MIRA INFORM REPORT

 

 

Report No. :

344894

Report Date :

17.10.2015

 

IDENTIFICATION DETAILS

 

Name :

FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING WLL

 

 

Registered Office :

Building No. 127, Block No. 1 Al Ardiya industrial Area 44085 Hawalli 32055

 

 

Country :

Kuwait

 

 

Date of Incorporation :

12.10.1993

 

 

Com. Reg. No.:

95584

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import, wholesale and retail of sportswear, equipment and related accessories

 

 

No. of Employee :

175

 

 

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                                    : FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING WLL

Also Known As                                     : NASSER SPORTS CENTRE

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 12th October 1993

Commercial Registration Number           : 95584

Trade Licence Number                           : 2114/2003

Chamber Membership Number               : 38378

Issued Capital                                       : KD 1,000,000

Paid up Capital                                     : KD 1,000,000

Total Workforce                                     : 175

Activities                                               : Wholesalers and retailers of sportswear and equipment

Financial Condition                                : Undetermined

Payments                                             : No complaints

 

 

 

COMPANY NAME

 

FAISAL AL RASHEED GENERAL TRADING AND CONTRACTING WLL

 

 

ALSO KNOWN AS

 

NASSER SPORTS CENTRE

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Building No. 127, Block No. 1

Area                 : Al Ardiya industrial Area

 

PO Box                        : 44085

 

Town                : Hawalli 32055

Country             : Kuwait

 

Telephone         : (965) 24332290 / 24332291 / 22665411 / 1850050 / 22623999 / 1851491

Facsimile          : (965) 24346640 / 22625107

Email                : mail@nsportq8.com / nscmarketing@nsportq8.com / a-alsarhan@nsportq8.com

                          r.khouri@nsportq8.com

 
Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Hawalli.

 

Branch Office (s)

 

     Subject has 46 showroom premises throughout Kuwait, including

 

     Location                                                                                           Description

 

·       Tunis Street                                                                                      Showroom premises

Hawalli

Tel: (965) 22619101

 

·       Al Atani Complex                                                                              Showroom premises

Al Shifa Hospital Street

Hawalli

Tel: (965) 22665300

 

·       Mutlaq Munawar Street                                                                      Showroom premises

Al Rai Area

Tel: (965) 24747330

 

·       Kaifan Coop                                                                                     Showroom premises

Tel: (965) 24867338

 

·       Shamiya Coop                                                                                 Showroom premises

Tel: (965) 24822300

 

·       Al Faiha Coop                                                                                  Showroom premises

Tel: (965) 22520363

 

·       Al  Dasma Coop                                                                               Showroom premises

Tel: (965) 22515177

 

·       Al Muthanna                                                                                     Showroom premises

Tel: (965) 22446964

 

·       Qurtuba Coop                                                                                  Showroom premises

Tel: (965) 25353234

 

·       Al Sulaibikat Coop                                                                            Showroom premises

Tel: (965) 24867338

 

·       Al Adailiya Coop                                                                              Showroom premises

Tel: (965) 22547634

 

·       Salem Al Mubarak                                                                             Showroom premises

Tel: (965) 25710844

 

·       Al Shaab Coop                                                                                 Showroom premises

Tel: (965) 22619102

 

·       Jabriya Coop                                                                                   Showroom premises

Tel: (965) 25324228

 

·       Al Adasani Complex                                                                         Showroom premises

Tel: (965) 25430115

 

·       Nokra El Jounoubi Complex                                                              Showroom premises

Tel: (965) 22621818

 

·       Hawalli Coop                                                                                    Showroom premises

Tel: (965) 22619101

 

·       Sabah Al Salem Coop                                                                      Showroom premises

Tel: (965) 25527268

 

·       Al Egaila                                                                                          Showroom premises

Tel: (965) 23839083

 

·       Al Riqqa Coop                                                                                 Showroom premises

Tel: (965) 23969024

 

·       Al Qurain Coop                                                                                 Showroom premises

Tel: (965) 25429187

 

·       Al Addan Coop                                                                                Showroom premises

Tel: (965) 25430115

 

·       Al Daher Coop                                                                                 Showroom premises

Tel: (965) 23830045

 

·       Green Tower Complex                                                                       Showroom premises

Tel: (965) 25456307

 

·       Umm Al Haiman Coop                                                                      Showroom premises

Tel: (965) 23289708

 

·       Al Farwaniya Coop                                                                           Showroom premises

Tel: (965) 24762311

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Faisal Ahmed Mohamed Al Rasheed                                                 Managing Director

 

·       Nasser Ahmed Mohamed Al Rasheed                                                Director

 

·       Yousef Ahmed Mohamed Al Rasheed                                               Director

 

·       Abdullah Ahmed Mohamed Al Rasheed                                             Director

 

·       Huda Abdullah Sulaiman Bohamad                                                    Director

 

·       Bassam Jawad                                                                                 General Manager

 

·       Sumait Gue                                                                                      Finance Manager

 

·       Abdullah Al Sarhan                                                                           Sales Executive

 

·       R Khouri                                                                                           Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th October 1993

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 95584

 

Trade Licence No.        : 2114/2003

 

Chamber Member No.  : 38378

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

·       Faisal Ahmed Mohamed Al Rasheed                                                

 

·       Nasser Ahmed Mohamed Al Rasheed                                               

 

·       Yousef Ahmed Mohamed Al Rasheed                                  

 

·       Abdullah Ahmed Mohamed Al Rasheed                                

 

·       Huda Abdullah Sulaiman Bohamad

 

 

AFFILIATED COMPANIES

 

·       Nasser Sports Centre General Trading Est

Al Qatheef Al Awamiya

PO Box: 10922 & 19019

Dammam 31911

Saudi Arabia

Tel: (966-13) 8632714

Fax: (966-13) 8531059

 

 

OPERATIONS

 

Activities: Engaged in the import, wholesale and retail of sportswear, equipment and related accessories

 

Import Countries: Europe and the Far East

 

Brand Names: RAIDER, SPEED, BEAUTI, EXTRA SOFT, PLANET 8, CREBER, DIADORA, ORPC, ATEMI,

                        WOCOM, PATRICK, PIONEER, CRANDIS, SPORTS ART, AEROSOFT, SEABO, KITO, BLUE,

                        MORETEZ SPORTS, ASADI, PRO SUPRA, ADDNICE, LIFETIME, GALAXY STAR, BODY

                        CHARGER, CHIODI, WAVE, ATHLETIC, CORNILLEAU, LIFE GEAR, SPORTOP, BICAL, PANATTA

                        SPORT, GOLD CUP FITNESS and EXPLORE

 

Subject has a workforce of approximately 175 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

 

·       Commercial Bank of Kuwait SAK

Hawalli

Tel: (965) 22645964

    

 

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.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

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.