MIRA INFORM REPORT

 

 

Report No. :

313203

Report Date :

19.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AL MOJIL DRUG CO KSCC

 

 

Registered Office :

Sanabil Tower, Block 2, Abdullah Al Ahmed Street, Al Sharq Area, PO Box 2761, Safat 13028

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

24.02.1976

 

 

Com. Reg. No.:

29647

 

 

Legal Form :

Kuwaiti Shareholding Closed Company

 

 

Line of Business :

Engaged in the import and distribution of pharmaceuticals, cosmetics, hospital supplies, nutrition, laboratory, diagnostic and veterinary products.

 

 

No. of Employees :

150

 

 

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 :

Good

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                                    : AL MOJIL DRUG CO KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Closed Company - KSCC

Registration Date                                  : 24th February 1976

Commercial Registration Number           : 29647

Trade Licence Number                           : 2067/2009

Chamber Membership Number               : 5008

Issued Capital                                       : KD 5,000,000

Paid up Capital                                     : KD 5,000,000

Total Workforce                         : 150

Activities                                               : Distributors of pharmaceuticals, cosmetics, hospital supplies, nutrition,

                                                                  laboratory, diagnostic and veterinary products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Dr Abdul Qader Al Hanbali, Marketing Manager

 

 

COMPANY NAME

 

AL MOJIL DRUG CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Sanabil Tower, Block 2

Street               : Abdullah Al Ahmed Street

Area                 : Al Sharq Area

PO Box            : 2761

Town                : Safat 13028

Country : Kuwait

Telephone         : (965) 22923501 / 22412723 / 22412722 / 22422909

Facsimile          : (965) 22923507 / 22923508 / 22410648

Email                : admin@mojildrug.com / mojildrug@hotmail.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                           Position

 

Faisal Fahd Abdulrahman Al Mojil                                  Chairman

 

Basail Fahd Abdulrahman Al Mojil                                  Managing Director

 

Omar Hussam Al Nimer                                                  Director

 

Naderah Hussam Al Nimer                                             Director

 

Dana Khalid Abdulrahman                                              Director

 

Dr Saleh Al Qatan                                                          Supply Manager

 

Dr Abdul Qader Al Hanbali                                             Marketing Manager

 

Dr Abdul Hameed                                                          Business Development Manager

 

Mohammed Shalabi                                                       Finance Manager

 

Ibrahim Sherida                                                             HR & Administration Manager

 

Dr Hussain Saffar                                                          Commercial Manager (Veterinary Products)

 

Riyad Bida                                                                    Sales Manager (Cosmetics)

 

Hussain Jaffar                                                               Sales Manager (Laboratory & Diagnostic Equipment)

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th February 1976

 

Legal Form                  : Kuwaiti Shareholding Closed Company - KSCC

 

Commercial Reg. No.   : 29647

 

Trade Licence No.        : 2067/2009

 

Chamber Member No.  : 5008

 

Issued Capital              : KD 5,000,000

 

Paid up Capital            : KD 5,000,000

 

Name of Shareholder (s)

 

Faisal Fahd Abdulrahman Al Mojil

 

Basail Fahd Abdulrahman Al Mojil

 

Omar Hussam Al Nimer

 

Naderah Hussam Al Nimer

 

Dana Khalid Abdulrahman

 

 

AFFILIATED COMPANIES

 

Al Mojil Pharmacy

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pharmaceuticals, cosmetics, hospital supplies, nutrition,

                 laboratory, diagnostic and veterinary products.

 

Import Countries: Belgium, Sweden and the United States of America.

 

International Suppliers:

 

Sandoz             Belgium

Jansen              Belgium

Novartis                        Sweden

Pfizer                United States Of America

MSD                 United States Of America

Abbott Lab                   United States Of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 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 17,500,000                          KD 18,200,000

 

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

 

The above figures were provided by Dr Abdul Qader Al Hanbali, Marketing Manager

 

 

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.

 

Date of transaction                                April 2014

Credit amount                                       1,180,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

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.62.67

UK Pound

1

Rs.92.46

Euro

1

Rs.66.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.