MIRA INFORM REPORT

 

 

Report Date :           

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MAJDI STORE CO

 

 

Registered Office :

Kuwait Free Trade Zone, Block A & B, Store 10, Shuwaikh, P O Box 2473, Safat 13025

 

 

Country :

Kuwait

 

 

Date of Incorporation :

29.03.1982

 

 

Com. Reg. No.:

32615

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Wholesale and retail of general foodstuffs.

 

 

No. of Employees :

10

 

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 – 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                                     : MAJDI STORE CO

Country of Origin                                    : Kuwait

Legal Form                                            : Free Zone Company

Registration Date                                   : 29th March 1982

Commercial Registration Number            : 32615

Trade Licence Number                            : 5640/82

Chamber Membership Number                : 11758

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 10

Activities                                               : Wholesale and retail of general foodstuffs.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Mohamed Al Zayad, Finance Manager

 

COMPANY NAME

 

MAJDI STORE CO

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Kuwait Free Trade Zone, Block A & B, Store 10

Area                 : Shuwaikh

PO Box             : 2473

Town                 : Safat 13025

Country             : Kuwait

Telephone         : (965) 24610116 / 22428965 / 22435083 / 22405012

Facsimile          : (965) 22410730

Email                : majdispice@yahoo.com / info@majdifood.com

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Kuwait Free Trade Zone.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Majidi Khalid                                                 Palestinian                    Managing Director

 

·       Nasser Hamood Al Sabah                                Kuwaiti                        Director

 

·       Majid Majdi Abdo Khalil                                        -                            General Manager

 

·       Ali Ashgar Magda                                                 -                            Commercial Manager

 

·       Mohamed Al Zayad                                              -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th March 1982

 

Legal Form                  : Free Zone Company

 

Commercial Reg. No.  : 32615

 

Trade Licence No.       : 5640/82

 

Chamber Member No. : 11758

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Majd Food Company KSC (C)                                                100%

PO Box: 2473

Safat 13025

Tel: (965) 22331515 / 22331616 / 223317171 / 22331818

Fax: (965) 22331919

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs, including dried food, spices and coffee.

 

Import Countries: Sri Lanka, Thailand and India.

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

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 and the above credit figure is within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.79.09

Euro

1

Rs.65.32

 

 

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.