MIRA INFORM REPORT
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Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
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Name : |
INSULATION GENERAL TRADING
COMPANY WLL |
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Registered Office : |
Plot No. 12, Block No. 3 Al Shuwaikh Industrial Area 6300, Hawalli 32037 Kuwait |
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Date of Incorporation : |
14th
January 2005 |
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Com. Reg. No.: |
77535,
Hawalli |
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Legal Form : |
With
Limited Liability - WLL |
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Line of Business : |
Engaged
in the import and distribution of general merchandise, specializing in
foodstuff products and beverages |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$ 70,000 |
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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 |
INSULATION GENERAL TRADING COMPANY 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 |
14th January 2005 |
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Commercial Registration Number |
77535, Hawalli |
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Trade Licence Number |
2005/638 |
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Membership Number |
92609 |
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Issued Capital |
KD 150,000 |
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Paid up Capital |
KD 150,000 |
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Total Workforce |
15 |
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Line of Business |
Distributors of general merchandise. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
INSULATION GENERAL TRADING COMPANY WLL
ADDRESS
Registered & Physical Address
Location : Plot No. 12, Block No. 3
Area : Al Shuwaikh Industrial Area
PO Box : 6300
Town : Hawalli 32037
Country : Kuwait
Telephone : (965) 4843138
Facsimile : (965) 4841738
Mobile : (965) 7003299
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Hawalli.
KEY PRINCIPALS
Name Nationality Position
Ahmed Ali Al Ghazzawi Syrian Managing Director
Kabila Gadeer Radhi Kuwaiti Director
Mohamed Al Ghazzawi Syrian General Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th January 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited
Liability - WLL)
Commercial Reg. No. : 77535, Hawalli
Trade Licence No. : 2005/638
Membership No. : 92609
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s) Percentage
Kabila Gadeer Radhi 51%
Ahmed Ali Al Ghazzawi 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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution
of general merchandise, specialising in foodstuff products and beverages.
Import Countries : Europe and the Far East.
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Commercial Bank of Kuwait SAK
Main Branch
Hawalli
Tel : (965) 2645964
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 15,000,000:
Investigations undertaken in Hawalli 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$ 70,000
RATING EXPLANATIONS
RATING
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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 |