MIRA INFORM REPORT

 

 

Report Date :           

11.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SEHAM INTERNATIONAL GENERAL TRADING CO WLL

 

 

Registered Office :

Commercial Area No. 9, Block No. 2, P O Box 25711, Safat 13118

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.07.1963

 

 

Com. Reg. No.:

11750, Safat

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Wholesalers and retailers of textiles, fabrics, curtains and upholstery materials.

 

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$ 300,000

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 – 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                                     : SEHAM INTERNATIONAL GENERAL TRADING CO WLL

Also Known As                                      : SEHAM COMPANY KUWAIT

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 27th July 1963

Commercial Registration Number            : 11750, Safat

Trade Licence Number                            : 3050/67

Chamber Membership Number                : 6579

Issued Capital                                        : KD 60,000

Paid up Capital                                      : KD 60,000

Total Workforce                                     : 15

Activities                                               : Wholesalers and retailers of textiles, fabrics, curtains and upholstery

                                                              materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

 

COMPANY NAME

 

SEHAM INTERNATIONAL GENERAL TRADING CO WLL

 

 

ALSO KNOWN AS

 

SEHAM COMPANY KUWAIT

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Commercial Area No. 9, Block No. 2

PO Box             : 25711

Town                 : Safat 13118

Country             : Kuwait

Telephone         : (965) 22442959 / 22409697 / 22408417

Facsimile          : (965) 22451059

Mobile               : (965) 99778940

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       PO Box: 43988                                                                                             Rented showroom premises

Hawalli 32054

Tel: (965) 22656752

Fax: (965) 22451059

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Mazin Mohamed Essa                                                 Syrian                         Managing Director

 

·       Nabil Abdullah Ali Al Abhoul Al Juraisi               Kuwait                                    Director

 

·       Adeeba Sobhi Qatramez                                              Qatari                         Director

 

·       Hamada El Sayed                                                            -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th July 1963

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 11750, Safat

 

Trade Licence No.       : 3050/67

 

Chamber Member No. : 6579

 

Issued Capital              : KD 60,000

 

Paid up Capital            : KD 60,000

 

Name of Shareholder (s)

 

·       Mazin Mohamed Essa

 

·       Nabil Abdullah Ali Al Abhoul Al Juraisi

 

·       Adeeba Sobhi Qatramez

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles, fabrics, curtains and upholstery materials.

 

Import Countries: Germany, Italy and Spain.

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 1,680,000                            KD 1,850,000

 

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

 

·       Kuwait Finance House (KFC)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 1998

Credit amount                                        200,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

 

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.45.11

UK Pound

1

Rs.72.91

Euro

1

Rs.62.56

 

 

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.