MIRA INFORM REPORT

 

 

Report Date :

13.02.2008

 

IDENTIFICATION DETAILS

 

Name :

GROW MORE GENERAL TRADING COMPANY WLL

 

 

Registered Office :

Ardya Industrial Area, Plot No. 2, PO Box 251, Safat 13003

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

12.08.1993

 

 

Com. Reg. No.:

51889

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Importer and Distributor of Books.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : GROW MORE GENERAL TRADING COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 12th August 1993

Commercial Registration Number            : 51889

Trade Licence Number                            : 543/93

Membership Number                              : 37207

Issued Capital                                        : KD 200,000

Paid up Capital                                      : KD 200,000

Total Workforce                                     : 15

Line of Business                                    : Distributor of books.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

GROW MORE GENERAL TRADING COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ardya Industrial Area, Plot No. 2

PO Box             : 251

Town                 : Safat 13003

Country             : Kuwait

Telephone         : (965) 4338784 / 4316761 / 2409546 / 833444

Facsimile          : (965) 4338360 / 4338350 / 4330451

Email                : books@growmorebooks.com

  gmbooks@qualitynet.net

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are owned and located in the Industrial Area of Safat.

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Central Gold Market, Shop No. 45                                          Rented shop

Mubarikiya

     Safat

     Tel: (965) 2433003

     Fax: (965) 2447258

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                     Position

 

·       Faisal Abdulaziz Al Zahem                   Kuwaiti                        Managing Director

 

·       Lokish D Malhotra                                Indian                         Director

 

·       Shalinder Shreevastav                               -                            General Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th August 1993

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 51889

 

Trade Licence No.       : 543/93

 

Membership No.          : 37207

 

Issued Capital              : KD 200,000

 

Paid up Capital            : KD 200,000

 

 

Name of Shareholder (s)

 

·       Faisal Abdulaziz Al Zahem

 

·       Lokish D Malhotra

 

Notes to the legal Form                                     

 

Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.

 

Under the Kuwaiti Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. At least 51 percent of the capital must be owned by Kuwaitis. The minimum amount of capital required is KD 7,500. Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares. WLLs may not engage in banking, insurance or investment activities on behalf of others.

 

 

AFFILIATED COMPANIES

 

·       Al Zahem & Malhotra General Trading WLL
Block No. 2, Plot No. 122/123

     Street No. 6

     Ardiya

     PO Box: 251

     Safat 13003

     Tel: (965) 4338305

     Fax: (965) 4338350

 

 

LINE OF BUSINESS

 

Operations: Engaged in the import and distribution of books.

 

Import Countries : United Kingdom and the United States of America.

 

International Suppliers :

 

·       Marshall Cavendish ELT         United Kingdom

·       Heinle                                  United States of America

 

Operating Trend : Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/04 :                           Year Ending 31/12/05 :

 

Total Revenue                            KD 1,690,000                                        KD 1,800,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Bank of Kuwait & the Middle East KSC

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.

 

 

GENERAL COMMENTS

 

Grow More General Trading Company WLL has been in business for approximately 15 years and has gained a good reputation for the quality of its products.

 

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.

 

Maximum suggested credit figure: US$ 200,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions