MIRA INFORM REPORT

 

 

Report Date :           

15.07.2011

 

 

 

Tel. No.:

965 2416190/2416185/2455741

Fax No.:

965 2416197

 

IDENTIFICATION DETAILS

 

Name :

SPECIALISED SECURITY SYSTEMS CO WLL

 

 

Registered Office :

Plot No 10, Building No 10, 5th Floor, Office 507, Murgab, Souq Al Wataniya, P O Box 2488, Safat 13025

 

 

Country :

Kuwait  

 

 

Date of Incorporation :

11.04.1995

 

 

Com. Reg. No.:

59805

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Security Systems Solutions

 

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$ 700,000

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Kuwait

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                         : SPECIALISED SECURITY SYSTEMS CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 11th April 1995

Commercial Registration Number            : 59805

Trade Licence Number                            : 157/95

Chamber Membership Number                : 45427

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 120

Activities                                               : Security systems solutions.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 700,000

 

 

 

 

 

COMPANY NAME

 

SPECIALISED SECURITY SYSTEMS CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Plot No 10, Building No 10, 5th Floor, Office 507

Area                 : Murgab, Souq Al Wataniya

PO Box             : 2488

Town                 : Safat 13025

Country             : Kuwait

Telephone         : (965) 22416190 / 22416183 / 22455741

Facsimile          : (965) 22416197 / 22455742

Email                : info@ssskwt.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Matrel Jacoub Philip                                         Indian                         Managing Director

 

·       Saeed Mohamed Saeed Al Naqbi                     Kuwaiti                        Director

 

·       Anwar Saeed Mohamed Saeed Al Naqbi           Kuwaiti                        Director

 

·       Hamd Saeed Mohamed Saeed Al Naqbi            Kuwaiti                        Director

 

·       Josi Varghese                                                      -                            Finance Manager

 

·       Jikky Kuruvilla                                                      -                            Sales Manager

 

·       Anand Jacoub                                                      -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th April 1995

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 59805

 

Trade Licence No.       : 157/95

 

Chamber Member No. : 45427

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Matrel Jacoub Philip

 

·       Saeed Mohamed Saeed Al Naqbi

 

·       Anwar Saeed Mohamed Saeed Al Naqbi

 

·       Hamd Saeed Mohamed Saeed Al Naqbi

 

 

AFFILIATED COMPANIES

 

·       Specialised Systems Company LLC

Dubai

     United Arab Emirates

     Tel: (971-4) 3977636

     Fax: (971-4) 3979696

     Email: sscuae@emirates.net.ae

 

 

OPERATIONS

 

Activities: Subject offers security systems solutions specialising in CCTV, fire and gas detection equipment, alarm  and access controls, audio visual equipment, barriers and gates, building automation products and hotel security solutions.

 

Subject’s clients include: Kuwait Government, The Gulf Bank Kuwait, National Bank of Kuwait, Kuwait Airways Corporation & Kuwait Oil Co.

 

Import Countries: United Kingdom, United States of America, Italy, Spain and Finland.

 

International Suppliers:

 

·       Thorn Security                      United Kingdom

·       Millbank                               United Kingdom

·       Vicon Industries Inc               United States of America

·       Cisa                                     Italy

·       Kaso OY                              Finland

·       Static Systems                     United Kingdom

·       Network Telex                       United Kingdom

·       Delta Scientific                      United Kingdom

·       Optimus SA                          Spain

 

Subject has a workforce of 120 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

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

·       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 company is considered to be a fair trade risk and the above credit figure is within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.