MIRA INFORM REPORT

 

 

Report No. :

307447

Report Date :

13.02.2015

 

IDENTIFICATION DETAILS

 

Name :

KASR ALMOALLEM GENERAL TRADING COMPANY WLL

 

 

Registered Office :

Abdulaziz Al Modwa Complex, 2nd Floor, Office No. B2, Tunis Street, Hawalli, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

07.10.2002

 

 

Com. Reg. No.:

91148

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the wholesale and retail of household appliances, utensils, plastic ware, furniture accessories and linens.

 

 

No. of Employees :

40

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Kuwait

A2

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. 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                         : KASR ALMOALLEM GENERAL TRADING COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 7th October 2002

Commercial Registration Number            : 91148

Chamber Membership Number    : 79735

Issued Capital                                        : KD 1,000,000

Paid up Capital                                      : KD 1,000,000

Total Workforce                         : 40

Activities                                               : Wholesalers and retailers of household appliances, utensils, plastic

   ware, furniture accessories and linens

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

KASR ALMOALLEM GENERAL TRADING COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Abdulaziz Al Modwa Complex, 2nd Floor, Office No. B2

Street               : Tunis Street

Area                 : Hawalli

Town                 : Safat

Country : Kuwait

Telephone         : (965) 22639033

Facsimile          : (965) 22648580

Mobile               : (965) 99661694 / 66538849

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                                          Description

 

Beirut Street                                                                                                      Office premises             

Safat

 

Salmiyah Area                                                                                                   Office premises

Safat

 

 

KEY PRINCIPALS

 

Name                                                              Nationality                                Position

 

Awad Khalf Saleem                                              Syrian                                     Managing Director

 

Qassim Mohamed Khalf Saleem             Syrian                                       Director

 

Mohamed Khalf Saleem                          Syrian                                       Director

 

Mishaan Fahd Hayef Al Ajmi                               Kuwaiti                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th October 2002

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 91148

 

Chamber Member No. : 79735

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

Awad Khalf Saleem                               

 

Qassim Mohamed Khalf Saleem

 

Mohamed Khalf Saleem             

 

Mishaan Fahd Hayef Al Ajmi

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of household appliances, utensils, plastic ware, furniture accessories and linens.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 40 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 Revenue                            KD 2,450,000                            KD 2,510,000

 

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

 

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

 

 

BANKERS

 

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.

 

 

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.62.43

UK Pound

1

Rs.95.02

Euro

1

Rs.70.63

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               


 

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.