MIRA INFORM REPORT

 

 

Report Date :

8th June 2006

 

IDENTIFICATION DETAILS

 

Name :

MASSAD COMPANY WLL

 

 

Registered Office :

Al Wataniya Building, Salem Al Mubarak Road

Al Salmiya, 1785 & 3074

Safat 13018, Kuwait

 

 

Country :

Kuwait

 

 

Financials (as on) :

31/12/2005

 

 

Date of Incorporation :

18th July 1972

 

 

Com. Reg. No.:

18984, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the business of distribution, wholesale and retail of food products

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name

MASSAD COMPANY WLL

Country of Origin

Kuwait

Legal Form

With Limited Liability - WLL

Registration Date

18th July 1972

Commercial Registration Number

18984, Safat

Membership Number

1529

Issued Capital

KD 300,000

Paid up Capital

KD 300,000

Total Workforce

105

Line of Business

Distribution, wholesale and retail of food products.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

MASSAD COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Wataniya Building

Street               : Salem Al Mubarak Road

Area                 : Al Salmiya

PO Box             : 1785 & 3074

Town                 : Safat 13018

Country             : Kuwait

Telephone         : (965) 2445852 / 2445853 / 2405408 / 2455041

Facsimile          : (965) 2438041

Email                : ababtain@qualitynet.net

                          massad@albabtaingroup.com.kw

 

Premises

 

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

 

 

 

KEY PRINCIPALS

 

Saud A. Al Babtain                                                                    Managing Director

 

Abdul Rahman A. Al Babtain                                                       Director

 

Abdul Aziz S. Al Babtain                                                                        Director

 

Mohamed A. Al Babtain                                                              Director

 

Ahmed A. Al Babtain                                                                  Director

 

Osama A. Al Babtain                                                                 Director

 

Antoine E. Obeid                                                                       General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th July 1972

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 18984, Safat

 

Membership No.          : 1529

 

Issued Capital              : KD 300,000

 

Paid up Capital            : KD 300,000

 

Name of Shareholder (s)

 

Saud A. Al Babtain

 

Abdul Rahman A. Al Babtain

 

Abdul Aziz S. Al Babtain

 

Mohamed A. Al Babtain

 

Ahmed A. Al Babtain

 

Osama A. Al Babtain

 

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

 

Abdul Aziz Saud Al Babtain & Sons Co

PO Box: 1785

Safat

Tel: (965) 2405408

Fax: (965) 2438041

 

Massad Co Sarl

Beirut

Lebanon

Tel: (961-1) 350620

 

 

LINE OF BUSINESS

 

Operations : Engaged in the distribution, wholesale and retail of a wide range of food  products, including halal meat and poultry, dairy produce, canned meat, caviar, mayonnaise, crisps and confectionery. Subject also deals in household goods, electrical appliances and ladies accessories.

 

Import Countries : Europe, South America and the Indian sub continent.

 

International Suppliers :

 

Tulip                 Denmark

Norlax               Norway

Royal & Lora     India

SuperEnz (LG)   Korea

Qualitea            Sri Lanka

Colombiano       Columbia

Bretzke             Brazil

 

Operating Trend : Steady

 

Subject has a workforce of approximately 105 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 3,100,000                            KD 3,210,000

 

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

 

 

BANKERS

 

Commercial Bank of Kuwait

Al Salmiya

Tel : (965) 5715989

 

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

 

Massad Company WLL has been trading for over 30 years and is very well established in the local food wholesale market, stocking products from many reputable international suppliers.

 

The company is run in a professional manner and is owned by members of the Babtain family who are well known in the local business community.

 

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.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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