MIRA INFORM REPORT

 

Report No. :

316103.2

Report Date :

24.09.2015

 

IDENTIFICATION DETAILS

 

Name :

KAST FASHION EXHIBITION FOR GENTS READYMADE GARMENT & GIFTS ACCESSORIES

 

 

Registered Office :

Shop 223, Souk Al Kabir, Mubarkiya, Hawalli 32002, PO Box 119, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

11.02.2007

 

 

Com. Reg. No.:

118311

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of textiles, readymade garments, footwear and accessories.

 

 

No. of Employees :

5

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Kuwait

A1

A1

 

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. 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

SUMMARY

 

Company Name                                    : KAST FASHION EXHIBITION FOR GENTS READYMADE GARMENT

  & GIFTS ACCESSORIES

Trade Name                                          : KAST FASHION

Country of Origin                                   : Kuwait

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 11th February 2007

Commercial Registration Number           : 118311

Chamber Membership Number               : 106471

Invested Capital                                                : KD 40,000

Total Workforce                         : 5

Activities                                               : Distributors of textiles, readymade garments, footwear and accessories

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamad Khalad, Commercial Manager

 

 

COMPANY NAME

 

KAST FASHION EXHIBITION FOR GENTS READYMADE GARMENT & GIFTS ACCESSORIES

 

 

TRADE NAME

 

KAST FASHION

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Shop 223, Souk Al Kabir, Mubarkiya, Hawalli 32002

PO Box            : 119

Town                : Safat

Country : Kuwait

Telephone         : (965) 23834457

Mobile              : (965) 66520440 / 66606550

Email                : mohamadkhaled@yahoo.com

 

Premises

 

Subject operates from a small suite of offices and a shop that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                                Position

 

Ms Aliya Hassan Habib Qambri                          Kuwaiti                                      Proprietor

 

Hassan Habib Hassan Qambri                            Kuwaiti                                      General Manager

 

Mohamad Khalad                                                   -                                          Commercial Manager

                                               

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th February 2007

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 118311

 

Chamber Member No.  : 106471

 

Invested Capital           : KD 40,000

 

Ms Aliya Hassan Habib Qambri is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of textiles, readymade garments, footwear and accessories.

 

Import Countries: Pakistan

 

Brand Names: KAST

 

Operating Trend: Steady

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

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 830,000                               KD 880,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.65.97

UK Pound

1

Rs.101.19

Euro

1

Rs.73.37

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TPT

 

               


 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.