MIRA INFORM REPORT

 

 

Report Date :           

17.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AL RASHED INTERNATIONAL SHIPPING CO WLL

 

 

Registered Office :

Rashed Building, 9th Floor, Fahed Al Salem Street, P O Box 20241 & 242, Safat 13063

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.05.1992

 

 

Com. Reg. No.:

45915

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Shipping Services

 

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$ 1,750,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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                                     : AL RASHED INTERNATIONAL SHIPPING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 5th May 1992

Commercial Registration Number            : 45915

Trade Licence Number                            : 326/91

Chamber Membership Number                : 29027

Issued Capital                                        : KD 240,000

Paid up Capital                                      : KD 240,000

Total Workforce                                     : 500

Activities                                               : Shipping services

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,750,000

Person Interviewed                                 : Riaz Ahmed, Chief Accountant

 

COMPANY NAME

 

AL RASHED INTERNATIONAL SHIPPING CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Rashed Building, 9th Floor

Street               : Fahed Al Salem Street

PO Box             : 20241 & 242

Town                 : Safat 13063

Country             : Kuwait

Telephone         : (965) 22912800 / 22912801 / 22436550

Facsimile          : (965) 22403222 / 22408396

Email                : pradeep@al-rasheedgroup.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Saad Abdulaziz Al Rashed                                                                 Managing Director

 

·       Saud Abdulaziz Al Rashed                                                                 Director

 

·       Basel Saad Abdulaziz Al Rashed                                                       Director

 

·       Bassem Saad Abdulaziz Al Rashed                                                    Director

 

·       Essam Saad Abdulaziz Al Rashed                                                     Director

 

·       Khaled Saad Abdulaziz Al Rashed                                                      Director

 

·       Meshaal Abdulmohsin Abdulaziz Al Rashed                                        Director

 

·       Ravi Varre                                                                                         General Manager

 

·       Pradeep Menon                                                                                 Finance Manager

 

·       V P Prasad                                                                                       Shipping Manager

 

·       Riaz Ahmed                                                                                      Chief Accountant

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th May 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 45915

 

Trade Licence No.       : 326/91

 

Chamber Member No. : 29027

 

Issued Capital              : KD 240,000

 

Paid up Capital            : KD 240,000

 

Name of Shareholder (s)                                                                  Percentage

 

·       Rezk Al Ahlia General Trading & Contracting Co                                  29.5%

 

·       Saad Abdulaziz Al Rashed                                                                 29.5%

 

·       Rashed Abdulaziz Al Rashed                                                             29.5%

 

·       Meshaal Abdulmohsin Abdulaziz Al Rashed                                          6.0%

 

·       Maha Abdulmohsin Abdulaziz Al Rashed                                              3.0%

 

·       Cotilda K Al Rashed                                                                            2.5%

 

 

AFFILIATED COMPANIES

 

·       Abdulaziz Abdulmohsin Al Rashed Sons Co WLL

·       Saud Abdulaziz Al Rashed and Brothers Co WLL

·       Abdulaziz Abdulmohsin Al Rashed Sons Real Estate Co WLL

·       Kuwait Centre for Field Maintenance Co WLL

·       Taima’a Trading and Contracting Co WLL

·       Gulf Travel Agency Co WLL

·       Seven Oceans Shipping Co WLL

·       Fonecard General Trading and Contracting Co WLL

·       Service 800 General Trading and Contracting Co WLL

·       Smith International Gulf Services Kuwait WLL

·       Al Rashed International Travel Co

·       Kuwait Cement Company

·       Hempel Paints (Kuwait)

·       Saudi Sand Lime Bricks & Building Materials Co

·       Kuwait Rocks Co

·       Kuwait Maritime and Mercantile Co

·       Contracting & Marine Services Co (CMS)

·       Kuwait Drilling Co

·       National Industries Group (NIG)

·       Al Rashed Cooperheat Trading and Contracting Co

·       Kuwait Oilfield Maintenance Center (KOMC)

 

 

OPERATIONS

 

Activities: Engaged in the provision of a complete range of shipping services, including shipping agents, charterer's, contractors, freight forwarders we take on all types of shipping requirements from specialized vessel to passenger ferries, freighters, container ships, bulk carriers RORO vessels, lash vessels, cattle carriers and oil tankers.

 

The company also provides a complete range of freight services from ship-to-store transportation, customs clearance, forwarding and warehousing.

 

Subject has been awarded the quality management system certification with UKAS accreditation as per the ISO 9001:2008 standards.

 

Import Countries: Europe and the United States of America

 

Agencies Held:

 

·       Hangin Shipping        South Korea

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 21,500,000                           KD 25,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Riaz Ahmed, Chief Accountant

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 2445050

Fax: (965) 2455135

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 2411001

     Fax: (965) 2450150

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.59

Euro

1

Rs.63.13

 

 

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.