MIRA
INFORM REPORT
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Report Date : |
16th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
FRESH
WAYS FOOD COMPANY |
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Registered Office : |
Qata
56, Building 14, Old Khaitan, Khaitan, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
08.05.2004 |
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Com. Reg. No.: |
99936 |
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Legal Form : |
Mouassasa Khassa (Sole
Proprietorship) |
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Line of Business : |
The
company is engaged in the import and distribution of general foodstuff
products and read meals. |
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$
100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FRESH WAYS FOOD ITEMS
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 8th May 2004
Commercial Registration Number : 99936
Trade Licence Number : 1720/2004
Membership Number : 88179
Invested Capital : KD 50,000
Total Workforce : 10
Line of Business : Distributors of general foodstuff products and ready
meals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
FRESH
WAYS FOOD ITEMS
ADDRESS
Registered & Physical
Address
Location : Qata 56, Building 14, Old Khaitan
Town : Khaitan
Country : Kuwait
Telephone : (965) 2540937
Facsimile : (965) 4763594
Mobile : (965) 7646899 / 9774711
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Khaitan.
KEY PRINCIPALS
·
Mohamed
Adam Alam Shah Ibrahim Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th May 2004
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 99936
Trade Licence No. : 1720/2004
Membership No. : 88179
Invested
Capital : KD 50,000
Mr
Mohamed Adam Alam Shah Ibrahim is the sole proprietor of the business.
Note
to the Legal Form
Commonly
referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual
where liability for all debts is unlimited. The business is the entire
responsibility of its proprietor, who is liable for all its debts to the extent
of his entire wealth. There are no legal requirements concerning the amount of
capital of a sole proprietor.
LINE OF BUSINESS
Operations
: Engaged in the import and
distribution of general foodstuff products and ready
meals.
Import
Countries : Europe and GCC countries.
Subject
has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Kuwaiti Dinars (KD)
Year
Ending 31/12/05
Total
Revenue KD
395,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2004, subject is owned and managed by Mr Mohamed Adam Alam Shah Ibrahim who
is 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.
Maximum
suggested credit figure: US$ 100,000
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 |