MIRA INFORM REPORT

 

 

Report Date :

05.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HASHIM AL SHAKHS & CO WLL

 

 

Registered Office :

Al Sahafa Street, Press Area, Shuwaikh Industrial Area, Plot No. 1, 24269 Safat 13103,

 

 

Country :

Kuwait

 

 

Date of Incorporation :

05.01.1970

 

 

Financials (as on) :

31.12.2010

 

 

Com. Reg. No.:

15411

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of Paper and Cardboard Products, Sports Equipment and Electronic Games.

 

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$ 150,000

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                                     : HASHIM AL SHAKHS & CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 5th January 1970

Commercial Registration Number            : 15411

Trade Licence Number                            : 1862/77

Chamber Membership Number                : 3364

Issued Capital                                        : KD 600,000

Paid up Capital                                      : KD 600,000

Total Workforce                                     : 45

Activities                                               : Distributors of paper and cardboard products, sports equipment and

                                                              electronic games.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Issa Mohamed, Public Relations Manager

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Al Sahafa Street

Area                 : Press Area, Shuwaikh Industrial Area, Plot No. 1

PO Box             : 24269

Town                 : Safat 13103

Country             : Kuwait

Telephone         : (965) 24319525 / 24332712 / 24345877 / 24840250 / 24846953 / 24319525

Facsimile          : (965) 24345850 / 24837622

Email                : hsccomp@ncc.moc.kw / sales@alshakhs.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Hashim Ibrahim Al Shakhs                                                  Managing Director

 

·       Hani Hashim Ibrahim Al Shakhs                                                         Director

 

·       Hamd Hashim Ibrahim Al Shakhs                                                       Director

 

·       Abdul Hamid Hashim Ibrahim Al Shakhs                                             Director

 

·       Hashimya Hashim Ibrahim Al Shakhs                                                 Director

 

·       Fakriya Hashim Ibrahim Al Shakhs                                                     Director

 

·       Ahlam Hashim Ibrahim Al Shakhs                                                       Director

 

·       Fatima Hashim Ibrahim Al Shakhs                                                      Director

 

·       Susan Hashim Ibrahim Al Shakhs                                                       Director

 

·       Shurooq Hashim Ibrahim Al Shakhs                                                    Director

 

·       Bebi Hashim Ibrahim Al Shakhs                                                         Director

 

·       Wael Abdul Mohsin Ibrahim Al Shakhs                                                Director

 

·       Ibrahim Abdul Mohsin Ibrahim Al Shakhs                                             Director

 

·       Fatima Abdul Mohsin Ibrahim Al Shakhs                                             Director

 

·       Naela Abdul Mohsin Ibrahim Al Shakhs                                               Director

 

·       Aysha Ali Hussain Al Mohamed Ali                                                     Director

 

·       Issa Mohamed                                                                                  Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th January 1970

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 15411

 

Trade Licence No.       : 1862/77

 

Chamber Member No. : 3364

 

Issued Capital              : KD 600,000

 

Paid up Capital            : KD 600,000

 

Name of Shareholder (s)

 

·       Mohamed Hashim Ibrahim Al Shakhs

 

·       Hani Hashim Ibrahim Al Shakhs

 

·       Hamd Hashim Ibrahim Al Shakhs

 

·       Abdul Hamid Hashim Ibrahim Al Shakhs

 

·       Hashimya Hashim Ibrahim Al Shakhs

 

·       Fakriya Hashim Ibrahim Al Shakhs

 

·       Ahlam Hashim Ibrahim Al Shakhs

 

·       Fatima Hashim Ibrahim Al Shakhs

 

·       Susan Hashim Ibrahim Al Shakhs

 

·       Shurooq Hashim Ibrahim Al Shakhs

 

·       Bebi Hashim Ibrahim Al Shakhs

 

·       Wael Abdul Mohsin Ibrahim Al Shakhs

 

·       Ibrahim Abdul Mohsin Ibrahim Al Shakhs

 

·       Fatima Abdul Mohsin Ibrahim Al Shakhs

 

·       Naela Abdul Mohsin Ibrahim Al Shakhs

 

·       Aysha Ali Hussain Al Mohamed Ali

 

 

AFFILIATED COMPANIES

 

·       Hashim Al Shakhs Block Factory

East Ahmadi Industrial Area

PO Box: 2382

Safat 13024

Tel: (965) 23987793

Fax: (965) 23981536

 

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of paper and cardboard products, paper boxes, cones and tubes, artistic materials, school supplies and general office stationery.

 

Subject also distributes sports equipment and handheld electronic games.

 

Import Countries: Europe, Indonesia, Brazil and Japan.

 

International Suppliers:

 

·       Curtis Fine Papers                United Kingdom

·       Zanders                                Germany

·       Ljungdahls                            Germany

·       Clariana                                Spain

·       Hispapel                               Spain

·       Sihl                                      Switzerland

·       Sinar Mas                             Indonesia

·       Kantac                                 Japan

·       Champion                             Brazil

·       Ripasa                                 Brazil

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 Revenue                            KD 1,800,000                            KD 2,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 22459771

Fax: (965) 22461430

 

 

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.44.38

UK Pound

1

Rs.73.88

Euro

1

Rs.65.83

 

 

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.