MIRA INFORM REPORT

 

 

Report Date :           

25.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

KALEMAT INTERNATIONAL GENERAL TRADING AND CONTRACTING CO. 

 

 

Registered Office :

Mubarak Abdullah Jassim Al Dabbous Building, 5th Floor, Office No. 25, Fahaheel

 

 

Country :

Kuwait

 

 

Date of Incorporation :

23.06.2004

 

 

Com. Reg. No.:

101224

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Importers, Wholesalers and Retailers of wide range of foodstuff including grain, fresh fruits, oil, sugar and rice

 

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 10,000

Status :

Small Company 

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

 

Kalemat International General Trading And Contracting Co. (Correct)

KALEMAT INTERNATIONAL GEN TRD AND CONT CO (Requested)

 

 

Company ADDRESS

 

Building             : Mubarak Abdullah Jassim Al Dabbous Building, 5th Floor,

                        Office No. 25

Area                 : Fahaheel

Country             : Kuwait

Telephone         : (965) 2391 5886 / 2391 2391 / (Mobile) 9977 8560

                                     (Abdullah Abdah Shafi Al Ajmi)

Fax                   : (965) 2391 2391 / 2391 5886

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Abdullah Abdah Shafi Al Ajmi              Managing Partner

 

2. Mujibuddin Molli                                 Financial Manager

 

3. Hamdi Ibrahim                                    Administrative Manager

 

Total Employees : 40

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

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

 

Opinion on maximum credit : KD 10,000

 

Trade risk assessment: Normal

 

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

 

The above figure is higher than normally seen in one amount, however could prove admissible in a series of transactions provided the total indebtedness is strictly monitored.

 

 

PRINCIPAL BANKERS

 

NAME     : KUWAIT FINANCE HOUSE (KFH)

Branch   : Main branch

PO Box   : 24989

Town     : Safat 13110

 

Telephone: (965) 2244 5050

Fax      : (965) 2245 5136

 

 

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 180,000 - 2009 - exact

                     : KD 200,000 - 2010 - exact

                     : KD 400,000 - 2011 – projected *

 

Net Profit           : not given but stated to be 15-20% of the sales

 

* Projected increase in sales turnover in 2011 is due to favourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 23 June 2004

 

C.R. No. : 101224

 

KCCI Membership No. : 89128 (expiry date: 18/07/2012)

 

Capital : KD 50,000

 
General Partnership with the following partners :
 
                                                             Percentage
               
1. Abdullah Abdah Shafi Al Ajmi               50%
   (Kuwaiti national)
 
2. Fatima Ali Arahma Al Ajmi                  50%
   (mother of the above)

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and retailers of wide range of foodstuff including grain, fresh fruits, oil, sugar and rice.

 

NACE Code : 4729 / 4633 / 4631 / 4636

 

Imports from Asia, mainly from India, Thailand and UAE.

 

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

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented administrative offices located at the heading address as well as storage facilities located in Jalib Al Sheikh and 5 retail outlets located elsewhere in Kuwait.

 

 

SPECIAL NOTE

 

You enquired on: Kalemat International Gen Trd And Cont Co. Please note that the correct name is as per heading.  

 

The address given by you: Fahaheel Mubarak Abdullaal-Dabbous Building, Fourth Floor Office No.5x is misspelt. Please note that the correct spelling is as per heading.

 

Interviewed: Abdullah Abdah Shafi Al Ajmi (Managing Partner).

 

Telephone numbers in Kuwait have changed. Please note that the

subject's correct telephone numbers are as per heading.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

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

----

NB

New Business

----

 

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.