MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GROW MORE GENERAL TRADING COMPANY WLL |
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Registered Office : |
Ardya Industrial
Area, Plot No. 2, PO Box 251, Safat
13003 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
12.08. 1993 |
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Com. Reg. No.: |
51889 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Operations are performed through the following divisions: Books Division Al
Nomor Jewellery |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
Chamber Membership Number : 37207
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Total Workforce : 30
Activities : Subject operates several divisions (see below for details)
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
Mobile : (965) 9549854
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
·
Al
Nomor Jewellery Rented
shop
Central Gold Market, Shop No. 45
Mubarikiya
Safat
Tel: (965) 2447258 / 2433003
Fax: (965) 2440341
KEY PRINCIPALS
Name Nationality Position
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Faisal
Abdulaziz Al Zahem Kuwaiti Managing
Director
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Lokish D
Malhotra Indian Director
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Shalinder
Shreevastav - General
Manager
·
Zohar Gaib - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
August 1993
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 51889
Trade Licence No. : 543/93
Chamber Member No. : 37207
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of Shareholder (s)
·
Faisal
Abdulaziz Al Zahem
·
Lokish D
Malhotra
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
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Books Division
This division is the primary business of the
company and specialises in the import and distribution of books, magazines and
periodicals.
·
Al Nomor Jewellery
This division trades under the
separate name of Al Nomor Jewellery and operates a jewellery shop in Kuwait’s Central Gold Market. The specialise in
jewellery pieces from India, Singapore and Lebanon.
Import
Countries: United Kingdom,
United States of America, India, Singapore and
Lebanon
International
Suppliers:
·
Marshall
Cavendish ELT United Kingdom
·
Heinle United States
of America
Operating Trend: Steady
Subject has a
workforce of 30 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 2,480,000 KD 2,900,000
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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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.
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%)