MIRA INFORM REPORT

 

 

Report No. :

335475

Report Date :

08.08.2015

 

IDENTIFICATION DETAILS

 

Name :

THE MEDIATOR FOR INDUSTRIES & COMMERCE CO WLL

 

 

Registered Office :

Sabhan Industrial Area 3802 Safat, 13039 Sabhan

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

25.06.1970

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of general foodstuffs, commodities, consumable goods and raw materials. Subject also provides commission agent services.

 

 

No. of Employees :

35

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Kuwait

A1

A1

 

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. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the uncertain political situation.

 

Source : CIA

SUMMARY

 

Company Name                                    : THE MEDIATOR FOR INDUSTRIES & COMMERCE CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 25th June 1970

Commercial Registration Number           : 15645

Trade Licence Number                           : 847/74

Chamber Membership Number               : 1813

Issued Capital                                       : KD 350,000

Paid up Capital                                     : KD 350,000

Total Workforce                                                : 35

Activities                                               : Distributors of general foodstuffs, commodities, consumable goods and     raw materials.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

THE MEDIATOR FOR INDUSTRIES & COMMERCE CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Sabhan Industrial Area

PO Box                        : 3802

Town                : Safat 13039

Country : Kuwait

Telephone         : (965) 24739670 / 24749710 / 24734336

Facsimile          : (965) 24768175

Email                : plasticc@hotmail.com

 

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

 

·       Khalid Abdullah Al Yaqoot                                                                Managing Director

 

·       Abdulaziz Abdullah Omar Al Yaqoot                                                  Director

 

·       Omar Abdullah Omar Al Yaqoot                                                        Director

 

·       Ghanemah Abdullah Omar Al Yaqoot                                     Director

 

·       Huda Abdullah Omar Al Yaqoot                                                         Director

 

·       Aysha Omar Al Yaqoot                                                                     Director

 

·       Diaa Abdullah Taha Al Khawari                                                          Director

 

·       Ali Abdullah Taha Al Khawari                                                 Director

 

·       Liyala Abdullah Taha Al Khawari                                                        Director

 

·       Mona Abdullah Taha Al Khawari                                                         Director

 

·       Nasser Abdullah Taha Al Khawari                                                       Director

 

·       Hana Abdullah Taha Al Khawari                                                         Director

 

·       Hind Abdullah Taha Al Khawari                                                          Director

 

·       Mariam Abdullah Al Sultan                                                                Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th June 1970

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 15645

 

Trade Licence No.        : 847/74

 

Chamber Member No.  : 1813

 

Issued Capital              : KD 350,000

 

Paid up Capital            : KD 350,000

 

Name of Shareholder (s)

 

·       Khalid Abdullah Al Yaqoot                                                               

 

·       Abdulaziz Abdullah Omar Al Yaqoot                                                 

 

·       Omar Abdullah Omar Al Yaqoot                                                       

 

·       Ghanemah Abdullah Omar Al Yaqoot                                                

 

·       Huda Abdullah Omar Al Yaqoot                                                        

 

·       Aysha Omar Al Yaqoot                                                                    

 

·       Diaa Abdullah Taha Al Khawari                                                         

 

·       Ali Abdullah Taha Al Khawari                                                            

 

·       Liyala Abdullah Taha Al Khawari                                                       

 

·       Mona Abdullah Taha Al Khawari                                                        

 

·       Nasser Abdullah Taha Al Khawari                                                      

 

·       Hana Abdullah Taha Al Khawari                                                        

 

·       Hind Abdullah Taha Al Khawari                                                         

 

·       Mariam Abdullah Al Sultan

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, commodities, consumable goods and raw

                 Materials. Subject also provides commission agent services.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                    Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                    KD 2,840,000                            KD 3,175,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

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.63.81

UK Pound

1

Rs.98.93

Euro

1

Rs.69.66

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

               

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.