MIRA INFORM REPORT

 

 

Report No. :

346702

Report Date :

29.10.2015

 

IDENTIFICATION DETAILS

 

Name :

WADI SAKEEF TRADING CO WLL

 

 

Registered Office :

Block 4, Shop 4, Commercial Area 9, Al Sharq, PO Box 20491, Safat 13065

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

31.03.1992

 

 

Com. Reg. No.:

43364

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Engaged in the Import and Distribution of Cosmetics and FMCG.

 

 

No. of Employees :

25

 

 

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

 

 

SUMMARY

 

Company Name                                    : WADI SAKEEF TRADING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 31st March 1992

Commercial Registration Number           : 43364

Trade Licence Number                           : 845/96

Chamber Membership Number               : 28482

Issued Capital                                       : KD 800,000

Paid up Capital                                     : KD 800,000

Total Workforce                                     : 25

Activities                                               : Distributors of cosmetics and FMCG.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Hani Abdullah Shaye Al Dhufiri, Managing Director

 

COMPANY NAME

 

WADI SAKEEF TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Block 4, Shop 4, Commercial Area 9

Area                 : Al Sharq

PO Box            : 20491

Town                : Safat 13065

Country             : Kuwait

Telephone         : (965) 22428786 / 22439376 / 22490618

Facsimile          : (965) 22428734 / 22472378

Mobile              : (965) 66599264

Email                : sales@wadico.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Hani Abdullah Shaye Al Dhufiri                                                   Managing Director

 

Jawaz Ali Hussain Ali Ahmed                                                     Director

 

Abbas Taher Ali                                                                         Sales Manager

 

Ahmed Mohamed                                                                      Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st March 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 43364

 

Trade Licence No.        : 845/96

 

Chamber Member No.  : 28482

 

Issued Capital              : KD 800,000

 

Paid up Capital            : KD 800,000

 

Name of Shareholder (s)

 

Hani Abdullah Shaye Al Dhufiri

 

Jawaz Ali Hussain Ali Ahmed

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of cosmetics and FMCG.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 25 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 2,100,000                            KD 2,320,000

 

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

 

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

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

 

           

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.65.04

UK Pound

1

Rs.99.58

Euro

1

Rs.71.75

 

 

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.