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Report No. : |
329195 |
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Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
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Name : |
LEATHER PALACE FOR GIFTS AND ACCESSORIES |
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Registered Office : |
Muthanna Complex, Ground Floor, Shop No. 73, Safat 13109, PO Box
: 24884 |
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Country : |
Kuwait |
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Date of Incorporation : |
December 1986 |
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Com. Reg. No.: |
11382 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the wholesale and retail of fine leather products, as well as giftware and
accessories |
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No. of Employee : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the tenuous political situation.
|
Source
: CIA |
Company Name :
LEATHER PALACE FOR GIFTS AND ACCESSORIES
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Start Date :
December 1986
Registration Date :
28th March 2001
Commercial Registration Number :
11382
Chamber Membership Number :
69324
Invested Capital : KD 150,000
Total Workforce :
35
Activities :
Wholesalers and retailers of fine leather products, as well as giftware and
accessories.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Ali, Assistant General Manager
LEATHER PALACE FOR
GIFTS AND ACCESSORIES
Location : Muthanna Complex, Ground Floor, Shop No. 73
PO Box : 24884
Town : Safat 13109
Country : Kuwait
Telephone : (965) 22425180 / 22403345
Facsimile : (965) 25649950
Mobile :
(965) 97575180
Email : sales@leather-palace.com / leatherpalace@hotmail.com / info@leather-palace.com
Subject operates from a medium sized suite of offices and a showroom that
are rented and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
· Al
Fanar Rented
showroom premises
Safat
Tel: (965) 5718030
· Laila
Gallery Rented
showroom premises
Safat
Tel: (965) 5743624
· Souk
Sharq Rented
showroom premises
Safat
Tel: (965) 2412066
· Salhiya Complex Rented showroom premises
Tel: (965)
22424010
· Al Fanar Leather Palace Rented
showroom premises
Tel: (965) 25718030
· Al Fanar Samba Rented
showroom premises
Tel: (965) 5729610
· Souk Sharq Rented
showroom premises
Tel: (965) 22412066
· Al Koot Rented
showroom premises
Tel: (965) 23930140
· Avenue Complex, 2nd Phase Rented
showroom premises
Tel: (965) 22597602
Name Position
· Maen Zakaria
Ali Al Ansari Proprietor
& General Manager
· Mohamed Ali Assistant
General Manager
Date of
Establishment : Subject’s
operations date back to December 1986, however it was
registered under its
current
style on 28th March 2001.
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11382
Chamber Member No. : 69324
Invested Capital : KD 150,000
Mr Maen Zakaria Ali Al Ansari
is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of fine
leather products, as well as giftware and accessories.
Import Countries: Italy and France
International Suppliers:
· Class Cavali Italy
· Gatanino Italy
· Varasai Italy
· Lancaster France
·
Guy Laroche France
Brand Names: CERRUTI 1881, GF FERRE,
DOMINA, TORRENTE, VALLEVERDE, CROMIA, GHERARDINI, EXTE, CNC and MISSONI
Operating Trend: Steady
Subject has a workforce of 35 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinar (KD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales KD
2,755,000 KD
3,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Ali, Assistant
General Manager
·
Commercial Bank of Kuwait
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
National Bank of Kuwait
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.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.75 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.71.20 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.