MIRA INFORM REPORT

 

 

Report Date :

14th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

GREEN WINGS COMPANY WLL

 

 

Registered Office :

South Salmiyah Building, Salem Al Mubarak Street, Salmiyah, PO Box : 20701, Safat 13068, Kuwait

 

 

Country :

Kuwait

 

 

Date of Incorporation :

10.01.1979

 

 

Com. Reg. No.:

27398, Safat

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

 

Line of Business :

Wholesalers and retailers of textiles, readymade garments, shoes and leather accessories.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

 

Company Name

GREEN WING COMPANY WLL

Country of Origin

Kuwait

Legal Form

With Limited Liability - WLL

Registration Date

10th January 1979

Commercial Registration Number

27398, Safat

Membership Number

7718

Issued Capital

KD 180,000

Paid up Capital

KD 180,000

Total Workforce

11

Line of Business

Wholesalers and retailers of textiles, readymade garments, shoes and leather accessories.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

GREEN WING COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : South Salmiyah Building

Street               : Salem Al Mubarak Street

Area                 : Salmiyah

PO Box             : 20701

Town                 : Safat 13068

Country             : Kuwait

Telephone         : (965) 5712192 / 5744595 / 5710189 / 5731974 / 5731975

Facsimile          : (965) 5748395

Email                : greenwing@arabnet.net

                          purchasing@anotah.com

 

 

Premises

 

Subject operates from a small suite of offices, a warehouse and a showroom that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

·       Ihsan Hassan Al Tahan                                                          Managing Director

 

·       Mahmoud Abdullah Al Shatti                                                  Director

 

·       Esaaf M. Shawkat                                                                 Director

 

·       Anwar A. Al Tahan                                                                Director

 

·       Anas A. Al Tahan                                                                  Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th January 1979

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 27398, Safat

 

Membership No.          : 7718

 

Issued Capital              : KD 180,000

 

Paid up Capital            : KD 180,000

 

 

Name of Shareholder (s)

 

·       Ihsan Hassan Al Tahan

 

·       Mahmoud Abdullah Al Shatti

 

·       Esaaf M. Shawkat

 

·       Anwar A. Al Tahan

 

·       Anas A. Al Tahan

 

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

 

·       Al Orjwan Garments Co WLL

Abdulaziz Saud Al Sabah & Bros Building

Salem Al Mubarak Street

PO Box : 7694

Salmiyah 22087

Tel : (965) 5716855

Fax : (965) 5736821

 

 

LINE OF BUSINESS

 

Operations : Engaged in the wholesale and retail of textiles, readymade garments, shoes and leather accessories.

 

Import Countries : France and Italy.

 

Operating Trend : Steady

 

Subject has a workforce of 11 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 1,350,000                            KD 1,570,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

·       Commercial Bank of Kuwait

     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 1979, subject is involved in the wholesale and retail of textiles, readymade garments, shoes and leather accessories.

 

According to local sources subject’s finances are in a satisfactory condition and payment obligations are fulfilled in a timely manner. As such the business is deemed a fair trade risk and the above credit figure is admissible,

 

Maximum suggested credit figure: US$ 200,000

 

RATING EXPLANATIONS

 

 

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions