|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAWHARAT SALMEEN MUSICAL INSTRUMENTS EST |
|
|
|
|
Registered Office : |
Al Derea Centre |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04.08.1991 |
|
|
|
|
Com. Reg. No.: |
331465 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of musical instruments mainly
Arabic Oud but also guitars, pianos
and violins |
|
|
|
|
No. of Employees |
08 |
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 |
Company Name : JAWHARAT SALMEEN MUSICAL INSTRUMENTS EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 4th August 1991
Commercial Registration Number : 331465
Chamber Membership Number : 23373
Invested Capital : KD 100,000
Total Workforce : 8
Activities : Distributors of musical instruments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Salmeen Butt, Sales Manager
JAWHARAT SALMEEN MUSICAL INSTRUMENTS EST
Location : Al Derea
Centre
PO Box : 5096, Hawalli
Town : Safat 13051
Country : Kuwait
Telephone : (965) 22627423
/ 22627427
Facsimile : (965) 24730093
/ 22649079
Mobile : (965)
99621620 / 99621629 / 99030559
Email : butt_saleem@hotmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Safat.
Name Position
· Yusuf Hussain
Salmeen Ali Proprietor
& General Manager
· Mohamed Salmeen
Butt Sales
Manager
Date of
Establishment : 4th
August 1991
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 331465
Chamber Member No. : 23373
Invested Capital : KD 100,000
Mr Yusuf Hussain Salmeen Ali is the sole proprietor of the business.
Activities: Engaged in the import and distribution of musical instruments mainly
Arabic Oud but also guitars, pianos and
violins
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 8 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 Sales KD
695,000 KD
755,000
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.60.47 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.79.39 |
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 |
|
|
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.