India

Brand Names: BM & MUSH MUSH

Subject has a workforce of 15 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 1,450,000 KD 1,600,000

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

The above figures were provided by Mr Basheer Majali Mubarak, Managing Director.

BANKERS

· National Bank of Kuwait SAK

Hawalli

Tel: (965) 22653303 / 22645964

Fax: (965) 22611366

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Al Roudan Star General Trading Co WLL is a relatively new business with operations commencing in March 2007. It is engaged in the wholesale and retail of readymade garments.

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is deemed admissible.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.16
UK Pound	1	Rs.97.77
Euro	1	Rs.82.78

INFORMATION DETAILS

Report Prepared by :

MNL

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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