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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ODYSEE FURNITURE & UPHOLSTERY |
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Registered Office : |
Galaria Complex, Shop No. 10, Gate No. 5, South Fawaniya, Al Dajeej,
PO Box : 22965, Safat 13090 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.10.2003 |
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Com. Reg. No.: |
96737 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of
upholstery, furniture fabrics, curtains and soft furnishing materials. |
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No. of Employees : |
12 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Kuwait |
A2 |
A2 |
|
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 6% 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. Stagnant global oil prices throughout 2013 has slowed economic
growth. Budget surpluses have stayed around 30% of GDP, 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 :
ODYSEE FURNITURE & UPHOLSTERY
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
15th October 2003
Commercial Registration Number :
96737
Trade Licence Number :
3787/2003
Chamber Membership Number :
84793
Invested Capital :
KD 50,000
Total Workforce :
12
Activities :
Distributors of upholstery, furniture fabrics, curtains and soft furnishing
materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ODYSEE FURNITURE
& UPHOLSTERY
Registered &
Physical Address
Building : Galaria
Complex, Shop No. 10
Area : Gate No. 5,
South Fawaniya, Al Dajeej
PO Box :
22965
Town : Safat 13090
Country : Kuwait
Telephone : (965) 24311544
/ 24338762 / 24338761
Facsimile : (965) 24311533
Email : hassankakooli@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 Safat.
Name Position
Hassan Issa Abdullah Kalooli Proprietor
& General Manager
Wael Samir Showroom
Manager
Hanana Samir Sales
Manager
Date of Establishment : 15th October 2003
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 96737
Trade Licence No. : 3787/2003
Chamber Member No. : 84793
Invested Capital : KD 50,000
Mr Hassan Issa Abdullah Kalooli is the sole proprietor of the business.
Activities: Engaged in the import and
distribution of upholstery, furniture fabrics, curtains and soft furnishing
materials.
Import Countries: Turkey
and France
International Suppliers:
Odyesee France
Sakada Turkey
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinar (KD)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales KD
1,200,000 KD
1,360,000
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.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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.