MIRA
INFORM REPORT
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Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
CAMCO GLOBAL AUTO SPARE PARTS CO WLL |
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Registered Office : |
Khalifa Al Jassim Street, Shuwaikh 25271, Safat 13113, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
4th May 2005 |
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Com. Reg. No.: |
60032882, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesalers and retailers of automotive
spare parts and related 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$ 60,000 |
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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 |
CAMCO GLOBAL AUTO SPARE PARTS 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 |
4th May 2005 |
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Commercial Registration Number |
60032882, Safat |
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Trade Licence Number |
1991/2005 |
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Membership Number |
94616 |
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Issued Capital |
KD 100,000 |
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Paid up Capital |
KD 100,000 |
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Total Workforce |
20 |
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Line of Business |
Wholesalers and retailers of automotive spare parts and related accessories. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
CAMCO
GLOBAL AUTO SPARE PARTS CO WLL
ADDRESS
Registered & Physical Address
Street : Khalifa Al Jassim Street
Area : Shuwaikh
PO Box : 25271
Town : Safat 13113
Country : Kuwait
Telephone : (965) 4848594 / 4828423
Facsimile : (965) 4848574
Mobile : (965) 9735993
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
Mohamed Hussain Anwar Indian Managing Director
Waleed Khalid Ibrahim Mallullah Kuwaiti Director
LEGAL FORM & OWNERS
Date of Establishment : 4th May 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 60032882, Safat
Trade Licence No. : 1991/2005
Membership No. : 94616
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of Shareholder (s) Percentage
Waleed Khalid Ibrahim Mallullah 51%
Mohamed Hussain Anwar 49%
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
Sadiq & Ali General Trading
Safat
Tel : (965) 2419931 / 2432927
Fax : (965) 2404257 / 2408152
Bait Al Amal Computer
Dubai
United Arab Emirates
Tel : (971-4) 2264782
Maz Computers
Dubai
United Arab Emirates
Tel : (971-4) 2264782
LINE OF BUSINESS
Operations :
Engaged in the wholesale and retail of automotive spare parts and related
accessories.
Import Countries : Europe and GCC countries.
Subject has a workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Burgan Bank
PO Box : 5875
Safat 13054
Tel : (965) 2410818
Fax : (965) 2410819
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Investigations undertaken in Safat did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 60,000
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 |