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MIRA INFORM REPORT
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Report No. : |
485285 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
THE NEW MODERN JEWELLERY CO WLL |
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Registered Office : |
Alhamra Luxury Centre, Mezzanine Floor, Shop No. M03, Al Sharq, PO
Box: 3211, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
08.04.1962 |
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Com. Reg. No.: |
1164 |
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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 jewellery and gold |
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No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 76% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts.
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Source : CIA |
SUMMARY
Company Name : THE NEW MODERN JEWELLERY CO WLL
Also Known As : ABDULAMIR & HUSSAIN ALBRBASH JEWELLERY
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 8th April 1962
Commercial Registration Number : 1164
Chamber Membership Number : 1114
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 35
Activities : Wholesalers and retailers of jewellery and gold
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
COMPANY
NAME
THE NEW MODERN JEWELLERY CO WLL
ALSO KNOWN AS: ABDULAMIR &
HUSSAIN ALBRBASH JEWELLERY
ADDRESS
Registered & Physical
Address
Building : Alhamra
Luxury Centre, Mezzanine Floor, Shop No. M03
Area : Al Sharq
PO Box :
3211
Town : Safat
Country : Kuwait
Telephone : (965) 22270296
/ 22270297 / 22431577 / 22417524
Facsimile : (965) 2457290
Email : b2b@ahalarbash.com
/ marketing@ahalarbash.com
Premises
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 Roomi Retail
premises
·
Salhiya Retail
premises
·
Shekha Hassan Retail
premises
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Souk Al Kuwait Retail
premises
KEY
PRINCIPALS
Name Position
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Abdul Amir Abdullah Hussain Al Arbash Managing Director
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Hussain Abdullah Hussain Al Arbash Director
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Ali Hussain Abdullah Al Arbash General
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 8th
April 1962
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 1164
Chamber Member No. : 1114
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Abdul Amir Abdullah Hussain Al Arbash
·
Hussain Abdullah Hussain Al Arbash
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery and gold.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 35 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD
3,425,000 KD
3,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.76 |
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1 |
INR 87.91 |
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Euro |
1 |
INR 78.20 |
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KWD |
1 |
INR 212.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.