MIRA INFORM REPORT

 

 

Report Date :

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

AL FANOON GENERAL TRADING & CONTRACTING EST

 

 

Registered Office :

Al Kazemi Building Khalid Ibn Al Walid Street Al Sharq Area PO Box 24879 Safat 13019

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.01.1990

 

 

Com. Reg. No.:

10979, Safat

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of general foodstuff products.

 

 

No. of Employees :

12

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 FANOON GENERAL TRADING & CONTRACTING EST

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 10th January 1990

Commercial Registration Number            : 10979, Safat

Trade Licence Number                            : 40/90

Chamber Membership Number                : 19620

Invested Capital                         : KD 80,000

Total Workforce                         : 12

Activities                                               : Distributors of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Hussain Salem Ali Al Shamari, Assistant General Manager

 

 

 

COMPANY NAME

 

AL FANOON GENERAL TRADING & CONTRACTING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Al Kazemi Building

Street               : Khalid Ibn Al Walid Street

Area                 : Al Sharq Area

 

PO Box : 24879

 

Town                 : Safat 13019

Country : Kuwait

 

Telephone         : (965) 24913363 / 24882928 / 22452160

Facsimile          : (965) 24826980 / 22452161

Mobile               : (965) 99422305 / 99135486 / 99050480 / 66034374

Email                : alhussaini38@yahoo.com

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       Shop No. 45                                                                                     Showroom premises

     Mizaneen Squal Al Masheel

     Safat

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mrs Jameela Abdul Karim Juma Al Sairafi                                           Proprietor

 

·       Ali Salem Ali Al Shamari                                                                    General Manager

 

·       Hussain Salem Ali Al Shamari                                                            Assistant General Manager

 

·       Hussain Akbar Ali                                                                             Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th January 1990

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 10979, Safat

 

Trade Licence No.       : 40/90

 

Chamber Member No. : 19620

 

Invested Capital           : KD 80,000

 

Mrs Jameela Abdul Karim Juma Al Sairafi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including rice, spices and pickles.

 

Import Countries: India and Sri Lanka

 

Brand Names: BICANO, PACHRANGA, ANJALI, SHAAHI and NONA

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                KD 1,290,000                            KD 1,650,000

 

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

 

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

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

     Fax: (965) 22455135

     Acc No. 101010034501

 

 

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.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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.