|
Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRINCE TEXTILE COMPANY WLL |
|
|
|
|
Registered Office : |
Shop No. 29, Block No. 2, Area : 9th Commercial Area, PO Box: 5353, Town: Safat |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.07.2005 |
|
|
|
|
Com. Reg. No.: |
107675 |
|
|
|
|
Legal Form : |
With Limited Liability - WLL |
|
|
|
|
Line of Business : |
Engaged in the wholesale and retail of textiles |
|
|
|
|
No. of Employees : |
8 |
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 : PRINCE TEXTILE COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
27th July 2005
Commercial Registration Number :
107675
Trade Licence Number :
4062/2005
Issued Capital :
KD 100,000
Paid up Capital :
KD 100,000
Total Workforce :
8
Activities :
Wholesalers and retailers of textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Simak Abdulrahim Faini, Director
PRINCE TEXTILE COMPANY WLL
Registered &
Physical Address
Location : Shop No. 29,
Block No. 2
Area : 9th
Commercial Area
PO Box : 5353
Town : Safat
Country : Kuwait
Telephone : (965) 22450612
Facsimile : (965) 22450616
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Safat.
Name Nationality Position
Sohran Abdulrahim Faini Iranian Managing
Director
Simak Abdulrahim Faini Iranian Director
Amina Ali Hassan Al Awadi Kuwaiti Director
Date of Establishment : 27th
July 2005
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 107675
Trade Licence No. : 4062/2005
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of
Shareholder (s)
Sohran Abdulrahim Faini
Simak Abdulrahim Faini
Amina Ali Hassan Al Awadi
Atals Al Kuwait For Textile
Safat
Activities: Engaged in the
wholesale and retail of textiles.
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 Dinars (KD)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales KD
915,000 KD
970,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial Bank of Kuwait SAK
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.60.87 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SHG |
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.