MIRA INFORM
REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Daboos
Complex, Building 14, Plot No. 11, Office No. 7, 3rd Floor, Fahaheel
Area, P O Box 38189, Dahiyat
Abdulla Al Salem 72252 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.02.2006 |
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Com. Reg. No.: |
28281 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution
of gas and oilfield equipment |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 60,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 21st February 2006
Commercial Registration Number : 28281
Trade Licence Number : 254/2006
Chamber Membership Number : 99841
Invested Capital : KD 50,000
Total Workforce : 10
Activities : Import and distribution of gas and oilfield equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 60,000
Person Interviewed : Sayed Abdul Fattah, Finance Manager
COMPANY NAME
company ADDRESS
Registered & Physical Address
Location : Al
Daboos Complex, Building 14, Plot No. 11, Office No. 7, 3rd Floor
Area : Fahaheel Area
PO Box : 38189
Town : Dahiyat Abdulla Al Salem
72252
Country :
Telephone : (965) 23923062 / 22452421 /
22440158
Facsimile : (965) 23929661 / 23923046 / 22456162
Email : info@alfares-petro.net / alfarespetro@gmail.com / sales@alfares-petro.net
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dahiyat Abdulla Al Salem.
KEY PRINCIPALS
Name Position
·
Faisal Abdullah Al Fares Proprietor
& General Manager
·
Abdullah Faisal Abdullah Al Fares Assistant
General Manager
·
Sayed Abdul Fattah Finance
Manager
·
Pet
Navidad Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
February 2006
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 28281
Trade Licence No. : 254/2006
Chamber Member No. : 99841
Invested Capital
: KD 50,000
Mr Faisal Abdullah Al Fares is the sole proprietor of
the business.
AFFILIATED COMPANIES
·
Al
Jawhra Jewellery Co
Al Mubarakiya Area
PO Box: 38189
Dahiyat Abdullah Al Salem 72251
Tel: (965) 22452521
·
Al
Fares Petro Services Co LLC
Jebel Ali Free Zone
OPERATIONS
Activities: Engaged in the import and distribution of gas
and oilfield equipment, including gaskets, seals, bearing
isolators, mechanical seals,
compression packing, and expansion joints.
Import
Countries:
Agencies Held:
·
Garlock
Sealing Technologies
Operating Trend: Steady
Subject has a
workforce of 10 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 85,000 KD 100,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sayed Abdul Fattah, Finance
Manager
BANKERS
·
National
Bank of
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.38 |
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1 |
Rs.73.08 |
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Euro |
1 |
Rs.61.60 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.