MIRA INFORM REPORT

 

 

Report Date :

28.07.2014

 

IDENTIFICATION DETAILS

 

Name :

CISCO TRADING CO WLL

 

 

Formerly Known as : 

Chemical & Industrial Supplies Co WLL

 

 

Registered Office :

Jassim Tower, 11th Floor,  Al Soor Street, Shuwaikh Industrial Area, P O Box 4040, Safat 13041

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013 (Estimated)

 

 

Date of Incorporation :

03.07.1966

 

 

Com. Reg. No.:

73889, Safat

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the import and distribution of industrial chemicals, as well as industrial machinery and equipment

 

 

No of Employees :

25

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                         : CISCO TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 3rd July 1966

Commercial Registration Number            : 73889, Safat

Trade Licence Number                            : 742/98

Chamber Membership Number    : 56460

Issued Capital                                        : KD 150,000

Paid up Capital                                      : KD 150,000

Total Workforce                         : 25

Activities                                               : Distributors of industrial chemicals, industrial machinery and equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Sukumar Nair, Logistics Manager

COMPANY NAME

 

CISCO TRADING CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Building : Jassim Tower, 11th Floor

Street               : Al Soor Street

Area                 : Shuwaikh Industrial Area

PO Box             : 4040

Town                 : Safat 13041

Country : Kuwait

Telephone         : (965) 22462729 / 22960200

Facsimile          : (965) 22960125

Mobile               : (965) 66839094

Email                : contact@ciscotrading.com

 

Please note that subject’s previous address was, Anwar Al Sabah Complex, Block 1, 6th Floor, Fahad Al Salem Street, Safat. They moved to the above address on 1st May 2012.

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Saad Hani Jameel Al Qaddumi                                                           Managing Director

 

·       Nabil Hani Jameel Al Qaddumi                                                           Director

 

·       Ghazi Hani Jameel Al Qaddumi                                                          Director

 

·       Walid Ramadan                                                                                General Manager

 

·       Marcelo de Souza                                                                             Commercial Manager

 

·       Mona Hamad                                                                                    Administration Officer

 

·       Ashraf Kamel Sadaqa                                                                        Business Development Manager

 

·       Shuja Thomas                                                                                   Finance Manager

 

·       Sukumar Nair                                                                                    Logistics Manager

 

·       Khalid Abu Arjah                                                                               Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd July 1966

 

History                         : Subject was incorporated in 1966 under the name of “Chemical & Industrial

  Supplies Co WLL”. In December 1998, subject changed its name to the current

  style of “Cisco Trading Co WLL”

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 73889, Safat

 

Trade Licence No.       : 742/98

 

Chamber Member No. : 56460

 

Issued Capital              : KD 150,000

 

Paid up Capital            : KD 150,000

 

Name of Shareholder (s)

·       Saad Hani Jameel Al Qaddumi

·       Nabil Hani Jameel Al Qaddumi

·       Ghazi Hani Jameel Al Qaddumi

 

 

AFFILIATED COMPANIES

 

·       Safwan Trading & Contracting Est

Street No. 67

Shuwaikh Industrial Area, No. 3

PO Box: 20704

Safat 13068

Tel: (965) 24816731 / 24816698 / 24848952

Fax: (965) 24848916 / 24832454

 

·       Saad Hani Trading (SANI)

PO Box: 4841

Dubai

United Arab Emirates

 

·       Safwan Environment Technologies Co WLL

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of industrial chemicals, as well as industrial machinery and

     equipment.

 

Import Countries: Netherlands, France, Germany, the United Kingdom, Italy and Belgium

 

Agencies Held:

 

·       Air Products                         Netherlands

·       Olin Chemicals                     France

·       TH Goldschmidt                    Germany

·       Barlocher                              Germany

·       Horsleys                               United Kingdom

·       Solvay Interox                       Belgium

·       Huntsman                             Netherlands

·       GE Montive                           Germany

 

Brand Names: CCP, MOMENTIVE, SOLVAY, UNIVAR, BRENNTAG, EVONIK, FLOWSERVE, ALTANA, CRANE, HUNTSMAN, KOMA, LAFFANS, NEVILLE, KEMITURA, ASAHI and PQ EUROPE

 

Operating Trend: Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

                       

Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                KD 4,275,000                            KD 4,610,000

 

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

 

·       Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

Darwaza Abdul Razzak

PO Box: 71

Safat 13001

Tel: (965) 22459771

Fax: (965) 22461430

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 22411102

 

·       Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              September 2013

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

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.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.