MIRA INFORM REPORT

 

 

Report Date :

23.05.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL SPONGE FACTORY & BED HEALTH CO 

 

 

Registered Office :

Plot No. 5, Block 71A/95, Shuaiba Industrial Area, P O Box 41098, Shuaiba 85851

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

13.09.2003

 

 

Com. Reg. No.:

84950

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacturers of mattress springs and health bed spreads

 

 

No. of Employees :

65

 

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                                     : NATIONAL SPONGE FACTORY & BED HEALTH CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 13th September 2003

Commercial Registration Number            : 84950

Industrial Licence Number                       : 30162

Chamber Membership Number                : 84240

Issued Capital                                        : KD 200,000

Paid up Capital                                      : KD 200,000

Total Workforce                                     : 65

Activities                                               : Manufacturers of mattress springs and health bed spreads

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

 

COMPANY NAME

 

NATIONAL SPONGE FACTORY & BED HEALTH CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Plot No. 5, Block 71A/95, Shuaiba Industrial Area

PO Box             : 41098

Town                 : Shuaiba 85851

Country             : Kuwait

Telephone         : (965) 23260252 / 24300001

Facsimile          : (965) 23260253

Mobile               : (965) 99878780 / 67779009

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Shuaiba.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                                    Managing Director

 

·       Abdullah Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                       Director

 

·       Hamd Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                           Director

 

·       Reema Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                         Director

 

·       Reem Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                           Director

 

·       Dima Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                            Director

 

·       Hasna Khalid Al Hameedi Mutaab Al Jameeli Al Harbi                          Director

 

·       Marouf Al Shami                                                                               Finance Manager

 

·       Abdul Samad Ahmed Shaker                                                             Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th September 2003

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 84950

 

Industrial Licence No.  : 30162

 

Chamber Member No. : 84240

 

Issued Capital              : KD 200,000

 

Paid up Capital            : KD 200,000

 

Name of Shareholder (s)

·       Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Abdullah Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Hamd Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Reema Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Reem Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Dima Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

·       Hasna Khalid Al Hameedi Mutaab Al Jameeli Al Harbi

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of mattress springs and health bed spreads.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 65 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 2,400,000                            KD 2,670,000

 

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

 

The above financial figures are based on estimations by our local 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

 

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.54.88

UK Pound

1

Rs.86.84

Euro

1

Rs.70.21

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.