MIRA INFORM REPORT

 

 

Report Date :           

20.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SAHARA COMBINED GENERAL TRADING CO WLL

 

 

Registered Office :

Plot No. 62, Al Rai Area, P O Box 6863, Hawalli 32043

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.07.2003

 

 

Com. Reg. No.:

94904, Hawalli

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject operates several divisions includes Trading Division and Electrical Division

 

 

No. of Employees :

84 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                                     : SAHARA COMBINED GENERAL TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 16th July 2003

Commercial Registration Number                        : 94904, Hawalli

Trade Licence Number                            : 23850

Chamber Membership Number                : 83329

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 84

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 400,000

Person Interviewed                                 : Raed Hussain Yousef Abdullah, Director

 

COMPANY NAME

 

SAHARA COMBINED GENERAL TRADING CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Plot No. 62, Al Rai Area

PO Box             : 6863

Town                 : Hawalli 32043

Country             : Kuwait

Telephone         : (965) 24765753 / 24765574 / 24765575

Facsimile          : (965) 24765751

Mobile               : (965) 99752537 / 66629209 / 97770373

Email                : raed@sahara.com.kw / sales@sahara.com.kw

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Mazen Abdulrahman Aziz Al Dalla                  Palestinian                    Managing Director

 

·       Raed Hussain Yousef Abdullah                       Palestinian                    Director

 

·       Hassan Ali Saleh Alawna                                  Kuwaiti                       Director

 

·       Saleh Khalil                                                          -                           Finance Manager

 

·       Aishya Mohamed                                                  -                           Sales Manager

 

·       Kyor Shah                                                            -                           Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th July 2003

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 94904, Hawalli

 

Trade Licence No.       : 23850

 

Chamber Member No. : 83329

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

·       Mazen Abdulrahman Aziz Al Dalla

·       Raed Hussain Yousef Abdullah

·       Hassan Ali Saleh Alawna

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Trading Division

 

     Distributors of electrical products and lighting.

 

·       Electrical Division

 

     Engaged in the manufacture of switchgear, panel controls and circuit breakers.

 

     Subject is ISO 9001:2000 certified.

 

Import Countries: Europe and the Far East.

 

International Suppliers:

 

·       Icear                                                            Italy

·       TRS Lighting                                     Spain

·       ETON Inc                                                     United States of America

·       INOTEC Sicherheitstechnik GmbH                  Germany

·       SOCOMEC                                                   France

·       Sovereign Electrical Protection Solution          United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of 84 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 5,000,000                            KD 5,700,000

 

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

 

The above figures were provided by Mr Raed Hussain Yousef Abdullah, Director

 

 

BANKERS

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 22411102

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              May 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

 

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.52.96

UK Pound

1

Rs.82.04

Euro

1

Rs.68.91

 

 

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.