MIRA INFORM REPORT

 

 

Report Date :           

22.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MASSAD CO WLL

 

 

Registered Office :

Ardiya Industrial Area, P O Box   1785, Safat 13018

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.07.1972

 

 

Com. Reg. No.:

18984

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of general foodstuffs

 

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$ 200,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : MASSAD CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 18th July 1972

Commercial Registration Number            : 18984

Trade Licence Number                            : 470/73

Chamber Membership Number                : 1529

Issued Capital                                        : KD 300,000

Paid up Capital                                      : KD 300,000

Total Workforce                                     : 75

Activities                                               : Distributors of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

 

COMPANY NAME

 

MASSAD CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Ardiya Industrial Area

PO Box             : 1785

Town                 : Safat 13018

Country             : Kuwait

Telephone         : (965) 24314528 / 24314621

Facsimile          : (965) 22445852

Email                : massad@albabtaingroup.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Abdul Rahman Abdulaziz Saud Al Babtain                                          Managing Director

 

·       Ahmed Abdulaziz Saud Al Babtain                                                     Director

 

·       Saud Abdulaziz Saud Al Babtain                                                        Director

 

·       Magie Dmelli                                                                         Sales Manager

 

·       Wageh Mohamed                                                                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th July 1972

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 18984

 

Trade Licence No.       : 470/73

 

Chamber Member No. : 1529

 

Issued Capital              : KD 300,000

 

Paid up Capital            : KD 300,000

 

Name of Shareholder (s)                                             

 

·       Abdul Rahman Abdulaziz Saud Al Babtain

 

·       Ahmed Abdulaziz Saud Al Babtain

 

·       Saud Abdulaziz Saud Al Babtain

 

 

AFFILIATED COMPANIES

 

·       Al Ahlia Plastics Company

 

·       National Computer Services

 

·       Al Babtain Finance Company

 

·       Kuwait Paint Company

 

·       Abdul Mohsin Abdulaziz Al Babtain Co

 

·       Gulf Express

 

·       Al Babtain Body Manufacturing Co

 

·       Al Babtain Group International General Trading Co WLL

PO Box: 766

Safat 13008

Tel: (965) 24719055

Fax: (965) 24713359

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including oil, butter, rice, lentils, meat and

     poultry.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 75 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 3,600,000                            KD 3,925,000

 

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.51.72

UK Pound

1

Rs.81.42

Euro

1

Rs.68.89

 

 

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.