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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GREEN WINGS CO WLL FOR GARMENTS, SHOES & ACCESSORIES |
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Registered Office : |
North Salmiya Building Salem Al Mubarak Street
Souq Al Ghanem PO Box 20701 Safat 13068 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
10.01.1979 |
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Com. Reg. No.: |
27398, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the wholesale and retail of readymade garments, shoes and
clothing accessories |
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No. of Employees : |
250 |
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 – 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 |
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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 - 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 |
Company Name : GREEN
WINGS CO WLL FOR GARMENTS, SHOES & ACCESSORIES
Also Known As :
GREEN WINGS CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
10th January 1979
Commercial Registration Number :
27398, Safat
Trade Licence Number :
2585/78
Chamber Membership Number :
7718
Issued Capital :
KD 750,000
Paid up Capital :
KD 750,000
Total Workforce :
250
Activities :
Wholesalers and retailers of readymade garments, shoes and clothing
accessories.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ayman Zahran, Administration Manager
GREEN WINGS CO WLL FOR GARMENTS, SHOES & ACCESSORIES
GREEN WINGS CO WLL
Building : North Salmiya Building
Street : Salem Al
Mubarak Street
Area : Souq Al
Ghanem
PO Box : 20701
Town : Safat 13068
Country : Kuwait
Telephone : (965) 25710189 / 25719181 / 25712192
Facsimile : (965) 25748395
Email : msaeed@anotah.com / greenwing@arabnet.net / info@anotah.com / azahran@anotah.com
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
· Sharq Market Showroom
premises
Tel: (965)
22452150
· Fanar Complex Showroom
premises
Tel: (965)
25731698
· Al Mohalab Centre Showroom
premises
Tel: (965)
22616541
· Kuwait Magic Showroom
premises
Tel: (965)
23710620
· Al Bayraq Mall Showroom
premises
Tel: (965)
23824165
· The Avenues Showroom
premises
Tel: (965)
22597022
Subject has a chain of approximately 40 showrooms
in total including showrooms located in Qatar, Saudi Arabia, Bahrain and the
United Arab Emirates.
Name Nationality Position
· Ihsan Hassan Al
Tahan Syrian Managing
Director
· Anwar Ihsan Hassan
Al Tahan Syrian Director
· Anas Ihsan Hassan
Al Tahan Syrian Director
· Mahmoud Abdullah
Al Shatti Kuwaiti Director
· Ayman Zahran - Administration
Manager
· Ahmed Mostafa - Finance
Manager
· Mohamed Imran
- Financial
Controller
· Navid Mohamed - Accountant
· Jaid D’Costa - Marketing
Co-ordinator
Date of
Establishment : 10th
January 1979
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 27398, Safat
Trade Licence No. : 2585/78
Chamber Member No. : 7718
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
· Ihsan Hassan Al
Tahan
· Anwar Ihsan Hassan
Al Tahan
· Anas Ihsan Hassan
Al Tahan
· Mahmoud Abdullah Al
Shatti
Activities: Engaged in the wholesale and retail of readymade garments, shoes and
clothing accessories.
Import Countries: Europe and the Far East.
Brand Names: ANOTAH and GREEN
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
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
12,000,000 KD
13,150,000
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
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Commercial Bank of Kuwait
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.31 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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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 |
|
|
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 |
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|
-- |
NB |
New Business |
-- |
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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.