Report Date :

11.08.2014

 

IDENTIFICATION DETAILS

 

Name :

WARD AL RABEA GENERAL TRADING AND CONTRACTING WLL

 

 

Registered Office :

Block No. 103, Plot No. 3 Shuwaikh Industrial Area No. 3 PO Box  3871 Safat 13093

 

 

Country :

Kuwait

 

 

Date of Incorporation :

14.03.1985

 

 

Com. Reg. No.:

39482

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the import and distribution of general foodstuffs, toys and fast moving consumer goods.

 

 

No. of Employees

180

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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 historically 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, though much of these funds have yet to be allocated

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                     : WARD AL RABEA GENERAL TRADING AND CONTRACTING WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 14th March 1985

Commercial Registration Number            : 39482

Chamber Membership Number                : 9187

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 180

Activities                                               : Distributors of general foodstuffs, toys and fast moving consumer goods.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Maherdad Yousef Ali Mahdi Zadah, Director

 

 

 

 

COMPANY NAME

 

WARD AL RABEA GENERAL TRADING AND CONTRACTING WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Block No. 103, Plot No. 3

Area                 : Shuwaikh Industrial Area No. 3

PO Box             : 3871

Town                 : Safat 13093

Country             : Kuwait

 

Telephone         : (965) 22443939 / 22443938 / 24913030 / 24923020 / 24811049 / 24913020

Facsimile          : (965) 22440732 / 24911049

Email                : info@alrabeaco.com / rabea@quailtynet.net

 

Please note that subject’s previous address was, Investment Building, Ahmed Al Jaber Street, Commercial Area No. 9, Safat.

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Yousef Ali Mahdi Zadah                                                                     Managing Director

 

·       Mohamed Yousef Ali Mahdi Zadah                                                      Director

 

·       Yousef Yousef Ali Mahdi Zadah                                                          Director

 

·       Maherdad Yousef Ali Mahdi Zadah                                                      Director

 

·       Fatima Yousef Ali Mahdi Zadah                                                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th March 1985

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 39482

 

Chamber Member No. : 9187

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)

 

·       Yousef Ali Mahdi Zadah

 

·       Mohamed Yousef Ali Mahdi Zadah

 

·       Yousef Yousef Ali Mahdi Zadah

 

·       Maherdad Yousef Ali Mahdi Zadah

 

·       Fatima Yousef Ali Mahdi Zadah

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, toys and fast moving consumer goods.

     Subject also operates Sadaf Al Abyad, an Iranian cuisine restaurant.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 180 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

 

·       National Bank of Kuwait SAK

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.

 

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.56

UK Pound

1

Rs.103.50

Euro

1

Rs.82.41

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.