MIRA INFORM REPORT

 

 

Report Date :           

29.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

GULF & BAB AL MANDAB TRADING & CONTRACTING CO WLL

 

 

Registered Office :

Main Street, Fahaheel Industrial Area, P O Box 47987, Fahaheel 64030

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.02.1984

 

 

Com. Reg. No.:

36905

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of building materials, ceramics, tiles, showers, water heaters and electrical products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

Status :

Satisfactory

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

 

 

SUMMARY

 

Company Name                                     : GULF & BAB AL MANDAB TRADING & CONTRACTING CO WLL

Also Known As                                      : GULF & AL MANDAB GATE

                                                              GULF & BAB AL MANDAB

                                                              AL KHALEEJ & BAB AL MANDAB

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 16th February 1984

Commercial Registration Number            : 36905

Trade Licence Number                            : 1265/84

Chamber Membership Number                : 15006

Issued Capital                                        : KD 120,000

Paid up Capital                                      : KD 120,000

Total Workforce                                     : 20

Activities                                               : Distributors of building materials, ceramics, tiles, showers, water

heaters  and electrical products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Hamada Belal, Commercial Manager

 

 

 

 

COMPANY NAME

 

GULF & BAB AL MANDAB TRADING & CONTRACTING CO WLL

 

 

ALSO KNOWN AS

 

·         GULF & AL MANDAB GATE

·         GULF & BAB AL MANDAB

·         AL KHALEEJ & BAB AL MANDAB

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Main Street

Area                 : Fahaheel Industrial Area

PO Box             : 47987

Town                 : Fahaheel 64030

Country             : Kuwait

Telephone         : (965) 23914280 / 23911177

Facsimile          : (965) 23919455

Mobile               : (965) 9000751

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Fahaheel.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Saad Shabib Abdullah Al Ajmi                                                            Managing Director

 

·       Shabib Souair Abdullah Al Ajmi                                                          Director

 

·       Ayad Shabib Souair Abdullah Al Ajmi                                                  General Manager

 

·       Hamada Belal                                                                                   Commercial Manager

 

·       Ahmed Amer                                                                                    Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th February 1984

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 36905

 

Trade Licence No.       : 1265/84

 

Chamber Member No. : 15006

 

Issued Capital              : KD 120,000

 

Paid up Capital            : KD 120,000

 

Name of Shareholder (s)

 

·       Saad Shabib Abdullah Al Ajmi

 

·       Shabib Souair Abdullah Al Ajmi

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, ceramics, tiles, showers, water heaters and  electrical products.

 

Import Countries: Europe, Egypt and India

 

International Suppliers:

 

·       Milano                      Egypt

·       Henza                      India

·       Regency                   India

·       Kajira                       India

 

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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 2,175,000                            KD 2,310,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Fahaheel

     Tel: (965) 23922776

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.74.14

Euro

1

Rs.65.78

 

 

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.