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Report No. : |
326812 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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Name : |
TAHA MOHAMED
KHALAF GENERAL TRADING & CONTRACTING EST |
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Registered Office : |
Building No. 4, Shop No. 107, Abdullah Al Salem Street, Al Mubarakya Area, P O Box: 20415, Safat 13065 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.11.1982 |
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Com. Reg. No.: |
17183,
Safat |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and
Retail of Readymade Garments for Ladies and Gents. |
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No. of Employees : |
16 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
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Kuwait |
A1 |
A1 |
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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.
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Source
: CIA |
Company Name :
TAHA MOHAMED KHALAF GENERAL TRADING & CONTRACTING
EST
Country of Origin : Kuwait
Legal Form :
Sole Proprietorship
Registration Date : 1st
November 1982
Commercial
Registration Number : 17183, Safat
Trade Licence
Number : 1599/82
Chamber Membership
Number : 12254
Invested Capital : KD 50,000
Total Workforce : 16
Activities :
Wholesale and retail of readymade garments for ladies
and gents.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Akbar Ali,
Commercial Manager
TAHA MOHAMED KHALAF
GENERAL TRADING & CONTRACTING EST
Building : Building No. 4, Shop No. 107
Street : Abdullah
Al Salem Street
Area : Al
Mubarakya Area
PO Box : 20415
Town : Safat 13065
Country : Kuwait
Telephone : (965) 22420955 / 22482823 / 22428656
/ 22428597 / 22402532
Facsimile : (965) 22405913 / 22407690
Mobile : (965) 99809836 / 99790352
Email : taherabad@vipcentre.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Safat.
Name Position
·
Taha Mohamed Khalaf Malluallah Proprietor
·
Ahmed
Saeed Awad Awaidan General
Manager
·
Akbar
Ali Commercial
Manager
·
Sandip Kothari Sales
Manager
Date of Establishment : 1st
November 1982
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 17183, Safat
Trade Licence No. : 1599/82
Chamber Member No. : 12254
Invested Capital
: KD 50,000
Mr Taha Mohamed Khalaf Malluallah is the sole
proprietor of the business.
Activities: Engaged in the wholesale and retail of
readymade garments for ladies and gents.
Import
Countries: India, Pakistan
and China.
International
Suppliers:
·
Jimme Garments India
·
Taher Abad India
Operating Trend: Steady
Subject has a
workforce of 16 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 2,825,000 KD 3,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Burgan
Bank
Al Dabbous Street
PO Box: 5389
Safat 13054
Tel: (965) 23918103
Fax: (965) 23918098
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No Complaints
Currency US
Dollars
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 |
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US Dollar |
1 |
Rs.63.51 |
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|
1 |
Rs.100.94 |
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Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
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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 |
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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 |
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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.