MIRA INFORM REPORT

 

 

Report Date :

28.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

FAISAL HAULAFE GENERAL TRADING & CONSTRUCTION

 

 

Registered Office :

Al Mawash Tower, 11th Floor, B Block, Al Hilali Street,.Al Murqab Area, P O Box 22629, Safat 13087

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

03.05.1983

 

 

Com. Reg. No.:

34981

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of textiles and fabrics for curtain and soft furnishings

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : FAISAL HAULAFE GENERAL TRADING & CONSTRUCTION

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 3rd May 1983

Commercial Registration Number            : 34981

Trade Licence Number                            : 871/83

Chamber Membership Number                : 13582

Invested Capital                                     : KD 60,000

Total Workforce                                     : 90

Activities                                               : Distributors of textiles and fabrics for curtain and soft furnishings.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

 

COMPANY NAME

 

FAISAL HAULAFE GENERAL TRADING & CONSTRUCTION

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Mawash Tower, 11th Floor, B Block

Street               : Al Hilali Street

Area                 : Al Murqab Area

PO Box             : 22629

Town                 : Safat 13087

Country             : Kuwait

Telephone         : (965) 22461083 / 22461084 / 22461081

Facsimile          : (965) 22461083

Email                : fhest@qualitynet.net

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Safat.

 

Branch Office (s)

Subject operates approximately 10 showrooms located in Souq Al Maseel, Fahaheel, Farwaniya and Al Rai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Faisal Al Haulafe Al Soulabi Al Khaldi                                     Proprietor & General Manager

 

·       Ismail Faisal Al Haulafe Al Soulabi Al Khaldi                                        Assistant General Manager

 

·       Muhail Faisal Al Haulafe Al Soulabi Al Khaldi                                       Commercial Manager

 

·       Vijay Dave Raj Kapur                                                             Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd May 1983

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 34981

 

Trade Licence No.       : 871/83

 

Chamber Member No. : 13582

 

Invested Capital           : KD 60,000

 

Mr Faisal Al Haulafe Al Soulabi Al Khaldi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of textiles and fabrics for curtain and soft furnishings.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 90 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                KD 3,440,000                            KD 3,875,000

 

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

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.57

UK Pound

1

Rs.72.50

Euro

1

Rs.62.46

 

 

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

 

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.