MIRA INFORM REPORT

 

 

Report Date :

22.01.2014

 

IDENTIFICATION DETAILS

 

Name :

FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING WLL

 

 

Registered Office :

Building No. 127, Block No. 1 Al Ardiya industrial Area PO Box 44085 Hawalli 32055

 

 

Country :

Kuwait

 

 

Date of Incorporation :

12.10.1993

 

 

Com. Reg. No.:

95584

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Subject is engaged in the import, wholesale and retail of sportswear, equipment and related accessories

 

 

No. of Employees :

175

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 - 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 and 2012 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 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

 

Source : CIA

 

SUMMARY

 

Company Name                                     : FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING    WLL

Also Known As                                      : NASSER SPORTS CENTRE

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 12th October 1993

Commercial Registration Number            : 95584

Trade Licence Number                            : 2114/2003

Chamber Membership Number                : 38378

Issued Capital                                        : KD 1,000,000

Paid up Capital                                      : KD 1,000,000

Total Workforce                                     : 175

Activities                                               : Wholesalers and retailers of sportswear and equipment

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING WLL

 

 

ALSO KNOWN AS

 

NASSER SPORTS CENTRE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 127, Block No. 1

Area                 : Al Ardiya industrial Area

PO Box             : 44085

Town                 : Hawalli 32055

Country             : Kuwait

 

Telephone         : (965) 24332290 / 24332291 / 22665411 / 1850050 / 22623999 / 1851491

Facsimile          : (965) 24346640 / 22625107

Email                : mail@nsportq8.com / nscmarketing@nsportq8.com

 

Premises

 

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

 

Branch Office (s)

 

     Subject has 46 showroom premises throughout Kuwait, including

 

     Location                                                                                           Description

 

·       Tunis Street                                                                                      Showroom premises

Hawalli

Tel: (965) 22619101

 

·       Al Atani Complex                                                                              Showroom premises

Al Shifa Hospital Street

Hawalli

Tel: (965) 22665300

 

·       Mutlaq Munawar Street                                                                      Showroom premises

Al Rai Area

Tel: (965) 24747330

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Faisal Ahmed Mohamed Al Rasheed                                                  Managing Director

 

·       Nasser Ahmed Mohamed Al Rasheed                                                 Director

 

·       Yousef Ahmed Mohamed Al Rasheed                                                 Director

 

·       Abdullah Ahmed Mohamed Al Rasheed                                               Director

 

·       Huda Abdullah Sulaiman Bohamad                                                     Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th October 1993

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 95584

 

Trade Licence No.       : 2114/2003

 

Chamber Member No. : 38378

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

·       Faisal Ahmed Mohamed Al Rasheed                                                 

 

·       Nasser Ahmed Mohamed Al Rasheed                                    

 

·       Yousef Ahmed Mohamed Al Rasheed                                    

 

·       Abdullah Ahmed Mohamed Al Rasheed                                              

 

·       Huda Abdullah Sulaiman Bohamad

 

 

AFFILIATED COMPANIES

 

·       Nasser Sports Centre General Trading Est

Al Qatheef Al Awamiya

PO Box: 10922

Dammam 31911

Saudi Arabia

 

 

 

OPERATIONS

 

Activities: Engaged in the import, wholesale and retail of sportswear, equipment and related accessories

 

Import Countries: Europe and the Far East

 

Brand Names: RAIDER, SPEED, BEAUTI, EXTRA SOFT, PLANET 8, CREBER, DIADORA, ORPC, ATEMI,

                        WOCOM, PATRICK, PIONEER, CRANDIS, SPORTS ART, AEROSOFT, SEABO, KITO, BLUE,

                        MORETEZ SPORTS, ASADI, PRO SUPRA, ADDNICE, LIFETIME, GALAXY STAR, BODY

                        CHARGER, CHIODI, WAVE, ATHLETIC, CORNILLEAU, LIFE GEAR, SPORTOP, BICAL, PANATTA

                        SPORT, GOLD CUP FITNESS and EXPLORE

 

Subject has a workforce of approximately 175 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

Hawalli

Tel: (965) 22645964

    

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.54

UK Pound

1

Rs.101.08

Euro

1

Rs.83.38

 

 

INFORMATION DETAILS

 

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.