MIRA
INFORM REPORT
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Report Date : |
31st
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
MABROOK HOTEL SUPPLIES CO WLL |
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Registered Office : |
21 Tunis Street Shuwaikh Industrial Area, 43832 Hawalli 32053, Kuwait |
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Country : |
Kuwait |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1958 |
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Com. Reg. No.: |
46164, Hawalli |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
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RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 400,000 |
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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 |
MABROOK HOTEL SUPPLIES CO WLL |
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Country of Origin |
Kuwait |
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Legal Form |
With Limited Liability - WLL |
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Start Date |
1958 |
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Registration Date |
24th December 1991 |
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Commercial Registration Number |
46164, Hawalli |
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Membership Number |
26611 |
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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 |
120 |
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Line of Business |
Subject operates through several divisions (see below) |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MABROOK HOTEL SUPPLIES CO WLL
ADDRESS
Registered & Physical Address
Street : 21 Tunis Street
Area : Shuwaikh Industrial Area
P.O.Box : 43832
Town : Hawalli 32053
Country : Kuwait
Telephone : (965) 4818242 / 4811904 / 4818431 / 4828530
Facsimile : (965) 4834314 / 4831504
Email : inquiry1@mabrookco.com
Premises
Subject operates from a medium sized suite of offices, a warehouse and a workshop that are owned and located in the Industrial Area of Hawalli.
Branch Office (s)
Subject operates 3 showrooms located in Safat.
KEY PRINCIPALS
Ahmed Goulom Hasan Managing Director
Ali Ahmed Farhat Director
Mahmoud Ali Mughnia Director
Mahmoud Magdy General Manager
James George Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s operations date back to 1958, however it was registered on
24th December 1991.
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 46164, Hawalli
Membership No. : 26611
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s)
Ahmed Goulom Hasan
Ali Ahmed Farhat
Mahmoud Ali Mughnia
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 : Subject’s activities are performed through the following divisions:
Hotel Supplies Division
Importers and distributors of hotel supplies and requisites, as well as catering equipment for hotels, bars, restaurants and bakeries.
Mabrook Table & Chairs
This division specialises in the production and distribution of tables and chairs for use in such places as hotels, restaurants and bars.
Import Countries : The United States of America, Italy, France, the United Kingdom, Switzerland,
Denmark and Sweden.
International Suppliers :
Manitowoc United States of America
Delfield United States of America
Pitco Frialator United States of America
Blodgett United States of America
Cambro United States of America
Rubbermaid United States of America
Gold Medel United States of America
Henny Penny United States of America
Frymaster United States of America
Olis Italy
Sicomex Italy
Ugolini Italy
Sambonet Italy
Spes Italy
Abert Italy
Peddraly Italy
Carpigiani Italy
Frigomat Italy
Grosfelex France
Limpac United Kingdom
Steelite United Kingdom
Lincat United Kingdom
Churchill United Kingdom
Victrinox Switzerland
Spring Switzerland
Varmixer Denmark
Sveba Dahlen Sweden
Hallde AB Sweden
Operating Trend : Steady
Subject has a workforce of 120 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 1,950,000 KD 2,280,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Kuwait SAK
Hawalli
Tel : (965) 2653303
Fax : (965) 2611366
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction January 2000 May 2005
Credit amount 250,000 100,000
Amount overdue 0 0
Payment terms 90
days 60
days
Payment Method Letters of Credit Letters of Credit
Paying record No Complaints No Complaints
Currency Deutsch Marks Euros
GENERAL COMMENTS
Mabrook Hotel Supplies Co WLL has operations dating back to 1958, however in the last 10 years it has steadily grown into one of Kuwait’s best known hotel supplies company. It represents more than 30 top European and American companies from this sector and enjoys a excellent reputation for the quality of its products.
Local informants report that it is professionally managed by experienced businessmen and it is considered to be trustworthy for respecting its financial trade commitments.
Maximum suggested credit figure: US$ 400,000
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 |