MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAHARA COMBINED GENERAL TRADING CO WLL |
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Registered Office : |
Adwani Centre,
Farwaniah Street, PO Box 6863,
Hawalli 32043 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.07.2003 |
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Com. Reg. No.: |
94904, Hawalli |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of Electrical Products. Engaged
in Installation and Maintenance of Electrical Equipment. Engaged in the Fabrication of
Switchgear. |
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 : SAHARA COMBINED GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 16th July 2003
Commercial Registration Number : 94904, Hawalli
Trade Licence Number : 23850
Chamber Membership Number : 83329
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 70
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SAHARA COMBINED
GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Building : Adwani Centre
Street : Farwaniah Street
PO Box : 6863
Town : Hawalli 32043
Country : Kuwait
Telephone : (965) 4765572 / 4765573
/ 4765574
Facsimile : (965) 4765571
Mobile : (965) 9752537 / 6629209
Email : raed@sahara.com.kw
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Central Business Area of Hawalli.
KEY PRINCIPALS
Name Position
·
Hasan Ali Alawna Managing
Director
·
Mazen Aziz
Al Dalla Director
·
Raed
Hussain Abdullah Director
LEGAL FORM & OWNERS
Date of Establishment : 16th
July 2003
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 94904,
Hawalli
Trade Licence No. : 23850
Chamber Member No. : 83329
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Hasan
Ali Alawna
·
Mazen Aziz Al Dalla
·
Raed Hussain Abdullah
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
·
Trading Division
Distributors of electrical
products.
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Contracting Division
Engaged in installation and maintenance of electrical
equipment.
·
Fabrication Division
Engaged in the fabrication of switchgear.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 70 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 3,290,000 KD 3,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Al Ahli Bank
of Kuwait KSC
Mubarak Al Kabir Street
PO Box 1387
Safat 13033
Tel: (965) 2411101 / 2411102
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction May
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
2003, subject operates through 3 separate divisions, covering trading,
contracting and fabrication.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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%)