MIRA INFORM REPORT

 

 

Report Date :

08.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED AHMED ALI IBRAHIM AND PARTNERS CO WLL

 

 

Registered Office :

Shop No. 22, Commercial Area No. 9, Block 4, P O Box 2380, Safat 13024

 

 

Country :

Kuwait

 

 

Date of Incorporation :

22.04.1976

 

 

Com. Reg. No.:

23724

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

wholesaler and retailer of textiles and readymade garments.

 

 

No of Employees :

110

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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                                     : MOHAMED AHMED ALI IBRAHIM AND PARTNERS CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd April 1976

Commercial Registration Number            : 23724

Trade Licence Number                            : 36/99

Chamber Membership Number                : 5192

Issued Capital                                        : KD 200,000

Paid up Capital                                      : KD 200,000

Total Workforce                                     : 110

Activities                                               : Wholesalers and retailers of textiles and readymade garments

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

MOHAMED AHMED ALI IBRAHIM AND PARTNERS CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Shop No. 22

Area                 : Commercial Area No. 9, Block 4

PO Box             : 2380

Town                 : Safat 13024

Country             : Kuwait

Telephone         : (965) 22491091 / 22456870

Facsimile          : (965) 22404843

 

Premises

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

 

Branch Office (s)

                                                                       

Subject has 25 showrooms located throughout Kuwait.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Ahmed Mohamed Ali Ibrahim                          Kuwait                                      Managing Director

 

·       Jassim Mohamed Ali Ibrahim                          Kuwait                                      Director

 

·       Abdullah Mohamed Ali Ibrahim                       Kuwait                                      Director

 

·       Waleed Mohamed Ali Ibrahim                         Kuwait                                      Director

 

·       Elias Mohamed Hamadi                                 Iranian                                       Director

 

·       Hussain Mohamed Hamadi                            Iranian                                       Director

 

·       Moshin Abdulaziz                                               -                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd April 1976

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 23724

 

Trade Licence No.       : 36/99

 

Chamber Member No. : 5192

 

Issued Capital              : KD 200,000

 

Paid up Capital            : KD 200,000

 

Name of Shareholder (s)

 

·       Ahmed Mohamed Ali Ibrahim                         

 

·       Jassim Mohamed Ali Ibrahim                         

 

·       Abdullah Mohamed Ali Ibrahim                      

 

·       Waleed Mohamed Ali Ibrahim            

 

·       Elias Mohamed Hamadi                                

 

·       Hussain Mohamed Hamadi

 

 

AFFILIATED COMPANIES

 

·       Gulf Union Company

Safat

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles and readymade garments.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 110 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

 

·       Burgan Bank

PO Box: 5875

Safat 13054

Tel: (965) 22410818

Fax: (965) 22410819

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.04

UK Pound

1

Rs.101.97

Euro

1

Rs.83.58

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.