MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FAISAL NASER AL
QATAMI EST |
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Registered Office : |
Block No. 1,
Street No. 2, Al Rai Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1970 |
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Com. Reg. No.: |
23703, Safat |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and
retail of building materials, steel pipes, steel structures, hardware and
various sanitary ware products; Import and distribution of fresh and dried
flowers, indoor plants and gift items; Import and distribution of satellite
systems, audio-visual products and related accessories. |
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
Company Name : FAISAL NASER AL QATAMI EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 1970
Commercial Registration Number : 23703, Safat
Trade Licence Number : 49076
Invested Capital : KD 250,000
Total Workforce : 70
Line of Business : Operations are performed through subject’s divisions (see below).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FAISAL NASER AL
QATAMI EST
ADDRESS
Registered & Physical Address
Location : Block No. 1
Street : Street No. 2
Area : Al Rai Industrial Area
PO Box : 23090
Town : Safat 13091
Country : Kuwait
Telephone : (965) 4845196 / 4735416 / 4763569 /
4712213
Facsimile : (965) 4735461
Email : qatami@qualitynet.net
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Safat.
KEY PRINCIPALS
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Faisal
Naser Al Qatami Proprietor
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Bader
Faisal Naser Al Qatami Al Qatami General
Manager
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Abdul
Faisal Naser Al Qatami Al Qatami Finance
Manager
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Adel Al
Ghanim Operations
Manager
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P. K.
Augstin Commercial
Manager
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Reem Al
Qatami Food
Division Manager
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Khalil
Sulaiman Building
Materials Division Manager
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Mohamed
Abdulaziz Flowers
Division Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1970
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 23703, Safat
Trade Licence No. : 49076
Invested Capital
: KD 250,000
Mr Faisal Naser Al
Qatami 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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Al
Qatami & Mohamed International
PO Box : 23090
Safat 13091
Tel : (965) 2447405
LINE OF BUSINESS
Operations : Operations and performed through subject’s
divisions:
·
Building
Materials Division
Engaged
in the wholesale and retail of building materials, steel pipes, steel
structures, hardware and various sanitary ware products.
·
Flowers
Division
Engaged
in the import and distribution of fresh and dried flowers, indoor plants and
gift items.
·
Satellite
Centre Division
Engaged
in the import and distribution of satellite systems, audio-visual products and
related accessories.
·
Food
Division
Engaged in the wholesale and retail of general foodstuff products and
grocery items.
Import Countries
: France, Italy, GCC
Countries and the United States of America.
International
Suppliers :
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Nestle France
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Daba Fujairah, United Arab Emirates
Operating Trend
: Steady
Subject has a
workforce of 70 employees.
FINANCIAL
HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : Kuwaiti
Dinars (KD)
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total Revenue KD 5,070,000 KD
5,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction November 1997
Credit amount 200,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1970, subject is owned and managed by Mr Faisal Naser Al Qatami who is well
respected in the local business community.
According to local
sources subject has a clear operating history with nothing detrimental reported
regarding its payment commitments and it is deemed a sound trade risk.
Maximum suggested
credit: 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. |
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%)