MIRA INFORM REPORT

 

 

 

Report Date :

18.07.2008

 

IDENTIFICATION DETAILS

 

Name :

UNION TRADING CO WLL

 

 

Registered Office :

Wataiya Complex, Fahed Al Salam Street, Salhiya, P O Box – 28, Safat 13001

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

27.02.1960

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distribution and Retail of Ready Made Garments, Foodstuffs, Toys, Jewellery, Watches, Stationery, Household Appliances, Perfumes, Cosmetics and Toiletries

 

 

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$ 750,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : UNION TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1949

Registration Date                                   : 27th February 1960

Chamber Membership Number    : 864

Issued Capital                                        : KD 1,000,000

Paid up Capital                                      : KD 1,000,000

Total Workforce                         : 130

Activities                                               : Distribution and retail of ready made garments, foodstuffs, toys,

                                                              jewellery, watches, stationery, household appliances, perfumes,

                                                              cosmetics and  toiletries

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 750,000

 

 

 

COMPANY NAME

 

UNION TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Wataiya Complex

Street               : Fahed Al Salam Street

Area                 : Salhiya

PO Box             : 28

Town                 : Safat 13001

Country : Kuwait

Telephone         : (965) 2423351 / 2423360 / 2423350 / 2423355

Facsimile          : (965) 2410261 / 2410361

Email                : huned@utc.com.kw

                          utckwt@kems.net

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Safat.

 

Branch Office (s)

 

Location                                                                                                Description

 

Jahra Shop                                                                                            Rented showroom premises

Fahad Al Salam Street

Safat

 

Salhiya Shop                                                                                         Rented showroom premises

United Estate Centre

Safat

 

North Salmiyah Building                                                                         Rented showroom premises

Main Street

Salmiyah

 

Al Marzoak Complex                                                                              Rented showroom premises

Main Street

Farwaniah

 

Al Dabboos Complex                                                                              Rented showroom premises

Al Dabboos Street

Fahaheel

 

East Ahmadi Market                                                                              Rented showroom premises

Ahmadi

 

Al Rehab Complex                                                                                 Rented showroom premises

Tunis Street

Hawalli

 

 

KEY PRINCIPALS

 

Name                                                                                                    Position

 

Daniel Bashir Hasso                                                                               Managing Director

 

Tareq Razzuqi                                                                                       Director

 

Hisham Razzuqi                                                                                    Director

 

William Peter Andrewartha                                                                      General Manager

 

Elie Dakkach                                                                                         Assistant General Manager

 

Jamal Subuh                                                                                         Sales Manager

 

Ahmed Jumaa                                                                                       Finance Manager

 

Edward Katchikian                                                                                 Financial Controller

 

Verghese Benjamin                                                                                Product Controller

 

Chris Malcomson                                                                                   Operations Controller

 

Faisal Al Daher                                                                                      Executive Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1949, however subject was registered on 27th February 1960

 

Legal Form                  : With Limited Liability - WLL

 

Chamber Member No. : 864

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

 

Name of Shareholder (s)

 

Daniel Bashir Hasso

 

Tareq Razzuqi

 

Hisham Razzuqi

 

 

OPERATIONS

 

Activities: Engaged in the distribution and retail of ready made garments, foodstuffs, toys, jewellery, watches,

stationery, household appliances, perfumes, cosmetics and toiletries.

 

Import Countries: The United Kingdom, France, Germany, Japan and the United States of America

 

International Suppliers:

 

General Foods                           United States of America

Shulton                                     United Kingdom

Seriom                                      France

Braun                                        Germany

Fujitsu                                      Japan

Zamil Airconditioners Ltd            Saudi Arabia

 

Brand Names: BISSELL, ALGOR, YARDLEY, CARTERS, GILLETTE, DURACELL, PRESTIGE, ADDIS, HANSSON, GLEM GAS, GUZZINI, LEE JEANS, JOCKEY, WARNERS, ORAL B, RONCATO, VILEDA, YARDLEY, TIMEX, VALISERE, BRITWEAR and BLUE STRATOS.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 130 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 8,100,000                            KD 8,350,000

 

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

 

 

BANKERS

 

National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 February 2001

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      30 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Established in 1949, subject is involved in the distribution and retail of ready made garments, foodstuffs, toys, jewellery, watches, stationery, household appliances, perfumes, cosmetics and toiletries.

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk and the above credit figure is deemed admissible.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.42.78

UK Pound

1

Rs.85.51

Euro

1

Rs.67.90

 

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