MIRA INFORM REPORT

 

 

Report Date :

10.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

HADIDCO TRADING AND CONTRACTING COMPANY

 

 

Registered Office :

Canada Dry Street, Shuwaikh Industrial Area, PO Box  4511, Safat 13046

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

10.02.1968

 

 

Com. Reg. No.:

14681

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

General Trading of Steel Bars, Flat Bars, Sheet and Metal

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

SUMMARY

 

Company Name                         : HADIDCO TRADING AND CONTRACTING COMPANY

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 10th February 1968

Commercial Registration Number            : 14681

Trade Licence Number                            : 354/73

Membership Number                              : 3023

Issued Capital                                        : KD 1,500,000

Paid up Capital                                      : KD 1,500,000

Total Workforce                                     : 24

Line of Business                                    : General trading of steel bars, flat bars, sheet and metal

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

 

 

COMPANY NAME

 

HADIDCO TRADING AND CONTRACTING COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Canada Dry Street

Area                 : Shuwaikh Industrial Area

PO Box             : 4511

Town                 : Safat 13046

Country             : Kuwait

Telephone         : (965) 4818589 / 4814856

Facsimile          : (965) 4837809 / 4822031

Email                : hadidco@hotmail.com

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Faisal Nasser Al Qatami                                                        Managing Director

 

·       Abdul Hussain Haji Mohamed Bahman                                    Director

 

·       Saqr Abdul Wahab Abdulaziz Al Qatami                                 Director

 

·       Bahwan Gedwani                                                                  General Manager

 

·       Muhesh Merchandani                                                            Communications Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th February 1968

 

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

 

Commercial Reg. No.  : 14681

 

Trade Licence No.       : 354/73

 

Membership No.          : 3023

 

Issued Capital              : KD 1,500,000

 

Paid up Capital            : KD 1,500,000

 

 

Name of Shareholder (s)

 

·       Faisal Nasser Al Qatami

 

·       Abdul Hussain Haji Mohamed Bahman

 

·       Saqr Abdul Wahab Abdulaziz Al Qatami

 

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.

 

 

LINE OF BUSINESS

 

Operations: Engaged in the import and distribution of general merchandise, specialising in steel bars, flat

        bars, sheet and metal.

 

Import Countries : India, United States of America and Japan.

 

Operating Trend : Steady

 

Subject has a workforce of 24 employees.

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/06:                            Year Ending 31/12/07:

 

Sales                                        KD 3,625,000                                        KD 3,800,000

 

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

 

 

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.

 

 

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.

 

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