MIRA INFORM REPORT

 

 

Report Date :

28.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AZYA AL MUDHAIFA READYMADE GARMENTS

 

 

Registered Office :

Al Nugra North Complex Beirut Street PO Box     24078 Safat 13101

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.03.2006

 

 

Com. Reg. No.:

22097

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the wholesale and retail of readymade garments and fashion products

 

 

No. of Employees

06

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

KUWAIT ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                         : AZYA AL MUDHAIFA READYMADE GARMENTS

Also Known As                                      : MOHAMED AYMAN SALAH AL HAMWI

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 11th March 2006

Commercial Registration Number            : 22097

Trade Licence Number                            : 1781/82

Chamber Membership Number    : 100197

Invested Capital                         : KD 100,000

Total Workforce                         : 6

Activities                                               : Wholesale and retail of readymade garments and fashion products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Shahid Mohamed, Sales Manager

 

COMPANY NAME

 

AZYA AL MUDHAIFA READYMADE GARMENTS

 

 

ALSO KNOWN AS

 

MOHAMED AYMAN SALAH AL HAMWI

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Al Nugra North Complex

Street               : Beirut Street

PO Box             : 24078

Town                 : Safat 13101

Country : Kuwait

 

Telephone         : (965) 22623982 / 22661754 / 22640895

Facsimile          : (965) 22623982

Mobile               : (965) 97806060

 

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

 

·       South Nugra                                                                         Rented showroom premises

Safat

     Tel: (965) 22631250

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Mohamed Ayman Salah Al Hamwi                     Syrian                        Proprietor & General Manager

 

·       Shahid Mohamed                                                 -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th March 2006

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 22097

 

Trade Licence No.       : 1781/82

 

Chamber Member No. : 100197

 

Invested Capital           : KD 100,000

 

Mr Mohamed Ayman Salah Al Hamwi is the sole proprietor of the business. Mr Mohamed Ayman Salah Al Hamwi is a Syrian national who operates in Kuwait under the local sponsorship of Mr Abdul Nabi Ismail Al Jazaf.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments and fashion products.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

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 915,000                               KD 975,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2012

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Azya Al Mudhaifa Readymade Garments has made good progress in the local market and specialises in the wholesale and retail of readymade garments and fashion products.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the business is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.