MIRA INFORM REPORT

 

 

Report Date :

02.03.2011

 

IDENTIFICATION DETAILS

 

Name :

FRONTLINE LOGISTICA IMPORT AND EXPORT COMM. AGENT EST 

 

 

Registered Office :

Zain Al Arbeed Building, 1st & 3rd Floor, Office No. 4 , Al Farwaneyah (Commercial Area), P.O. Box 2911 Safat 13030, Kuwait City

 

 

Country :

Kuwait

 

 

Date of Incorporation :

20.02.2006

 

 

Com. Reg. No.:

55317

 

 

Legal Form :

Proprietorship Concern

 

 

Line of Business :

Logistics Service Providers

 

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 80,000

Status :

Moderate

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

 

Company NAME

 

Frontline Logistica Import And Export Comm. Agent Est

 

 

company ADDRESS

 

Building                         : Zain Al Arbeed Building, 1st & 3rd Floor, Office No. 4

Area                                         : Al Farwaneyah (Commercial Area)

P.O. Box                       : 2911 Safat 13030

Town                             : Kuwait City

Country                         : Kuwait

Telephone                     : (965) 2471 2298 / Mobile (965) 9902 2394 (Sattam Abdullah Deidan Al Mutairy)

Fax                               : (965) 2471 2886

 

 

SENIOR COMPANY PERSONNEL

 

    Name                                               Position

 

1. Sattam Abdullah Deidan Al Mutairy    Owner

 

2. Nasser Habib                                     General Manager

   (Indian national)

 

3. Saleem Ahmed                                  Accounts Manager

 

4. Ms Pramilda                                                  Fright Forwarding Manager

 

Total Employees : 75

 

 

PAYMENTS

 

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

 

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

 

Opinion on maximum credit : KD 80,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 150,000 :

 

We consider the above figure to be within the company's financial capabilities.

 

 

PRINCIPAL BANKERS

 

NAME               : COMMERCIAL BANK OF KUWAIT SAK 

 Branch             : Mubarak Al Kabir Street

P.O. Box           : 2861

Town                 : Safat 13029

 Telephone        : (965) 2241 1001           

Fax                   : (965) 2245 0150

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the latest available is  the following information :

 

Sales Turnover               : KD 4,000,000 - 2009 - exact

                                    : KD 4,800,000 - 2010 – exact

 

Net Profit                       : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 20 February 2006

C.R. No.                        : 55317

KCCI Membership No.    : 118034 (expires on 5 January 2014)

Capital                          : not applicable

 

Proprietorship Business owned by Sattam Abdullah Deidan Al Mutairy (Kuwaiti national)

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Logistics service providers.

 

Imports worldwide mainly from USA.

 

Exports to USA, Iraq and GCC countries.

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative office located at the heading address as well as warehousing facilities located at Showaik Industrial Area and 2 branch offices located elsewhere in Iraq and Qatar.

 

 

SPECIAL NOTE

 

Interviewed : Ms Pramilda (Fright Forwarding Manager).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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.