MIRA INFORM
REPORT
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Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
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Name : |
AHMED SHARAFI AND PARTNER GENERAL TRADING CO
WLL |
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Registered Office : |
Al Rashoud Building No. 1, Office No. 47, Plot No. 9,
Block No. 1, Commercial Area No. 9, P.O.Box No. 28862, Safat 13149 |
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Country : |
Kuwait |
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Date of Incorporation : |
13.05.1998 |
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Com. Reg. No.: |
72915 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers, Wholesalers and Retailers of women’s textiles
and wide range of foodstuff including rice, sugar and oils |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
KD 90,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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) |
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Kuwait |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Ahmed Sharafi And Partner General
Trading Co WLL(Correct)
AHMED SHARAFI AND PARTNERS GENERAL
TRADING CO WLL (Requested)
company ADDRESS
Building : Al Rashoud Building No.
1, Office No. 47, Plot No. 9
Area : Block No. 1, Commercial
Area No. 9
P.O.Box No. :
28862
Town : Safat 13149
Country : Kuwait
Telephone : (965) 2243 0231 / 2240 4319
/ 2241 8690 / 2241 8690
Mobiles (965)
9988 8083 (Ahmed Abdul Rahman Sharafi) /
(965) 9953 9866 /
Fax : (965) 2241 8690 (ask
for fax)
E-Mail : sharafitex@hotmail.com
SENIOR COMPANY PERSONNEL
Name Position
1. Ahmed Abdul Rahman Sharafi Managing
Director
2. Ibrahim Ahmed Abdul Rahman Sharafi Commercial
Manager
(son of the above)
3. Abdul Nour Ahmed Abdul Rahman Sharafi Sales
Manager
(brother of the
above)
Total Employees : 79
PAYMENTS
No complaints have been heard regarding payments from local
suppliers
or banks.
We consider it is acceptable to deal with subject for
MEDIUM amounts.
Opinion on maximum credit : KD 90,000
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 : AL AHLI
UNITED BANK (KUWAIT)
Branch : Ahmed Al
Jaber Street
PO Box : 2616
Town : Safat
13027
Telephone: (965) 2243 8156
Fax : (965) 2240
2943
A/C No. : 11566227
The company also has an account with the following banks :
1. Kuwait Finance House (KFH)
Main branch
PO Box 24989
Safat 13110
Telephone: (965)
2244 5050
Fax : (965) 2245 5136
2. Kuwait International Bank
Joint Banking
Centre
Mubarak Al Kabeer
St.
Kuwait
Telephone : (965)
188 8999
3. Mashreq Bank
Zumurada Tower,
Al-Qebla
Ahmad Al Jaber
Street, Ground Floor
P.O. Box 461
Dasman 15455
Kuwait
Telephone : (965)
2495 4899
4. Commercial Bank International (PSC)
Al Riqqa Street
P.O. Box 4449
Dubai
UAE
Telephone: (971 4)
227 5265
Fax : (971 4) 227 9039
5. Mashreq Bank
Abu Hail Street,
Hor Al Anz East
Al Hamriya
Co-operative
Dubai
UAE
Telephone: (971 4)
436 8444 / 424 4444
Fax : (971 4) 424 7106
Subject previously had an account with :
Commercial Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box 2861
Safat 13029
Telephone: (965) 2241 1001
Fax : (965) 2245
0150
(Account is still open but facilities is closed)
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 3,200,000 - 2008 - exact
: KD 4,200,000 - 2009 – exact
: KD 4,500,000 - 2010 – exact
: KD 5,000,000 – 2011 –
projected
Net Profit :
KD 280,000 - 2008 - exact
: KD 322,000 - 2009 – exact
: KD 350,000 - 2010 – exact
: KD 400,000 – 2011 - projected
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 13 May 1998
C.R. No. : 72915
KCCI Membership No. : 55860 (expiry date : 19/09/2012)
Authorised Capital : KD 750,00 (increased from KD 300,000
in 2009,
and initially from KD 100,000)
Paid up Capital : KD 750,00 (increased from KD 300,000 in
2009, and
initially from KD 100,000)
Limited Liability Company with the following shareholders :
Percentage
1. Ahmed Abdul Rahman Sharafi 49%
(Iranian
national)
2. Abdullah Mohammed Ali* 51%
(Kuwaiti
national)
* The local sponsor, according to Kuwaiti laws must hold a
minimum of
51% of the capital, however, in practice and unofficially
the local
sponsor gets a fixed annual percentage of the profit and a
sponsorship fee without any investment in the company.
Affiliated companies of Ahmed Sharafi And Partner General
Trading Co. WLL :
Associates
Ahmed Sharafi General Trading Co. LLC
PO Box 43707
Dubai
United Arab Emirates
Telephone: (971 4) 353 5171
Fax : (971 4)
353 5174
Trade License No. : 504788
ACTIVITIES
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of women’s
textiles and wide range of foodstuff including rice, sugar and oils.
NACE Code : 4641 / 4633 / 4636
Imports from Asia and Europe, mainly from India, China,
Spain and Italy.
Exports to GCC countries, mainly to UAE.
FACILITIES
The Company has the following facilities :
Rented premises comprising administrative offices located
at the
heading address as well as 9 wholesale/retail outlet
located elsewhere in Kuwait.
SPECIAL NOTE
You enquired on: Ahmed Sharafi And Partners General Trading
Co Wll. Please note that the correct name is as per heading.
The address given by you: Sharq is incorrect. Please note
that subject’s correct administrative office address is as per heading.
Interviewed: Ahmed Abdul Rahman Sharafi (Managing
Director).
Telephone numbers in Kuwait have changed. Please note that
the
subject's correct telephone numbers are as per heading.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.65.27 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.