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Report No. : |
344890 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MINI KING INTERNATIONAL CO WLL |
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Registered Office : |
Al Anjuri Building, Ground Floor, Shop No. 10, Al Mubarakiya, PO Box :
436 Dasman 15455 |
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Country : |
Kuwait |
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Date of Incorporation : |
01.06.2009 |
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Com. Reg. No.: |
331415 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject is engaged in the wholesale and retail of readymade garments
and textiles |
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No. of Employee : |
12 |
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) |
|
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 uncertain political situation.
|
Source
: CIA |
Company Name :
MINI KING INTERNATIONAL CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
1st June 2009
Commercial Registration Number :
331415
Trade Licence Number :
1181/2009
Chamber Membership Number :
119630
Issued Capital :
KD 20,000
Paid up Capital :
KD 20,000
Total Workforce :
12
Activities :
Wholesalers and retailers of readymade garments and textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mostafa Poonawala, Accountant
MINI KING
INTERNATIONAL CO WLL
Building : Al Anjuri
Building, Ground Floor, Shop No. 10
Area : Al
Mubarakiya
PO Box : 436
Town : Dasman 15455
Country : Kuwait
Telephone : (965) 22988087
/ 22988083 / 22423804
Facsimile : (965) 22988092
/ 22450482
Mobile : (965)
99720947 / 97816464
Email : minikingco@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dasman.
Name Nationality Position
· Zaki Eddine Ali
Hussain Gewala Indian Managing Director
· Mohamed Hussain
Zaki Eddine Indian Director
· Ahmed Mohamed
Abdullah Ali Kuwaiti Director
· Abdul Rahman Abdul
Razzaq - Sales
Executive
· Murtahda Mohamed - Sales
Executive
· Mostafa Poonawala - Accountant
Date of
Establishment : 1st
June 2009
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 331415
Trade Licence No. : 1181/2009
Chamber Member No. : 119630
Issued Capital : KD 20,000
Paid up Capital : KD 20,000
· Zaki Eddine Ali
Hussain Gewala
· Mohamed Hussain
Zaki Eddine
· Ahmed Mohamed
Abdullah Ali
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: Europe and the Far East.
Brand Name: ZAKI
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales KD
760,000 KD
700,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mostafa Poonawala, Accountant
·
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965)
22410818
Fax: (965)
22410819
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.65.02 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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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 |
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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 |
-- |
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.