MIRA
INFORM REPORT
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Report Date : |
20th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABDULLAH MOHAMED AL HARMI EST |
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Registered Office : |
Al
Awadhi Building, 3rd Floor, Apartment No. 24/25/26/27, Mubarak Al
Kabir Street, Commercial Area No. 9, PO Box : 184, Safat 13002, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
07.02.1960 |
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Com. Reg. No.: |
7659, Safat |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Importer
and Distributors of textiles, carpets, shoes and footwear
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$
150,000 |
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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 |
ABDULLAH MOHAMED AL HARMI EST |
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Country of Origin |
Kuwait |
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Legal Form |
Sole Proprietorship |
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Registration Date |
7th February 1960 |
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Commercial Registration Number |
7659, Safat |
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Trade Licence Number |
735/76 |
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Membership Number |
465 |
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Invested Capital |
KD 150,000 |
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Total Workforce |
25 |
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Line of Business |
Distributors of textiles, carpets, shoes and footwear accessories. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ABDULLAH
MOHAMED AL HARMI EST
ADDRESS
Registered & Physical Address
Building : Al Awadhi Building, 3rd
Floor, Apartment No. 24/25/26/27
Street : Mubarak Al Kabir Street
Area : Commercial Area No. 9
PO Box : 184
Town : Safat 13002
Country : Kuwait
Telephone : (965) 2423471 / 2447958 / 2435635
Facsimile : (965) 2410816
Email : harmiess@qualitynet.net
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Safat.
KEY PRINCIPALS
·
Abdullah
Mohamed Al Harmi Proprietor
·
Mohamed
Abdullah Mohamed Al Harmi General
Manager
·
Fatema
Abdullah Mohamed Al Harmi Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th February 1960
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 7659, Safat
Trade Licence No. : 735/76
Membership No. : 465
Invested
Capital : KD 150,000
Mr
Abdullah Mohamed Al Harmi 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.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of textiles, carpets, shoes and footwear accessories.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 25 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 1,100,000 KD
1,380,000
Local
sources consider subject’s financial condition to be Fair.
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:
Established
in 1960, subject is owned and managed by Mr Abdullah Mohamed Al Harmi who is
well respected in the local business community.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 150,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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