MIRA INFORM REPORT

 

 

Report No. :

312019

Report Date :

17.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AL MADI PLUS FOR GENERAL TRADING & CONTRACTING CO

 

 

Registered Office :

Al Arbeed Gallery, 1st Floor, Office No. 3, PO Box 1344, Farwaniya

 

 

Country :

Kuwait

 

 

Date of Incorporation :

24.02.2009

 

 

Com. Reg. No.:

78718

 

 

Legal Form :

General Partnership

 

 

Line of Business :

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

 

 

No. of Employees :

8

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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                                    : AL MADI PLUS FOR GENERAL TRADING & CONTRACTING CO

Country of Origin                                   : Kuwait

Legal Form                                           : General Partnership

Registration Date                                  : 24th February 2009

Commercial Registration Number           : 78718

Trade Licence Number                           : 1263/99

Chamber Membership Number               : 118270

Partners Capital                                     : KD 50,000

Total Workforce                                     : 8

Activities                                               : Wholesalers and retailers of readymade garments and textiles

Financial Condition                                : Undetermined

Payments                                             : Unknown

Person Interviewed                                : Khalil Mohamed Khalili Al Mutairi, Managing Partner

 

 

 

COMPANY NAME

 

AL MADI PLUS FOR GENERAL TRADING & CONTRACTING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Arbeed Gallery, 1st Floor, Office No. 3

PO Box            : 1344

Town                : Farwaniya

Country             : Kuwait

Telephone         : (965) 24718551

Fax                   : (965) 24718550

Mobile              : (965) 99717400

Email                : madibls@hotmail.com / info@madikw.com

 

Please note that subject’s previous address was, Mutaab Al Mutairi Building, Office No. 4, Block No. 7, Jaleeb Al Sheyoukh, Kuwait City.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Farwaniya.

 

Branch Office (s)

 

Location                                                                                               Description

 

Mubarakkiya Souk, Shop No. 21                                                 Office & showroom premises

Safat

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Khalil Mohamed Khalili Al Mutairi                                                Managing Partner

 

Mohamed Khalil Mohamed Khalili Al Mutairi                                Partner

 

Ahmed Khalil Mohamed Khalili Al Mutairi                                    Partner

 

Faisal Khalil Mohamed Khalili Al Mutairi                                      Partner

 

Saud Khalil Mohamed Khalili Al Mutairi                                       Partner

 

Safooq Khalil Mohamed Khalili Al Mutairi                                    Partner

 

Tahani Musayer Al Mutairi                                                          Partner

 

Zaid Faris Al Mutairi                                                                   General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th February 2009

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 78718

 

Trade Licence No.        : 1263/99

 

Chamber Member No.  : 118270

 

Partners Capital           : KD 50,000

 

Name of Partner (s)

 

Khalil Mohamed Khalili Al Mutairi

 

Mohamed Khalil Mohamed Khalili Al Mutairi

 

Ahmed Khalil Mohamed Khalili Al Mutairi

 

Faisal Khalil Mohamed Khalili Al Mutairi

 

Saud Khalil Mohamed Khalili Al Mutairi

 

Safooq Khalil Mohamed Khalili Al Mutairi

 

Tahani Musayer Al Mutairi

 

 

AFFILIATED COMPANIES

 

Sajana K K  Ltd

China

 

 

OPERATIONS

 

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

 

Import Countries: Europe and the Far East.

 

Brand Names: SAJANA

 

Subject has a workforce of 8 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

 

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

 

Unknown

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Al Madi Plus For General Trading & Contracting Co” and not “Al Madi Plus For General Trading & Construction Co”.

 

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.62.82

UK Pound

1

Rs.92.83

Euro

1

Rs.66.17

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.