MIRA INFORM REPORT

 

 

Report No. :

304692

Report Date :

30.01.2015

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL MILLS COMPANY WLL

 

 

Registered Office :

Salhiya Commercial Complex, Shop No. 7, Ground Floor Salam Street Salhiya Area 20960 Safat 13070

 

 

Country :

Kuwait

 

 

Date of Incorporation :

28.03.1972

 

 

Com. Reg. No.:

14188

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the import, production and distribution of spices, nuts, sweets, dries fruits, coffee, beverages and related foodstuffs.

 

 

No. of Employee :

100

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Kuwait

A2

A2

 

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                                     : INTERNATIONAL MILLS COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 28th March 1972

Commercial Registration Number            : 14188

Chamber Membership Number                : 3749

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 100

Activities                                               : Production and distribution of foodstuff and beverages

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

 

 

COMPANY NAME

 

NTERNATIONAL MILLS COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Salhiya Commercial Complex, Shop No. 7, Ground Floor

Street               : Salam Street

Area                 : Salhiya Area

 

PO Box             : 20960

 

Town                 : Safat

Country             : Kuwait 13070

 

Telephone         : (965) 22435087 / 22460225 / 24312008 / 24312007 / 24312006

Facsimile          : (965) 22428984 / 24312009

Email                : info@international-mill.com

 

Premises

 

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

 

Branch Offices

 

Subject has 12 branches located across Kuwait.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Kanana                                                                             Chairman

 

·       Fatma Eissa Abdullah Bin Nakhy                                                       Managing Director

 

·       Badr Abdel Rasoul Abul Sadek                                                           Director

 

·       Gomana Abdel Rasoul Abul Sadek                                                     Director

 

·       Sara Abdel Rasoul Abul Hassan                                                         Director

 

·       Shrief Abdel Rasoul Abul Sadek                                                         Director

 

·       Ahmed Hamdy                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th March 1972

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 14188

 

Chamber Member No. : 3749

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Mohamed Kanana                                                                            

 

·       Fatma Eissa Abdullah Bin Nakhy                                                      

 

·       Badr Abdel Rasoul Abul Sadek                                                          

 

·       Gomana Abdel Rasoul Abul Sadek                                                    

 

·       Sara Abdel Rasoul Abul Hassan                                                        

 

·       Shrief Abdel Rasoul Abul Sadek

 

 

OPERATIONS

 

Activities: Engaged in the import, production and distribution of spices, nuts, sweets, dries fruits, coffee, beverages

                 and related foodstuffs.

 

Import Countries: Europe, GCC countries and Kenya.

 

Operating Trend: Steady

 

Subject has a workforce of 100 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 3,280,000                            KD 3,545,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

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.61.50

UK Pound

1

Rs.93.12

Euro

1

Rs.69.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.