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MIRA INFORM REPORT

 

 

Report Date :

16.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AL MEER FOR MANUFACTURING CONTROL PANEL WLL

 

 

Formerly Known As :

AL MEER INDUSTRIES

 

 

Registered Office :

Plot No. 141,142,143, 144 & 146, Amghara Industrial Area No. 3, 9240, Al Ahmadi 61003

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

27.05.1998

 

 

Com. Reg. No.:

87647

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacturers of control panels and street light poles

 

 

No. of Employees :

200

 

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$ 800,000

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 MEER FOR MANUFACTURING CONTROL PANEL WLL

Also Known As                                      : AL MEER INDUSTRIES

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 27th May 1998

Commercial Registration Number            : 87647

Trade Licence Number                            : 1580532

Chamber Membership Number                : 55991

Issued Capital                                        : KD 5,250,000

Paid up Capital                                      : KD 5,250,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of control panels and street light poles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 800,000

Person Interviewed                                 : Abdul Hadi Hamid, Finance Manager

 

 

 

COMPANY NAME

 

AL MEER FOR MANUFACTURING CONTROL PANEL WLL

 

ALSO KNOWN AS: AL MEER INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Plot No. 141,142,143, 144 & 146

Area                 : Amghara Industrial Area No. 3

 

PO Box             : 9240

 

Town                 : Al Ahmadi 61003

Country             : Kuwait

 

Telephone         : (965) 24571395 / 24571391

Facsimile          : (965) 24571396

Email                : factory@almeer.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Al Ahmadi.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Khobar 31952                                                                               Office premises

Saudi Arabia

 

·       Chennai                                                                                            Office premises

India

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Anmar H Hussain                                          Iraqi                              Managing Director

 

·       Adnan Adnan Yousef                         Kuwaiti                          Director

 

·       Abdullah Adnan Yousef                                  Kuwaiti                          Director

 

·       Ayman Nasser Abdulmohsin Al Arral              Kuwaiti                          Director

 

·       Reda Ahmed                                          -                              Factory Manager

 

·       Abdul Hadi Hamid                                              -                              Finance Manager

 

·       Abdullah Adnan Yousef                                       -                              Business Development Manager

 

·       Tom Jacoub                                                       -                              Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th May 1998

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 87647

 

Trade Licence No.       : 1580532

 

Chamber Member No. : 55991

 

Issued Capital              : KD 5,250,000

 

Paid up Capital            : KD 5,250,000

 

Name of Shareholder (s)

 

·       Anmar H Hussain

 

·       Adnan Adnan Yousef

 

·       Abdullah Adnan Yousef

 

·       Ayman Nasser Abdulmohsin Al Arral

 

 

AFFILIATED COMPANIES

 

·       Al Meer Technical Services WLL

PO Box: 9240

Al Ahmadi 61003

Tel: (965) 23986594 / 23986595 / 23986596

Fax: (965) 23986574

 

·       Integrated Petroleum Services Co (IPS)

Baghdad

Iraq

 

 

OPERATIONS

 

 

Activities: Engaged in the manufacture of control panels and street light poles.

 

                 Subject is ISO 9001:2008 accredited.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 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 5,875,000                            KD 6,500,000

 

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

 

The above figures were provided by Mr Abdul Hadi Hamid, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

 

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.49.25

UK Pound

1

Rs.77.45

Euro

1

Rs.64.89

 

 

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.