MIRA INFORM REPORT

 

 

Report Date :           

06.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

A TO Z HOME STORES CO.

 

 

Registered Office :

Ahmadiya Building, Street No. 21, Shuwaikh Industrial Area, Near to Bank Street, P.O.Box No.446, Safat 13005

 

 

Country :

Kuwait

 

 

Date of Incorporation :

29.03.1994

 

 

Com. Reg. No.:

555653

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and retailers of household goods, linen, gift items, table decoration, toiletries, fragrances, bathroom accessories, wall decoration, toys, outdoor furniture and kitchen aids

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

KD 40,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Kuwait

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

A To Z Home Stores Co. (Correct)

A2Z HOME STORE (Requested)

 

 

company ADDRESS

 

Building   :         Ahmadiya Building

Street     :         Street No. 21

Area       :         Shuwaikh Industrial Area, Near to Bank Street

P.O.Box No.:     446

Town       :         Safat 13005

Country    :        Kuwait

Telephone  :      (965) 2481 3142 / 2481 4477

Fax        :          (965) 2483 5943

E-Mail     :         a2zaccts@ahmadiah.com / a2z@ahmadiah.com

Website    :       www.a2zhomestore.com

 

Also Known As : A2Z Home Store

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Ahmad Faisal Al Thuwainy                  Chairman

  

2. Abdul Mohsen Faisal Al Thuwainy       Deputy Chairman

 

3. Antone Al Neajar                                            Managing Director

 

4. Mohammed Al Thuwainy                     General Manager

 

5. T.C. Sanni                                         Operations Manager

 

6. Khalil Bozo                                        Financial Manager

   (Syrian national)

 

7. Ahmad Abdul Aziz                                Chief Accountant

 

Total Employees :          80 (subject)

                                    1,200 (group)

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

Subject is a member of the Ahmadiah Group of Companies, Kuwait, specialized in civil contracting for residential and commercial buildings, power stations and infrastructure projects; marine contracting; distribution, installation and maintenance of elevators and escalators; real estate property development. The group is operating since 1954 and employing more than 1,200 people.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : KD 40,000 (associations inspire

                            confidence for higher amounts if

                            required)

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial

capabilities.

 

 

PRINCIPAL BANKERS

 

NAME     : NATIONAL BANK OF KUWAIT SAK (NBK)

Branch   : Abdullah Al Salem Street

PO Box   : 95

Town     : Safat 13001

Telephone: (965) 2242 2011

Fax      : (965) 2246 4156

 

The company also has an account with the following banks:

 

1. Commercial Bank Of Kuwait SAK (CBK)

   Mubarak Al Kabir Street

   PO Box 2861

   Safat 13029

   Telephone: (965) 2241 1001

   Fax      : (965) 2245 0150

 

2. Gulf Bank

   Mubarak Al Kabir Street

   PO Box 3200

   Safat 13032

   Telephone: (965) 2244 9501

   Fax      : (965) 2244 5212

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover  : KD 2,100,000 – 2009 – exact

                         : KD 1,700,000 – 2010 – exact *

                         : KD 2,000,000 – 2011 - projected

 

Net Profit         : KD   230,000 – 2009 – exact

 : KD   200,000 – 2010 – exact

: KD   250,000 – 2011 – projected

 

* Decrease in sales turnover in 2010 was due to unfavourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 29 March 1994

 

History : The subject company was established in Kuwait on 29 March 1994 as a Limited Liability Company. In 2003 subject was converted into a Kuwaiti Shareholding Company (Closed) under the present name and shareholding structure.

 

C.R. No. : 555653

 

KCCI Membership No.: 41012 (expiry date: 13/06/2013)

 

Authorised Capital : KD 300,000

 

Paid-Up Capital : KD 300,000

 

Limited Liability Company with the following shareholders :

 

1. Abdul Mohsen Faisal Al Thuwainy      

   (Kuwaiti National)

 

2. Ahmad Faisal AL Thuwainy             

   (brother of the above)

 

3. Mohammed Faisal Al Thuwainy

   (nephew of the above)

 

4. Tony Najib Najjar                    

   (Lebanese National)

 

The exact shareholding percentage was not disclosed.

 

Affiliated companies of A To Z Home Stores Co.:

 

Associates

 

Subject is a member of the Ahmadiah Group of Companies, headed by :

 

Ahmadiah Contracting & Trading Co. KCSC      

PO Box 446

Safat 13005

Telephone: (965) 2481 6357 / 2481 4477 / 2481 4848 / 2483 2781

Fax      : (965) 2483 1367

Established : 1954                                                  

C.R. No. : 6689

Capital : KD 3,000,000

Sales Turnover in the range of KD 27,000,000

Building contractors and installers of elevators and escalators.

and suppliers of elevators, escalators and civil engineering

equipment. One of Kuwait's biggest building contractors.

 

Other members of the group include the following :

                     

1. Hitachi Elevators

   PO Box 446

   Safat 13005

   Kuwait

   Telephone: (965) 2483 3588

   Fax    : (965) 2483 4142

 

2. Edrasis Middle East Ltd.

   Block 1

   Street 17

   Shuwaikh

   Telephone: (965) 2482 5781

   Fax    : (965) 2482 5780

 

3. Ecovert FM

   2nd Floor

   Ajial Mall

   Fahaheel

   Telephone: (965) 2391 9871

   Fax    : (965) 2391 5351

 

4. Building and Roads Co. (Barco)

   PO Box 1666

   Safat 13017

   Telephone: (965) 2241 5958

   Fax    : (965) 2241 5995

 

5. Home Selection

   Arraya Centre

   Sharq

   Telephone: (965) 2299 7676

   Fax    : (965) 2299 7674

 

6. International Contracting Co

   PO Box 446

   Safat 13005

   Telephone: (965) 2481 4477

   Fax    : (965) 2483 1367

  

7. Al Thuwainy Trading Company SAK

   Al Thuwainy Building, 1st Floor

   Al Salhiya Street

   Close to the Kuwait Assembly Building and behind Kuwait

   Municipality

   PO Box 171

   Safat 13002

   Telephone: (965) 2246 0550 / 2246 1287

   Fax      : (965) 2242 8868 / 2240 9219

   E-Mail   : thuwainy@kems.net

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and retailers of household goods, linen, gift items, table decoration, toiletries, fragrances, bathroom accessories, wall decoration, toys, outdoor furniture and kitchen aids.

 

Imports worldwide, mainly from USA, China, India, Italy, Germany and UK.

 

Subject only sells locally and does not engage in re-export business.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented administrative offices, a large showroom comprising 1,600 sq.m. and storage facilities located at the heading address as well as two

retail outlets located elsewhere in Kuwait (see 'Branch Offices' below).

 

BRANCH OFFICES

 

1. Sharq

   Telephone: (965) 2484 7180

 

2. Shuwaikh

   Telephone: (965) 2299 7677

 

 

SPECIAL NOTE

 

You enquired on: A2Z HOME STORE.  Please note that subject is also known by this name. Subject's correct registered name is as per heading.

 

Interviewed: Ahmad Abdul Aziz (Chief Accountant).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.45

UK Pound

1

Rs.71.59

Euro

1

Rs.63.01

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.