MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

DESERT ROSE GENERAL TRADING CO WLL

 

 

Registered Office :

Khaitan Area, P O Box: 114, Safat 13051

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.01.2002

 

 

Com. Reg. No.:

90045

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of General Foodstuffs.

 

 

No. of Employees :

6

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 - 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                                    : DESERT ROSE GENERAL TRADING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 15th January 2002

Commercial Registration Number           : 90045

Trade Licence Number                           : 1992/2002

Chamber Membership Number               : 79846

Issued Capital                                       : KD 50,000

Paid up Capital                                     : KD 50,000

Total Workforce                         : 6

Activities                                               : Distributors of general foodstuffs

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

DESERT ROSE GENERAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Khaitan Area

 

PO Box            : 114

 

Town                : Safat 13051

Country : Kuwait

 

Telephone         : (965) 24767250

Facsimile          : (965) 24767251

Mobile              : (965) 99049597

Email                : desertroseharitham@gmail.com

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Saad Lafi Al Mutairi                                      Kuwaiti                                      Managing Director

 

·       Ajeeba Khalid Shahad Al Harbi                      Kuwaiti                                      Director

 

·       K V Viswanadh                                             Indian                                       Director

 

·       Khan Mohamed Kalander                              -                                               Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th January 2002

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 90045

 

Trade Licence No.        : 1992/2002

 

Chamber Member No.  : 79846

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Saad Lafi Al Mutairi                                     

 

·       Ajeeba Khalid Shahad Al Harbi                     

 

·       K V Viswanadh

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including spices, rice and oils.

 

Import Countries: India

 

International Suppliers:

 

·       Firoz Export             India

 

Brand Names: HARITHAM

 

Operating Trend: Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                KD 1,110,000                            KD 1,185,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

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 company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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%)

 

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