MIRA INFORM REPORT

 

 

Report Date :

02.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

AL MUHAISEN SANITARYWARE & CONTRACTING EST

 

 

Registered Office :

Plot No. 1, Block No. 1618, Street No. 8, Al Rai Area, 38265 & 14195, Dahiya Abdullah Al Salem 72253

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.04.1992

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import, distribution and installation of sanitary ware equipment, tiles and ceramic products.

 

 

No. of Employees :

18

 

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                                     : AL MUHAISEN SANITARYWARE & CONTRACTING EST

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 7th April 1992

Trade Licence Number                            : 1939/1992

Chamber Membership Number                : 600184

Invested Capital                                     : KD 100,000

Total Workforce                                     : 18

Activities                                               : Distribution and installation of sanitary ware equipment, tiles and ceramic products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Ibrahim, Finance Manager

 

 

 

COMPANY NAME

 

AL MUHAISEN SANITARYWARE & CONTRACTING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 1, Block No. 1618

Street               : Street No. 8

Area                 : Al Rai Area

 

PO Box             : 38265 & 14195

 

Town                 : Dahiya Abdullah Al Salem 72253

Country             : Kuwait

 

Telephone         : (965) 24719694 / 24765882 / 24765883 / 22404061 / 22404062

Facsimile          : (965) 24729136 / 22404065

Email                : mohaisenkwt2@hotmail.com / mohaisen@qualitynet.net

 

Please note that subject’s previous address was, A Al Salem Suburb, Dahiya Abdullah Al Salem 72253.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Industrial Area of Dahiya Abdullah Al Salem.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Rahman Abdul Mohsin Hamood Al Muhaisen                             Proprietor & General Manager

 

·       Abdul Hamid Abdul Mohsin Hamood Al Muhaisen                                Assistant General Manager

 

·       Mohamed Najeeb Diyab                                                                     Administration Manager

 

·       Mohamed Ibrahim                                                                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th April 1992

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.       : 1939/1992

 

Chamber Member No. : 600184

 

Invested Capital           : KD 100,000

 

Mr Abdul Rahman Abdul Mohsin Hamood Al Muhaisen  is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and installation of sanitary ware equipment, tiles and ceramic products.

 

Import Countries: Italy and Spain

 

International Suppliers:

 

·       Admiral                    Italy

·       Bogatti                     Italy

·       Aristol                      Italy

·       Flextool                    Spain

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

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

 

Total Sales                                KD 1,700,000                            KD 1,735,000

 

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

 

 

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.60.47

UK Pound

1

Rs.100.42

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.