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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GREEN WINGS CO WLL FOR GARMENTS, SHOES &
ACCESSORIES |
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Registered Office : |
North Salmiya Building,
Salem Al Mubarak Street, Souq Al Ghanem, P O Box 20701, Safat 13068 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.01.1979 |
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Com. Reg. No.: |
27398, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
wholesaler and retailer of readymade garments, shoes
and clothing accessories. |
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No. of Employees : |
250 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 |
Company Name : GREEN WINGS CO WLL FOR GARMENTS, SHOES &
ACCESSORIES
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 10th January 1979
Commercial Registration Number : 27398, Safat
Trade Licence Number : 2585/78
Chamber Membership Number : 7718
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
Total Workforce : 250
Activities : Wholesalers and retailers of readymade garments, shoes and clothing
accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahmoud Saeed, Administration Manager
GREEN WINGS CO WLL
FOR GARMENTS, SHOES & ACCESSORIES
Registered &
Physical Address
Building : North Salmiya Building
Street : Salem Al Mubarak Street
Area : Souq Al Ghanem
PO Box : 20701
Town : Safat 13068
Country : Kuwait
Telephone : (965) 25710189 / 25719181
Facsimile : (965) 25748395
Email : msaeed@anotah.com / greenwing@arabnet.net / info@anotah.com
Premises
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
·
Sharq
Market Showroom
premises
Tel: (965) 22452150
·
Fanar
Complex Showroom
premises
Tel: (965) 25731698
·
Al
Mohalab Centre Showroom
premises
Tel: (965) 22616541
·
Kuwait
Magic Showroom
premises
Tel: (965) 23710620
·
Al
Bayraq Mall Showroom
premises
Tel: (965) 23824165
·
The
Avenues Showroom
premises
Tel: (965) 22597022
Subject has a chain of approximately 40 showrooms in total including
showrooms located in Qatar, Saudi Arabia, Bahrain and the United Arab Emirates.
Name Nationality Position
·
Ihsan
Hassan Al Tahan Syrian Managing
Director
·
Anwar
Ihsan Hassan Al Tahan Syrian Director
·
Anas
Ihsan Hassan Al Tahan Syrian Director
·
Mahmoud
Abdullah Al Shatti Kuwaiti Director
·
Rolla
Bachlani - Sales
Manager
·
Mahmoud Saeed - Administration
Manager
·
Ahmed
Mostafa - Finance
Manager
Date of Establishment : 10th
January 1979
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 27398, Safat
Trade
Licence No. : 2585/78
Chamber Member No. : 7718
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
Name of
Shareholder (s)
·
Ihsan
Hassan Al Tahan
·
Anwar
Ihsan Hassan Al Tahan
·
Anas
Ihsan Hassan Al Tahan
·
Mahmoud
Abdullah Al Shatti
Activities: Engaged in the wholesale and retail of
readymade garments, shoes and clothing accessories.
Import
Countries: Europe and the
Far East.
Brand Names: ANOTAH
Operating Trend: Steady
Subject has a
workforce of approximately 250 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 10,700,000 KD 12,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
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 |
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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 |
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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 |
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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 |
|
<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.