MIRA
INFORM REPORT
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Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL FARES INTERNATIONAL PETRO SERVICES |
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Registered Office : |
Fahaheel
Area, Building 14, Plot 80, Office No. 7, 3rd Floor, PO Box
38189, Dahiyat Abdulla Al Salem 72252 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.02.2006 |
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Com. Reg. No.: |
28281 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution of Gas and Oilfield Equipment |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL FARES INTERNATIONAL PETRO SERVICES
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 6th February 2006
Commercial Registration Number : 28281
Trade Licence Number : 254/2006
Chamber Membership Number : 22513
Invested Capital : KD 50,000
Total Workforce : 6
Activities : Import and distribution of gas and oilfield equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
AL FARES
INTERNATIONAL PETRO SERVICES
ADDRESS
Registered & Physical Address
Location : Fahaheel
Area, Building 14, Plot 80, Office No. 7, 3rd Floor
PO Box : 38189
Town : Dahiyat Abdulla Al Salem
72252
Country : Kuwait
Telephone : (965) 3923062
Facsimile : (965) 3929661
Email : info@alfarespetro.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dahiyat Abdulla Al Salem.
KEY PRINCIPALS
Name Position
·
Faisal
Abdullah Al Fares Proprietor
& General Manager
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Abdullah
Faisal Abdullah Al Fares Assistant
General Manager
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Sayed
Abdul Fattah Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 6th
February 2006
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 28281
Trade Licence No. : 254/2006
Chamber Member No. : 22513
Invested Capital
: KD 50,000
Mr Faisal Abdullah Al Fares is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the import and distribution of
gas and oilfield equipment.
Import
Countries: United States of
America and China
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/07:
Total Sales KD
880,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
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.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)