MIRA INFORM REPORT

 

 

Report Date :

09.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AL ASFOOR AND KHATIB TRADING CO WLL

 

 

Registered Office :

Al Bustan Complex, 1st Floor, Salim Al Mubarak Street, 22733, Safat 13038

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.03.1980

 

 

Com. Reg. No.:

29405, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Wholesalers and retailers of ready made garments, footwear and luggage.

 

 

No. of Employees :

95

 

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$ 750,000

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 30, 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                                     : AL ASFOOR AND KHATIB TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 23rd March 1980

Commercial Registration Number            : 29405, Safat

Trade Licence Number                            : 3431/80

Chamber Membership Number                : 9215

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 95

Activities                                               : Wholesalers and retailers of ready made garments, footwear and luggage.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

 

COMPANY NAME

 

AL ASFOOR AND KHATIB TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Bustan Complex, 1st Floor

Street               : Salim Al Mubarak Street

 

PO Box             : 22733

 

Town                 : Safat 13038

Country             : Kuwait

 

Telephone         : (965) 25714391 / 25747374

Facsimile          : (965) 25718476

Email                : khatib@qualitynet.net / akhatib@aktgroup.net

 

Please note that subject’s previous address was, Osama Zayed Al Kadhemi Building, Ground Floor, Abdullah Al Salem Street, Al Salmiya Area, Safat 13038.

 

Premises

 

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

 

Branch Offices

 

Subject has 9 showrooms located throughout Kuwait at Salem Al Mubarak Street, Safat, Al Jahara, Fahaheel, Abu Halifa, Qaikan, Kuwait Magic and Hawalli.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Faisal Abdullah Ahmed Al Asfoor                    Kuwaiti                          Managing Director

 

·       Mohamed Ahmed Al Khatib                            Palestinian                    Director

 

·       Hani Mohamed Al Khatib                                     -                             General Manager

 

·       Mohamed A Al Asfoor                                          -                             Assistant General Manager

 

·       Ghassan Zalloum                                                -                             Sales Manager

 

·       Lili Palmer                                                          -                             Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd March 1980

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 29405, Safat

 

Trade Licence No.       : 3431/80

 

Chamber Member No. : 9215

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Faisal Abdullah Ahmed Al Asfoor

 

·       Mohamed Ahmed Al Khatib

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of ready made garments, footwear and luggage.

 

Import Countries: United Kingdom, Germany, China and the United States of America.

 

International Suppliers:

 

·       Priceless      China

·       Zone            China

 

Operating Trend: Steady

 

Subject has a workforce of 95 employees.

 

 

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

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

 

Total Sales                                KD 4,725,000                            KD 5,100,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.06

UK Pound

1

Rs.78.08

Euro

1

Rs.65.15

 

 

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.