MIRA
INFORM REPORT
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Report Date : |
1st
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL ZAHEM INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL |
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Registered Office : |
Free Trade Zone, Plot F-11 Shuwaikh Port Area, 22063 Safat 13081, Kuwait |
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Country : |
Kuwait |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1st October 1991 |
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Com. Reg. No.: |
44648, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Providers of engineering,
procurement and construction services. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL ZAHEM INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL |
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Country of Origin |
Kuwait |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
1st October 1991 |
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Commercial Registration Number |
44648, Safat |
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Trade Licence Number |
130/91 |
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Membership Number |
24576 |
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Issued Capital |
KD 150,000 |
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Paid up Capital |
KD 150,000 |
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Total Workforce |
45 |
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Line of Business |
Providers of engineering,
procurement and construction services. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL ZAHEM INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Location : Free Trade Zone, Plot F-11
Area : Shuwaikh Port Area
PO Box : 22063
Town : Safat 13081
Country : Kuwait
Telephone : (965) 4829160 / 4829161 / 4829162
Facsimile : (965) 4829166 / 4829167
Email : info@zahemgroup.com
Premises
Subject operates from a medium sized suite of offices that are rented and located in the Free Trade Zone Area of Safat.
KEY PRINCIPALS
Faisal Abdulaziz Al Zahem Managing Director
Ghazi Abdulaziz Al Zahem Director
Nasser Abdulaziz Al Zahem Director
Talal Abdulaziz Al Zahem Director
LEGAL FORM & OWNERS
Date of Establishment : 1st October 1991
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 44648, Safat
Trade Licence No. : 130/91
Membership No. : 24576
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s)
Faisal Abdulaziz Al Zahem
Ghazi Abdulaziz Al Zahem
Nasser Abdulaziz Al Zahem
Talal Abdulaziz Al Zahem
Notes to the legal Form
Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.
Under the Kuwaiti Commercial Companies Law a WLL may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. At least 51 percent of the capital must be owned by Kuwaitis. The minimum amount of capital required is KD 7,500. Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares. WLLs may not engage in banking, insurance or investment activities on behalf of others.
LINE OF BUSINESS
Operations :
Engaged in the provision of engineering, procurement
and construction services, covering
pipeline and piping
installation, plant and equipment installation, storage tanks, shut down
activities and structural steel work.
Operating Trend : Steady
Subject has a workforce of 45 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Kuwaiti Dinars (KD)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue KD 2,900,000 KD 3,280,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1991, subject is owned and managed by members of the Al Zahem family who are well respected in the local business community.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |