MIRA
INFORM REPORT
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Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
LAM AL SHIMAL GENERAL
TRADING & CONTRACTING CO WLL |
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Registered Office : |
Street No. 31, Al Rai Industrial Area 68314 & 13028, Kaifan 71954 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 January 1993 |
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Com. Reg. No.: |
73809 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and
distribution of aluminium profiles and aluminium accessories. |
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$ 175,000 |
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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 |
LAM AL SHIMAL GENERAL
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 January 1993 |
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Commercial Registration Number |
73809 |
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Trade Licence Number |
98/713 |
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Membership Number |
33582 |
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Issued Capital |
KD 50,000 |
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Paid up Capital |
KD 50,000 |
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Total Workforce |
20 |
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Line of Business |
Import and
distribution of aluminium profiles and aluminium accessories. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LAM AL SHIMAL GENERAL TRADING & CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Street : Street No. 31
Area : Al Rai Industrial Area
PO Box : 68314 & 13028
Town : Kaifan 71954
Country : Kuwait
Telephone : (965) 4730826 / 4730857
Facsimile :
(965) 4730768
Mobile : (965) 6660492
Email : lasco@qualitynet.net
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Kaifan
KEY PRINCIPALS
Ramdan Hassan Mohamed Al Qattan Managing Director
Mohamed Al Qattan Director
Gamal Ahmed Zamtan Director
Mohamed Malik General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st January 1993
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 73809
Trade Licence No. : 98/713
Membership No. : 33582
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
Ramdan Hassan Mohamed Al Qattan
Mohamed Al Qattan
Gamal Ahmed Zamtan
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.
AFFILIATED COMPANIES
Ramadan Kitchen & Aluminium
Safat
Tel: (965) 4747852
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of aluminium
profiles and aluminium
accessories.
Import Countries : Japan and the United States of America.
Operating Trend : Steady
Subject has a workforce of 20 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 780,000 KD 860,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Kuwait SAK
Kaifan
Tel : (965) 4815088
Fax : (965) 4839016
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Lam Al Shimal General
Trading & Contracting Co WLL specialises in the import and distribution of
aluminium profiles and aluminium accessories.
During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 175,000
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 |