MIRA INFORM REPORT

 

 

Report Date :

22.06.2012

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE GENERAL TRADING CONTRACTING

 

 

Registered Office :

Ratik Building Salem Al Mubarak Street Salmiya Industrial Area PO Box    35306

Safat 13054

 

 

Country :

Kuwait

 

 

Date of Incorporation :

09.06.2009

 

 

Com. Reg. No.:

120372

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of computer hardware and related components

 

 

No. of Employees :

6

 

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

 

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                                     : FORTUNE GENERAL TRADING CONTRACTING

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 9th June 2009

Commercial Registration Number            : 120372

Trade Licence Number                            : 1282/2007

Chamber Membership Number                : 109472

Invested Capital                                     : KD 40,000

Total Workforce                                     : 6

Activities                                               : Distributors of computer hardware and related components

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Saeed Mohamed, Sales Manager

 

 

COMPANY NAME

 

FORTUNE GENERAL TRADING CONTRACTING

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Ratik Building

Street               : Salem Al Mubarak Street

Area                 : Salmiya Industrial Area

 

PO Box             : 35306

 

Town                 : Safat 13054

Country             : Kuwait

 

Telephone         : (965) 25757009

Facsimile          : (965) 25750606

Mobile               : (965) 97778899

Email                : info@fortunekw.com

 

Please note that PO Box 32546, Al Qebella is no longer used by the subject. We do not know who uses this PO Box number now.

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Salim Mohamed Latif Ali Murad                                                          Proprietor & General Manager

 

·       Saeed Mohamed                                                                               Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th June 2009

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 120372

 

Trade Licence No.       : 1282/2007

 

Chamber Member No. : 109472

 

Invested Capital           : KD 40,000

 

Mr Salim Mohamed Latif Ali Murad is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of computer hardware and related components.

 

Import Countries: United States of America, Europe and the Far East.

 

Subject has a workforce of 6 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

 

·       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

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.42

UK Pound

1

Rs.88.45

Euro

1

Rs.71.52

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.