MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SULTAN ASAD MOHAMED GENERAL TRADING& CONTRACTING EST |
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Registered Office : |
Al Sharq Area,
Plot No. 7, Block 137, PO Box: 9298, Ahmadi 61003, Kuwait. |
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Country : |
Kuwait |
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Date of Incorporation : |
04.07.1976 |
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Com. Reg. No.: |
15318 |
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Legal Form : |
Mouassasa Khassa
(Sole Proprietorship) |
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Line of Business : |
Engaged as civil,
electrical and mechanical works contractors. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
SULTAN ASAD MOHAMED GENERAL TRADING& CONTRACTING EST |
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Country of Origin |
Kuwait |
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Legal Form |
Sole Proprietorship |
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Registration Date |
4th July 1976 |
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Commercial
Registration Number |
15318 |
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Trade Licence
Number |
1822/76 |
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Membership Number |
5378 |
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Invested Capital |
KD 50,000 |
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Total Workforce |
1,500 |
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Line of Business |
Civil, electrical and mechanical works contractors. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
SULTAN ASAD MOHAMED
GENERAL TRADING & CONTRACTING EST
ADDRESS
Registered & Physical Address
Location : Al Sharq Area, Plot No. 7, Block
137
PO Box : 9298
Town : Ahmadi 61003
Country : Kuwait
Telephone : (965) 3984233 / 3984234 / 3982622 /
3985590
Facsimile : (965) 3988855
Email : sultanasad@sultanasad.com
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Ahmadi.
KEY PRINCIPALS
·
Sultan Asad
Sultan Proprietor
& General Manager
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Mohamed H
Ashraf Ali Finance Manager
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Mohamed Faruk
Hossain Personnel
Manager
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Sohail Mahmoud
Alayaan Transport
Manager
·
Simon Varghese Project
Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th
July 1976
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 15318
Trade
Licence No. : 1822/76
Membership No. : 5378
Invested Capital
: KD 50,000
Mr Sultan Asad
Sultan is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
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Gulf
Electrical Engineering
Ahmadi
Tel : (965) 3984291
LINE OF BUSINESS
Operations : Engaged as civil, electrical and mechanical
works contractors.
Subject is involved
in the fabrication and erection of plant equipment, maintenance of oil field
plant installations, fabrication and erection of plant piping, oil field
machine shop services, electrical installation work, marine services, office
support services, civil construction work, civil maintenance work, cathodic
protection services, gardening and landscaping work, hiring of heavy equipment
and vehicles.
Import Countries
: Europe and the Far East.
Subject has a
workforce of approximately 1,500 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
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Commercial
Bank of Kuwait SAK
Main Branch
Ahmadi
Tel : (965) 3980422
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1976, subject is owned and managed by Mr Sultan Asad Sultan who is well
respected in the local business community.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 500,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)