MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AL ARDH AL ALAMIYA GENERAL TRADING CO. WLL

 

 

Registered Office :

Abdul Jaleel Complex, Shop No. 8, Khalifa Jassim Street, Shuwaikh Industrial Area, Bin Nisf Road, P.O.Box No. 7454,Fahaheel 64005

 

 

Country :

Kuwait

 

 

Date of Incorporation :

16.03.2004

 

 

Com. Reg. No.:

98501

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, Wholesalers and Retailers of fasteners, packaging material, machine tools and other related items

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

KD 25,000

 

 

Status :

Small Company 

 

 

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

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

Al Ardh Al Alamiya General Trading Co. WLL (Correct)

Aredh Al. Alamiah Gen Trd & Cont Co (Requested)

 

 

company ADDRESS

 

Building             : Abdul Jaleel Complex, Shop No. 8

Street               : Khalifa Jassim Street

Area                 : Shuwaikh Industrial Area, Bin Nisf Road

P.O.Box No.      : 7454

Town                 : Fahaheel 64005

Country             : Kuwait

Telephone         : (965) 2491 2952 / 2492 8152 / Mobile 9900 1652 (Khuzaima

                        Fakhruddin)

Fax                   : (965) 2482 8401

E-Mail               : khuzaima@expresskuwait.com

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Faraj A. Al Mutairi                              Managing Director

 

2. Nuwair N. Saftan                                Director

 

3. Khuzaima Fakhruddin                         Chief Executive Officer

 

4. Hakim Fakhruddin Abdul Hussein        Sales Executive

 

Total Employees : 15

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : KD 25,000

 

Trade risk assessment: Normal

 

Opinion on the credit figure of US DLRS 1,000,000 :

 

We consider the above figure to be beyond the Company's financial capabilities and recommend dealing on fully secured terms.

 

 

PRINCIPAL BANKERS

 

NAME               : COMMERCIAL BANK OF KUWAIT SAK

Branch              : Mubarak Al Kabir Street

PO Box             : 2861

Town     :           Safat 13029

Telephone         : (965) 2241 1001

Fax                   : (965) 2245 0150

 

The company also has an account with :

 

Burgan Bank

Ahmed Al Jaber Street

PO Box 5389

Safat 13054

Telephone         : (965) 2243 9000

Fax                   : (965) 2246 1148

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover             : KD 1,000,000 - 2009 - exact

                        : KD 1,200,000 - 2010 - exact

                        : KD 1,500,000 – 2011 - projected

 

Net Profit              : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                                          : 16 March 2004

 

C.R. No.                                                : 98501

 

Chamber of Commerce Membership No.: 87018 (expiry date: 14 December 2011)

 

Authorised Capital                                  : KD 50,000

 

Paid-Up Capital                          : KD 50,000

 

Limited Liability Company with the following shareholders :

 

1. Faraj A. Al Mutairi

 

2. Nuwair N. Saftan

 

The exact shareholding percentage was not disclosed.

* The local sponsor, according to Kuwaiti laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and retailers of fasteners, packaging material, machine tools and other related items

 

NACE Code: 4662

 

Imports from China, India, UAE, Germany, Switzerland and Turkey.

 

The Company does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and an outlet with storage facilities located at the heading address.

 

 

SPECIAL NOTE

 

You enquired on: Aredh Al. Alamiah Gen Trd & Cont Co. Please note that subject's correct registered name is as per heading.

 

Interviewed: Khuzaima Fakhruddin (Chief Executive Officer)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.95

UK Pound

1

Rs.72.12

Euro

1

Rs.63.67

 

 

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.