MIRA INFORM REPORT

 

 

Report Date :

13.06.2006

 

IDENTIFICATION DETAILS

 

Name :

AZMAN AL KHALEEJ GENERAL TRADING CO WLL

 

 

Registered Office :

Al Ghonaim Building, 4th Floor, Abdullah Al Mubarak Street, Al Murgab Area, PO Box    - 29703, Safat 13158

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

10th April 1995

 

 

Com. Reg. No.:

59790, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of animal fodder and vitamins

 

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                         : AZMAN AL KHALEEJ GENERAL TRADING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 10th April 1995

Commercial Registration Number            : 59790, Safat

Trade Licence Number                            : 152/1995

Membership Number                              : 45418

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 25

Line of Business                                    : Distributors of animal fodder and vitamins.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

 

COMPANY NAME

 

AZMAN AL KHALEEJ GENERAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Ghonaim Building, 4th Floor

Street               : Abdullah Al Mubarak Street

Area                 : Al Murgab Area

PO Box             : 29703

Town                 : Safat 13158

Country             : Kuwait

Telephone         : (965) 2412854 / 3941645

Facsimile          : (965) 2409892

Email                : azmanalkhaleej@yahoo.com

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Mutab Khalf Al Monir Al Mutairi                                              Managing Director

 

·       Latifa Khalf Al Monir Al Mutairi                                                Director

 

·       Fatema Khalf Al Monir Al Mutairi                                            Director

 

·       Mahmoud Fazaluddine Abdul Amir                                          Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th April 1995

 

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

 

Commercial Reg. No.  : 59790, Safat

 

Trade Licence No.       : 152/1995

 

Membership No.          : 45418

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

 

Name of Shareholder (s)

 

·       Mutab Khalf Al Monir Al Mutairi

 

·       Latifa Khalf Al Monir Al Mutairi

 

·       Fatema Khalf Al Monir Al Mutairi

 

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 animal fodder and vitamins.

 

Import Countries          : Europe and the United States of America.

 

Operating Trend          : Steady

 

Subject has a workforce of 25 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 1,200,000                                        KD 1,450,000

 

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

 

 

BANKERS

 

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

 

PAYMENT HISTORY

 

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 1995, subject is owned and managed by members of the Al Mutairi 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$ 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