MIRA INFORM REPORT

 

 

Report Date :           

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MEDMAC UNITED ESTABLISHMENT GENERAL TRADING &  CONTRACTING

 

 

Registered Office :

Baraziliya Complex, 5th Floor, Office No. 13, Tunis Street, P O Box 2308, Hawalli 32024

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.01.2004

 

 

Com. Reg. No.:

97730

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of building maintenance units, temporary cradles, work platforms, facade cleaning works, construction hoists and tower cranes, car parking lifts, space frame and sky lights, steel scaffolding, water systems and equipment, fog and mist systems and workshop and technical support.

 

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$ 250,000

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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                                     : MEDMAC UNITED ESTABLISHMENT GENERAL TRADING &

                                                             CONTRACTING

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 24th January 2004

Commercial Registration Number            : 97730

Trade Licence Number                            : 4612/2003

Chamber Membership Number                : 86192

Invested Capital                                     : KD 150,000

Total Workforce                                     : 30

Activities                                               : Distributors of building maintenance units, temporary cradles, work

                                                              platforms, facade cleaning works, construction hoists and tower cranes,

car parking lifts, space frame and sky lights, steel scaffolding, water systems and equipment, fog and mist systems and workshop and technical support.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

 

 

 

 

COMPANY NAME

 

MEDMAC UNITED ESTABLISHMENT GENERAL TRADING & CONTRACTING

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Baraziliya Complex, 5th Floor, Office No. 13

Street               : Tunis Street

PO Box             : 2308

Town                 : Hawalli 32024

Country             : Kuwait

Telephone         : (965) 22642661 / 22642662 / 66064046 / 66401260

Facsimile          : (965) 22642663

Email                : info@medmac.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Hawalli.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Aziz Saad Abdullah Al Alaiwi                                                             Proprietor & General Manager

 

·       Ahmed Saad Abdullah Al Alaiwi                                                          Assistant General Manager

 

·       Motaz Moufid Abdul Samad                                                               Commercial Manager

 

·       Abraham Joseph                                                                               Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th January 2004

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 97730

 

Trade Licence No.       : 4612/2003

 

Chamber Member No. : 86192

 

Invested Capital           : KD 150,000

 

Mr Aziz Saad Abdullah Al Alaiwi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building maintenance units, temporary cradles, work platforms, facade cleaning works, construction hoists and tower cranes, car parking lifts, space frame and sky lights, steel scaffolding, water systems and equipment, fog and mist systems and workshop and technical.

 

Import Countries: Europe and China.

 

International Suppliers:

 

·       Sky Gindola              Spain

·       TDT                          China

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

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

 

Total Sales                                KD 2,050,000                            KD 2,200,000

 

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

Hawalli

Tel: (965) 22645964

 

 

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 business 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.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

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.