MIRA INFORM REPORT
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Report Date : |
18th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MARYLAND GENERAL TRADING
& CONTRACTING EST |
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Registered Office : |
Wara Centre, 1st
Floor Canada Dry Street, Shuwaikh
Industrial Area 22922, Safat 13090 Kuwait |
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Date of Incorporation : |
5th
December 1992 |
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Com. Reg. No.: |
48593,
Safat |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Giftware
and furnishing products |
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$ 200,000 |
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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 |
MARYLAND GENERAL TRADING & CONTRACTING EST |
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Country of Origin |
Kuwait |
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Legal Form |
Sole Proprietorship |
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Registration Date |
5th December 1992 |
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Commercial Registration Number |
48593, Safat |
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Trade Licence Number |
92/8005 |
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Membership Number |
33369 |
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Invested Capital |
KD 50,000 |
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Total Workforce |
9 |
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Line of Business |
Giftware and furnishing products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MARYLAND GENERAL TRADING & CONTRACTING EST
ADDRESS
Registered & Physical Address
Building : Wara Centre, 1st Floor
Street : Canada Dry Street
Area : Shuwaikh Industrial Area
PO Box : 22922
Town : Safat 13090
Country : Kuwait
Telephone : (965) 4822083 / 4821143
Facsimile : (965) 4822081
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
Al Mubarktya Commercial Centre Rented office & showroom
2nd Floor, Suite No. 4
Beside Gulf Bank Head Office
Safat
Tel : (965) 2461277 / 2456111
Fax : (965) 2461276
KEY PRINCIPALS
Asaad Rumaih Othman Al Rumaih Proprietor & General Manager
Fawzia Rumaih Othman Al Rumaih Assistant General Manager
Mahmoud Qassim Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th December 1992
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 48593, Safat
Trade Licence No. : 92/8005
Membership No. : 33369
Invested Capital : KD 50,000
Mr Asaad Rumaih Othman Al Rumaih 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.
AFFILIATED COMPANIES
Salah M. Al Rumaih General Trading
PO Box : 22922
Safat 13090
Tel : (965) 2461277
Fax : (965) 2461278
Malek Al Tarboosh for Furniture Est
PO Box : 22922
Safat 13090
Tel : (965) 2461277
Fax : (965) 2461276
LINE OF BUSINESS
Operations : Subject’s activities are performed through the following divisions:
Gifts Gate
Engaged in the import, distribution and retail of gift items, particularly wedding and valentine gifts, cutlery, porcelain and chinaware as well as wrapping paper and related accessories.
Final Touches Furnishing
Engaged in the import, distribution and retail of furniture, soft furnishing materials, curtains, blinds, bedroom sets and dining room suites.
Import Countries : The United Kingdom, Thailand and GCC countries.
Brand Names : BND, ADVECTOR and HAROX.
Operating Trend : Steady
Subject has a workforce of 9 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 460,000 KD 510,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box : 24989
Safat 13110
Tel : (965) 2445050
Fax : (965) 2455135
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction August 2002
Credit amount 100,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters of Credit
Paying record No Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1992, subject is owned and managed by Mr Asaad Rumaih Othman Al Rumaih who is well respected in the local business community.
According to local sources subject’s financial position is described as healthy and profitable with payments made in a timely manner. The operating history is clear and the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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 |