MIRA INFORM REPORT

 

Report Date :

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

UNION TRADING CO WLL

 

 

Registered Office :

Dawliah Centre, 3rd Floor Fahed Al Salam Street Salhiya PO Box 28 Safat 13001

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1949

 

 

Com. Reg. No.:

5530

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates several divisions like Readymade Garments Division, Cosmetics & Perfumery Division, Watches & Jewellery Division, Procter & Gamble Division

 

 

No. of Employees :

450

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

Status :

Good

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                                     : UNION TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1949

Registration Date                                   : 27th February 1960

Commercial Registration Number            : 5530

Trade Licence Number                            : 961/74

Chamber Membership Number                : 864

Issued Capital                                        : KD 1,200,000

Paid up Capital                                      : KD 1,200,000

Total Workforce                                     : 450

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Varghese P Thomas, Finance Manager

 

 

COMPANY NAME

 

UNION TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Dawliah Centre, 3rd Floor

Street               : Fahed Al Salam Street

Area                 : Salhiya

 

PO Box             : 28

 

Town                 : Safat 13001

Country             : Kuwait

 

Telephone         : (965) 22423351 / 22423360 / 22423350 / 22423355 / 22414060 / 22410298

Facsimile          : (965) 22410261 / 22410361 / 22463829

Email                : info@utc.com.kw / utckwt@kems.net

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Jahra Shop                                                                                       Rented showroom premises

Fahad Al Salam Street

Safat

 

·       Salhiya Shop                                                                                    Rented showroom premises

United Estate Centre

Safat

 

·       Salmiya Shop                                                                                   Rented showroom premises

Salim Al Mubarak Street

Safat

 

·       Asrar Shop                                                                                       Rented showroom premises

Al Fanar Shopping Mall

Ras Al Salmiya

 

·       Mubarkia Shop                                                                                  Rented showroom premises

New Street

Mubarkia

 

·       North Salmiyah Building                                                                     Rented showroom premises

Main Street

Salmiyah

 

·       Al Marzoak Complex                                                                         Rented showroom premises

Main Street

Farwaniah

 

·       Al Dabboos Complex                                                             Rented showroom premises

Al Dabboos Street

Fahaheel

 

·       East Ahmadi Market                                                                          Rented showroom premises

Ahmadi

 

·       Al Rehab Complex                                                                            Rented showroom premises

Tunis Street

Hawalli

 

 

KEY PRINCIPALS

 

     Name                                                                                   Nationality                     Position

 

·       Tariq Abdulrazzaq Mahmoud Razzuqi                                     Kuwaiti                          Managing Director

 

·       Khalid Abdulrazzaq Mahmoud Razzuqi                                   Kuwaiti                          Director

 

·       Mahmoud Abdulrazzaq Mahmoud Razzuqi                              Kuwaiti                          Director

 

·       Derar Abdulrazzaq Mahmoud Razzuqi                                     Kuwaiti                          Director

 

·       Mohamed Abdulrazzaq Mahmoud Razzuqi                              Kuwaiti                          Director

 

·       Hisham Abdulrazzaq Mahmoud Razzuqi                                 Kuwaiti                          Director

 

·       Adnan Abdulrazzaq Mahmoud Razzuqi                                   Kuwaiti                          Director

 

·       Daniel Bahsir Hasso                                                              American                      Director

 

·       Ms Salwa Abdulrazzaq Mahmoud Razzuqi                              Kuwaiti                          Director

 

·       Ms Seham Abdulrazzaq Mahmoud Razzuqi                             Kuwaiti                          Director

 

·       Ms Hana Abdulrazzaq Mahmoud Razzuqi                               Kuwaiti                          Director

 

·       Ms Hind Abdulrazzaq Mahmoud Razzuqi                                Kuwaiti                          Director

 

·       Ms Ghanela Abdulrazzaq Mahmoud Razzuqi                           Kuwaiti                          Director

 

·       Andrew Denby                                                                           -                              General Manager

 

·       Varghese P Thomas                                                                   -                              Finance Manager

 

·       Ahmed Fawzi                                                                             -                              Human Resources Manager

 

·       Radhawan Azzam                                                                      -                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1949, however it was registered on 27th February 1960

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 5530

 

Trade Licence No.       : 961/74

 

Chamber Member No. : 864

 

Issued Capital              : KD 1,200,000

 

Paid up Capital            : KD 1,200,000

 

Name of Shareholder (s)

 

·       Tariq Abdulrazzaq Mahmoud Razzuqi

 

·       Khalid Abdulrazzaq Mahmoud Razzuqi

 

·       Mahmoud Abdulrazzaq Mahmoud Razzuqi

 

·       Derar Abdulrazzaq Mahmoud Razzuqi

 

·       Mohamed Abdulrazzaq Mahmoud Razzuqi

 

·       Hisham Abdulrazzaq Mahmoud Razzuqi

 

·       Adnan Abdulrazzaq Mahmoud Razzuqi

 

·       Daniel Bahsir Hasso

 

·       Ms Salwa Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Seham Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Hana Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Hind Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Ghanela Abdulrazzaq Mahmoud Razzuqi

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Readymade Garments Division

 

     Engaged in the wholesale and retail of readymade garments and fashion accessories.

 

·       Cosmetics & Perfumery Division

 

     Engaged in the wholesale and retail of cosmetics, beauty products and perfumes.

 

·       Watches & Jewellery Division

 

     Engaged in the wholesale and retail of watches, jewellery and luxury products.

 

·       Procter & Gamble Division

 

Engaged in the wholesale and retail of toiletries, razors, shaving foam, shampoo, soap and cream.

 

Import Countries: The United Kingdom, France, Germany, Japan and the United States of America

 

International Suppliers:

 

·       General Foods                      United States of America

·       Shulton                                United Kingdom

·       Seriom                                 France

·       Braun                                   Germany

·       Fujitsu                                  Japan

·       Zamil Airconditioners Ltd        Saudi Arabia

 

Brand Names: BISSELL, ALGOR, YARDLEY, CARTERS, GILLETTE, DURACELL, PRESTIGE, ADDIS, HANSSON,

GLEM GAS, GUZZINI, LEE JEANS, JOCKEY, WARNERS, ORAL B, RONCATO, VILEDA, YARDLEY, TIMEX, VALISERE, BRITWEAR and BLUE STRATOS.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 450 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 16,800,000                           KD 19,000,000

 

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

 

The above figures were provided by Mr Varghese P Thomas, Finance Manager

 

 

BANKERS

 

·       National Bank of Kuwait

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.

 

Date of transaction                              February 2001                          July 2008

Credit amount                                        100,000                         150,000

Amount overdue                         0                                              0

Payment terms                                      30 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Pounds Sterling                         US Dollars

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk and the above credit figure is deemed admissible.

 

 

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.