MIRA INFORM REPORT

 

 

Report Date :

21.02.2013

 

IDENTIFICATION DETAILS

 

Name :

AL MASOUD SANITARY WARE CONTRACTING CO WLL

 

 

Registered Office :

Nidaa Nasser Al Mutairi, Block No. 3, Building 43 Passport Street Shuwaikh Industrial Area PO Box   1709 Salmiya 22018

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.03.1996

 

 

Com. Reg. No.:

70897, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors and retailers of sanitary ware products, bathroom sets, tiles and  ceramics.

 

 

No. of Employees :

35

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

KUWAIT - ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

Source : CIA

 

SUMMARY

 

Company Name                                     : AL MASOUD SANITARY WARE CONTRACTING CO WLL

Trading As                                             : AL MASOUD SANITARY

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 4th March 1996

Commercial Registration Number            : 70897, Safat

Trade Licence Number                            : 368/2004

Chamber Membership Number                : 48907

Issued Capital                                        : KD 250,000

Paid up Capital                                      : KD 250,000

Total Workforce                                     : 35

Activities                                               : Distributors and retailers of sanitary ware products, bathroom sets, tiles and  ceramics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Thamer Mohamed Sulaiman, Finance Manager

 

 

 

 

COMPANY NAME

 

AL MASOUD SANITARY WARE CONTRACTING CO WLL

 

TRADING AS: AL MASOUD SANITARY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Nidaa Nasser Al Mutairi, Block No. 3, Building 43

Street               : Passport Street

Area                 : Shuwaikh Industrial Area

 

PO Box             : 1709

 

Town                 : Salmiya 22018

Country             : Kuwait

 

Telephone         : (965) 24811390 / 24311400 / 24841258 / 24924511 / 24849026

Facsimile          : (965) 22669301 / 24849026

Mobile               : (965) 90020985

Email                : info@almasoudkw.com

 

Premises

 

Subject operates from a medium sized suite of offices, a showroom and a warehouse that are rented and located in the Industrial Area of Salmiya.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nasser Mohamed Al Masoud                                                             Managing Director

 

·       Bader Nasser Mohamed Al Masoud                                                    Director

 

·       Mubarak Nasser Mohamed Al Masoud                                                Director

 

·       Khaled Nasser Mohamed Al Masoud                                                  Director

 

·       Faisal Nasser Mohamed Al Masoud                                                    Director

 

·       Abdulaziz Nasser Mohamed Al Masoud                                              Director

 

·       Abeer Al Masoud                                                                              Director

 

·       Hani Hefzi                                                                                         Commercial Manager

 

·       Thamer Mohamed Sulaiman                                                               Finance Manager

 

·       Ahmed Abdul Hamid                                                                          Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th March 1996

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 70897, Safat

 

Trade Licence No.       : 368/2004

 

Chamber Member No. : 48907

 

Issued Capital              : KD 250,000

 

Paid up Capital            : KD 250,000

 

Name of Shareholder (s)

 

·       Nasser Mohamed Al Masoud

 

·       Bader Nasser Mohamed Al Masoud

 

·       Mubarak Nasser Mohamed Al Masoud

 

·       Khaled Nasser Mohamed Al Masoud

 

·       Faisal Nasser Mohamed Al Masoud

 

·       Abdulaziz Nasser Mohamed Al Masoud

 

·       Abeer Al Masoud

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and retail of sanitary ware products, bathroom sets, tiles and ceramics.

 

     Subject also offers installation services.

 

Import Countries: Italy, Spain, United Kingdom and the United States of America

 

International Suppliers:

 

·       ATB                         Italy

·       Industrial Matau        Spain

·       ESCO                      USA

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

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

 

Total Sales                                KD 1,850,000                            KD 2,100,000

 

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

 

The above figures were provided by Mr Thamer Mohamed Sulaiman, Finance Manager

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Salmiya

Tel: (965) 25711850

Fax: (965) 25743681

 

·       Commercial Bank of Kuwait

     Salmiya

     Tel: (965) 25715989

 

·       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.

 

Date of transaction                  December 2001                                    September 2006

Credit amount                            25,000                                      150,000

Amount overdue             0                                              0

Payment terms                          60 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   Pounds Sterling                         US Dollars

 

 

GENERAL COMMENTS

 

Al Masoud Sanitary Ware Contracting Co WLL was established in 1996 and is engaged in the import, distribution and retail of sanitary ware products.

 

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.54.05

UK Pound

1

Rs.83.45

Euro

1

Rs.72.53

 

 

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.