.
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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Souq Al Kazemi Building, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.03.1994 |
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Com. Reg. No.: |
17183 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesaler and retailer of readymade garments and textiles |
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No of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
Company Name :
AL KURANYSH GENERAL TRADING AND CONTRACTING EST
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
20th March 1994
Commercial Registration Number :
17183
Trade Licence Number :
2430/86
Chamber Membership Number :
40875
Invested Capital :
KD 30,000
Total Workforce :
6
Activities :
Wholesalers and retailers of readymade garments and textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL KURANYSH GENERAL
TRADING AND CONTRACTING EST
Building : Souq Al Kazemi Building, 2nd
Floor
Street : Abdullah Al Salem Street
Area : Mubarkeya
PO Box : 12292 & 20415
Town : Safat 13065
Country : Kuwait
Telephone : (965) 22428656
Facsimile : (965) 22428656
Mobile : (965) 99021135 / 99790352
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
Name Position
·
Taha Mohamed Khalf Malullah Proprietor &
General Manager
·
Akbar Ali Ramso Sales
Manager
Date of
Establishment : 20th
March 1994
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 17183
Trade Licence No. : 2430/86
Chamber Member No. : 40875
Invested Capital : KD 30,000
Mr Taha Mohamed Khalf Malullah is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 6 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 Revenue
KD 635,000
KD 710,000
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 SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965)
23985643
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.98 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.