MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HAWAZEN GENERAL TRADING & CONTRACTING CO WLL |
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Registered Office : |
Salmiyah, PO
Box 4026, Safat 13041 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.06.1973 |
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Com. Reg. No.: |
78234 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of General Merchandise |
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 : HAWAZEN GENERAL TRADING & CONTRACTING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 19th June 1973
Commercial Registration Number : 78234
Chamber Membership Number : 991
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Total Workforce : 20
Activities : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HAWAZEN GENERAL
TRADING & CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Location : Salmiyah
PO Box : 4026
Town : Safat 13041
Country : Kuwait
Telephone : (965) 3967565 / 9328298 / 9040756 / 9734709
Facsimile : (965) 2431491
Email : hawazen99@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
·
Khaled Ali
Sheikh Al Qahtani Managing
Director
·
Ali Sheikh Al
Qahtani Director
·
Waleed Al
Qahtani Director
·
Mohamed Al
Qahtani Director
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Bilal A. Abu Al Jabeen General
Manager
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Hanaa S Al Sharekh Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
June 1973
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 78234
Chamber Member No. : 991
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s)
·
Khaled Ali
Sheikh Al Qahtani
·
Ali Sheikh Al
Qahtani
·
Waleed Al
Qahtani
·
Mohamed Al
Qahtani
OPERATIONS
Activities: Engaged in the import and distribution of
general merchandise, including foodstuff, ready made garments, building
materials and automotive spare parts.
Import
Countries: Europe and Asia.
Operating Trend: Steady
Subject has a
workforce of 20 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 545,000 KD 610,000
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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The Gulf Bank
KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction February
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Hawazen General
Trading & Contracting Co WLL has been in business for over 35 years and is
well known in the local market.
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.34 |
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UK Pound |
1 |
Rs.82.96 |
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Euro |
1 |
Rs.65.82 |
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%)