MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL CITY INTERNATIONAL GENERAL TRADING CO WLL |
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Registered Office : |
Shuwaikh
Industrial Area, Block 2, Building 147, PO Box 25750 & 25995, Safat 13118 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.12. 2004 |
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Com. Reg. No.: |
104788, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and Distribution of General Merchandise |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ROYAL CITY INTERNATIONAL GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 27th December 2004
Commercial Registration Number : 104788, Safat
Trade Licence Number : 5097/2004
Chamber Membership Number : 92009
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 8
Activities : Import and distribution of general merchandise
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
ROYAL CITY
INTERNATIONAL GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area, Block 2,
Building 147
PO Box : 25750 & 25995
Town : Safat 13118
Country : Kuwait
Telephone : (965) 22456151 / 22456252 / 22474063
Facsimile : (965) 22461739 / 22474064
Mobile : (965) 7514916
Premises
Subject operates from
a small suite of offices, a warehouse and a showroom that are rented and
located in the Industrial Area of Safat.
KEY PRINCIPALS
Name Nationality Position
·
Hamad
Abdullah Al Ateeqi Kuwaiti Managing Director
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Katabji Wala S
Abdul Kader Indian Director
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Peter Carlos - Office
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th
December 2004
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 104788, Safat
Trade Licence No. : 5097/2004
Chamber Member No. : 92009
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Hamad
Abdullah Al Ateeqi
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Katabji Wala S
Abdul Kader
OPERATIONS
Activities: Engaged in the import and distribution of general
merchandise including air conditioning units, oil field
equipment, industrial
supplies, valves and fasteners, as well as general hardware.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 8 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:
Total Sales KD 450,000 KD 575,000
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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Commercial
Bank of Kuwait
Shuwaikh
Tel: (965) 24814643
Fax: (965) 24837952
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)