MIRA
INFORM REPORT
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Report Date : |
2nd June 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL NAWAYA AL KUWAITI UNITED TRADING CO WLL |
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Registered Office : |
Al Qaysariyah Area 43, Jahra, 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 February 1987 |
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Com. Reg. No.: |
28903, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of fruit and vegetables |
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 NAWAYA AL KUWAITI UNITED TRADING 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 February 1987 |
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Commercial Registration Number |
28903, Safat |
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Trade Licence Number |
34/1987 |
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Membership Number |
17767 |
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Issued Capital |
KD 20,000 |
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Paid up Capital |
KD 20,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of fruit and vegetables. |
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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 NAWAYA AL KUWAITI UNITED TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Al Qaysariyah Area
PO Box : 43
Town : Jahra
Country : Kuwait
Telephone : (965) 4554424 / 4559109 / 4566100 / 4555892
Facsimile : (965) 4556633
Email : nawaya98@hotmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Jahra.
KEY PRINCIPALS
Saud Nashmi Awad Al Hareeji Managing Director
Abdulaziz Saud Nashmi Awad Al Hareeji Director
Othman Saud Nashmi Awad Al Hareeji Director
Maneefa Saud Nashmi Awad Al Hareeji Director
Mohiddine Ali Bashir Commercial Manager
Alaa Haroon Finance Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st February 1987
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 28903, Safat
Trade Licence No. : 34/1987
Membership No. : 17767
Issued Capital : KD 20,000
Paid up Capital : KD 20,000
Name of Shareholder (s)
Saud Nashmi Awad Al Hareeji
Abdulaziz Saud Nashmi Awad Al Hareeji
Othman Saud Nashmi Awad Al Hareeji
Maneefa Saud Nashmi Awad Al Hareeji
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 import and distribution of fruit and vegetables.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 15 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 580,000 KD 630,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box : 24989
Safat 13110
Tel : (965) 2445050
Fax : (965) 2455135
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1987, subject is owned and managed by members of the Al Hareeji family who are well respected in the local business community.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk 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 |