MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
IDEAL INTERNATIONAL GENERAL TRADING & CONTRACTING WLL |
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Registered Office : |
Shuwaikh
Industrial Area, PO Box: 175, Safat, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
2005 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Importer
and Distributors of heavy industrial equipment and
machinery, oil filters, generators, body armour, bulletproof products and
security products. |
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$
50,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
IDEAL INTERNATIONAL GENERAL TRADING & CONTRACTING 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 |
2005 |
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Issued Capital |
KD 50,000 |
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Paid up Capital |
KD 50,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of heavy industrial equipment and machinery, oil filters, generators, body armour, bullet proof products and security products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
IDEAL
INTERNATIONAL GENERAL TRADING & CONTRACTING WLL
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area
PO Box : 175
Town : Safat
Country : Kuwait
Telephone : (965) 4918435 / 4918436
Facsimile : (965) 4918437
Mobile : (965) 9756263
Email : valleyfernandes@gmail.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Safat.
KEY PRINCIPALS
Name Nationality Position
·
Rajandera
Kumar Rao Indian Managing Director
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Dr
Adel Isaac Kuwaiti Director
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Valley
Fernandes - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Issued
Capital : KD 50,000
Paid
up Capital : KD 50,000
Name of Shareholder (s) Percentage
·
Dr
Adel Isaac 51%
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Rajandera
Kumar Rao 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 heavy industrial equipment and machinery, oil
filters, generators, body armour, bullet proof products and security products.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
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Commercial
Bank of Kuwait SAK
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:
Investigations
undertaken in Safat 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$ 50,000
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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