MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAFINA AL NAJJAT CO |
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Registered Office : |
Shuwaikh Industrial Area, PO Box 9758, Shuwaikh |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
91110 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesale and Retail of Building Materials and Hardware,
Industrial Supplies and Instrumentation. |
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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SAFINA AL NAJJAT CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 1992
Commercial Registration Number : 91110
Trade Licence Number : 1714/2002
Chamber Membership Number : 9587
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Total Workforce : 9
Activities : Wholesale and retail of building materials and hardware, industrial supplies and instrumentation.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SAFINA AL NAJJAT CO
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area
PO Box : 9758
Town : Shuwaikh
Country : Kuwait
Telephone : (965) 4841406 /
4818786 / 4825972
Facsimile : (965) 4818385
Email : sales@itskuwait.com
Premises
Subject operates from a small suite of offices, a warehouse and a
showroom that are rented and located in the Industrial Area of Shuwaikh.
KEY PRINCIPALS
Name Position
· Khalil
Ibrahim Al Masry Managing
Director
· Faisal
Ibrahim Al Masry Director
· Abdullah
Bhajat Commercial
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1992
History : Subject was
originally established in 1992 under the name of “Nour Al Bassamah Co”.
However on 15th
March 2004 subject was re-registered under the current style of “Safina Al
Najjat Co”
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 91110
Trade Licence No. : 1714/2002
Chamber Member No. : 9587
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of Shareholder (s)
· Khalil
Ibrahim Al Masry
· Faisal
Ibrahim Al Masry
OPERATIONS
Activities: Engaged in the wholesale and retail of building materials and hardware,
industrial supplies and
instrumentation.
Import Countries: Europe, India, China, Taiwan, Korea Jordan and
Brazil.
International Suppliers:
·
Arab Group for Chemical Products Co. Ltd Jordan
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C-Scope International Ltd United
Kingdom
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Chi-Yih Group Taiwan
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DFM Aguas S.L Spain
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Dogus Vana Ltd. Turkey
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Dongying Hallim Metal Industry Co. Ltd China
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ETC Elletrotermochemica Italy
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Fischer Fixing Systems Germany
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Fratelli Fortis s.r.l Italy
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Hawa AG Switzerland
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HCP Pump Manufacturing Co. Ltd Taiwan
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Heinrich Liebig GmbH Germany
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Kang Wei Trading Co China
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Kroll & Ziller GmbH & Co. KG Germany
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Leitenberger MeB-und Regeltechnik GmbH Germany
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Mayur Valve Co. India
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Ritz do Brasil Brazil
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Samsun Machinery Industries Co Turkey
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Shantou Smith Adhesive Tape Co. China
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Shin Heavy Industrial Co. Ltd Korea
Operating Trend: Steady
Subject has a workforce of 9 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales KD
530,000 KD
600,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
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 company is considered to be a fair trade risk and
the above credit figure is within subject’s financial means.
The financial information contained within this report has been verified
by Mr Abdullah Bhajat – Commercial Manager.
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%)