MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

GROWMORE GENERAL TRADING COMPANY WLL

 

 

Registered Office :

Ardya Industrial Area, Plot No. 2, P O Box 251, Safat 13003

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.08.1993

 

 

Com. Reg. No.:

51889

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of books, magazines and periodicals

 

 

No. of Employees :

20 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$ 200,000

 

 

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                                     : GROWMORE GENERAL TRADING COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 12th August 1993

Commercial Registration Number            : 51889

Trade Licence Number                            : 543/93

Chamber Membership Number                : 37207

Issued Capital                                        : KD 200,000

Paid up Capital                                      : KD 200,000

Total Workforce                                     : 20

Activities                                               : Distributors of books, magazines and periodicals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Sanjay Verma, Financial Controller

 

COMPANY NAME

 

GROWMORE GENERAL TRADING COMPANY WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Ardya Industrial Area, Plot No. 2

PO Box             : 251

Town                 : Safat 13003

Country             : Kuwait

Telephone         : (965) 24316761 / 1833444

Facsimile          : (965) 24330451

Mobile               : (965) 9549854

Email                : books@growmorebooks.com / gmbooks@qualitynet.net

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Faisal Abdulaziz Al Zahem                               Kuwaiti                        Managing Director

 

·       Lokish D Malhotra                                            Indian                         Director

 

·       Shalinder Shreevastav                                           -                            General Manager

 

·       Kaid Johar                                                           -                            Finance Manager

 

·       Sanjay Verma                                                      -                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th August 1993

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 51889

 

Trade Licence No.       : 543/93

 

Chamber Member No. : 37207

 

Issued Capital              : KD 200,000

 

Paid up Capital            : KD 200,000

 

Name of Shareholder (s)

 

·       Faisal Abdulaziz Al Zahem

 

·       Lokish D Malhotra

 

 

AFFILIATED COMPANIES

 

·       Al Zahem & Malhotra General Trading WLL
Block No. 2, Plot No. 122/123

     Street No. 6

     Ardiya

     PO Box: 251

     Safat 13003

     Tel: (965) 22491436

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of books, magazines and periodicals.

 

Import Countries: United Kingdom, United States of America, India, Singapore and Lebanon.

 

International Suppliers:

 

·       Marshall Cavendish ELT         United Kingdom

·       Heinle                                  United States of America

·       John Valley Education           United Kingdom

·       Pearsons Education              United Kingdom

·       Mcgrawhill                            United Kingdom

·       Oxford Dictionary                  United Kingdom

 

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 3,280,000                            KD 4,000,000

 

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

 

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

 

 

BANKERS

 

·       Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 22459771

Fax: (965) 22461430

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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.