MIRA INFORM REPORT

 

 

Report Date :           

09.12.2011

 

IDENTIFICATION DETAILS

 

Name :

AL OULA STEEL MANUFACTURING COMPANY KSCC

 

 

Registered Office :

Plot 73, Block No. 4, MA-10 Road, Shuaiba Industrial Area, P O Box 47218, Fahaheel 6023

 

 

Country :

Kuwait

 

 

Date of Incorporation :

08.05.2001

 

 

Com. Reg. No.:

83692

 

 

Legal Form :

Kuwaiti Shareholding Company Closed

 

 

Line of Business :

Manufacture of steel billets, ferrous alloys, hot briquetted iron, pig iron, sponge iron and graphite products

 

 

No. of Employees :

350 persons

 

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$ 400,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : AL OULA STEEL MANUFACTURING COMPANY KSCC

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                   : 8th May 2001

Commercial Registration Number            : 83692

Trade Licence Number                            : 11270

Chamber Membership Number                : 70322

Issued Capital                                        : KD 2,000,000

Paid up Capital                                      : KD 2,000,000

Total Workforce                                     : 350

Activities                                               : Manufacture of steel billets, ferrous alloys, hot briquetted iron, pig iron,

                                                              sponge iron and graphite products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 400,000

 

COMPANY NAME

 

AL OULA STEEL MANUFACTURING COMPANY KSCC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Plot 73, Block No. 4

Street               : MA-10 Road

Area                 : Shuaiba Industrial Area

PO Box             : 47218

Town                 : Fahaheel 6023

Country             : Kuwait

Telephone         : (965) 23263780 / 23263791 / 23263706 / 23263786

Facsimile          : (965) 23263781

Email                : info@al-oula.net / sales@al-oula.net

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Fahd Yacoob Yousef Al Johan                                                            Managing Director

 

·       Hussain Ali Hussain Al Kharafi                                                           Director

 

·       Ahmed Hussain Ali Al Kharafi                                                 Director

 

·       Latifa Hussain Ali Al Kharafi                                                               Director

 

·       Anas Fahd Al Bahr                                                                            General Manager

 

·       Saleh Shady                                                                                     Finance Manager

 

·       Bemena Mateen                                                                                Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th May 2001

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.  : 83692

 

Trade Licence No.       : 11270

 

Chamber Member No. : 70322

 

Issued Capital              : KD 2,000,000

 

Paid up Capital            : KD 2,000,000

 

Name of Shareholder (s)

 

·       Fahd Yacoob Yousef Al Johan

 

·       Hussain Ali Hussain Al Kharafi

 

·       Ahmed Hussain Ali Al Kharafi

 

·       Latifa Hussain Ali Al Kharafi

 

 

AFFILIATED COMPANIES

 

·       Kuwait Ferro Chrome General Trading  & Contracting

Safat

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of steel billets, ferrous alloys, hot briquetted iron, pig iron, sponge iron and graphite products.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Industrial Bank of Kuwait

Block No. 5

Street No. 4

Sabhan

Tel: (965) 24728742

Fax: (965) 24731839

Acc No. 100000000368

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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.51.78

UK Pound

1

Rs.81.32

Euro

1

Rs.69.42

 

 

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.