MIRA INFORM REPORT

 

 

Report Date :

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL UNITED AUTO SPARE PARTS

 

 

Registered Office :

Building No. 61-62 Shuwaikh Industrial Area No. 3 PO Box 2967, Dhaih Abdullah Al Salem Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.01.2009

 

 

Com. Reg. No.:

335674

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of heavy truck spare parts and related accessories.

 

 

No. of Employees :

12

 

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 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                                     : NATIONAL UNITED AUTO SPARE PARTS

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 4th January 2009

Commercial Registration Number            : 335674

Trade Licence Number                            : 3587/2010

Chamber Membership Number                : 117399

Invested Capital                                     : KD 50,000

Total Workforce                                     : 12

Activities                                               : Distributors of heavy truck spare parts and related accessories.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : C A Mathew, Commercial Manager

 

COMPANY NAME

 

NATIONAL UNITED AUTO SPARE PARTS

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 61-62

Area                 : Shuwaikh Industrial Area No. 3

 

PO Box             : 2967, Dhaih Abdullah Al Salem

 

Town                 : Safat

Country             : Kuwait

 

Telephone         : (965) 24826847

Facsimile          : (965) 24826848

Mobile               : (965) 66111140

Email                : german_centre@yahoo.co.uk

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Haifa Farag Mohamed Al Ajmi                                                Proprietor

 

·       Ali Hassan Abdul Mane Al Ajmi                                              General Manager

 

·       C A Mathew                                                                          Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th January 2009

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 335674

 

Trade Licence No.       : 3587/2010

 

Chamber Member No. : 117399

 

Invested Capital           : KD 50,000

 

Ms Haifa Farag Mohamed Al Ajmi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of heavy truck spare parts and related accessories.

 

Import Countries: India and South Korea.

 

International Suppliers:

 

·       Tata Industries          India

·       KIA                          South Korea

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

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

 

Total Sales                                KD 780,000                               KD 915,000

 

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

 

The above financial figures are based on estimations by our local 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

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear 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.50.02

UK Pound

1

Rs.79.01

Euro

1

Rs.66.18

 

 

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.