MIRA INFORM REPORT

 

 

Report Date :

04.03.2014

 

IDENTIFICATION DETAILS

 

Name :

BLUE SEA TEXTILE EXHIBITION

 

 

Registered Office :

Shop No. 148m, Souq Al Wataniya, Murgab Area, P O Box 29135, Safat 13052

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

25.09.2000

 

 

Com. Reg. No.:

38052

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

wholesaler and retailer of textiles.

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

 

 

 

 

SUMMARY

 

Concern Name                                      : BLUE SEA TEXTILE EXHIBITION

Country of Origin                                   : Kuwait

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 25th September 2000

Commercial Registration Number           : 38052

Trade Licence Number                           : 2057/1984

Chamber Membership Number               : 65620

Invested Capital                                                : KD 10,000

Total Workforce                         : 6

Activities                                               : Wholesalers and retailers of textiles

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

 

CONCERN NAME

 

BLUE SEA TEXTILE EXHIBITION

 

 

company ADDRESS

 

Registered & Physical Address

Building                        : Shop No. 148m

Area                 : Souq Al Wataniya, Murgab Area

PO Box            : 29135

Town                : Safat 13052

Country : Kuwait

Telephone         : (965) 22451488

Facsimile          : (965) 22403708

Mobile              : (965) 99815294 / 99020960

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Jamal Mohamed Majeed Al Dossary                                                  Proprietor & General Manager

·       Kadawala Hussaini Bhai                                                                    Sales Manager

·       Saif Eddine                                                                                      Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th September 2000

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 38052

 

Trade Licence No.        : 2057/1984

 

Chamber Member No.  : 65620

 

Invested Capital           : KD 10,000

 

Mr. Jamal Mohamed Majeed Al Dossary is the sole proprietor of the business.

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles.

 

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 Revenue                           KD 825,000                               KD 870,000

 

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.

 

 

 

GENERAL COMMENTS

 

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.61.86

UK Pound

1

Rs.103.52

Euro

1

Rs.85.31

 

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%)

 

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.