MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HASSAN AL NASAR & GENERAL TRADING CO |
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Registered Office : |
Al
Rai Industrial Area, PO Box 13314, Kaifan 71954 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.08.2006 |
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Com. Reg. No.: |
5910 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and Distribution of Aluminium
Sheets, and Laminated Sheet for use in Interior Decoration |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HASSAN AL NASAR & GENERAL TRADING CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 22nd August 2006
Commercial Registration Number : 5910
Trade Licence Number : 3284/2008
Issued Capital : KD 350,000
Paid up Capital : KD 350,000
Total Workforce : 17
Activities :
Import and distribution of aluminium sheets, and
laminated sheet for use in interior decoration
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HASSAN
AL NASAR & GENERAL TRADING CO
ADDRESS
Registered & Physical Address
Location : Al Rai
Industrial Area
PO Box : 13314
Town : Kaifan
71954
Country : Kuwait
Telephone : (965) 4752182
Facsimile : (965) 4752183
Email : niceramadan@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Kaifan.
KEY PRINCIPALS
Name Nationality Position
·
Abdul
Basit Arshad Pakistani Managing Director
·
Hassan
Al Nasar Kuwaiti Director
·
Jacoub
Vargis - General
Manager
·
Albert
Victors - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 22nd
August 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 5910
Trade Licence No. : 3284/2008
Issued Capital : KD 350,000
Paid up Capital : KD 350,000
Name of Shareholder (s)
·
Abdul
Basit Arshad
·
Hassan
Al Nasar
OPERATIONS
Activities: Engaged in the import and distribution of aluminium sheets, and laminated sheet for use in interior
decoration.
Import
Countries: India and China
Subject has a
workforce of 17 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/07:
Total Sales KD
1,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Albert Victors, Financial
Controller.
BANKERS
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Burgan Bank
PO Box : 5875
Safat 13054
Tel : (965) 2410818
Fax : (965) 2410819
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Hassan
Al Nasar & General Trading Co is a relatively new business with operations
commencing in August 2006. It is engaged in the import and distribution of aluminium sheets, and laminated sheet for use in interior
decoration.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the company is considered to be a fair trade
risk and the above credit figure is deemed admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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%)