MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MEKKY
INTERNATIONAL GENERAL TRADING CO WLL |
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Registered Office : |
Al Dejaj Area, P
O Box 1160, Farwaniya 81021 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25th June 1996 |
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Com. Reg. No.: |
65936 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of household furniture. |
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
Company Name : MEKKY INTERNATIONAL GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 25th June 1996
Commercial Registration Number : 65936
Trade Licence Number : 597/96
Membership Number : 50040
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 15
Line of Business : Distributors of household furniture.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MEKKY INTERNATIONAL
GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Al Dejaj Area
PO Box : 1160
Town : Farwaniya 81021
Country : Kuwait
Telephone : (965) 4317874 / 4318177 / 4315188
Facsimile : (965) 4332439
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Farwaniya.
KEY PRINCIPALS
Name Nationality Position
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Ahmed
Mohamed Ali Mekky Egyptian Managing Director
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Sara Thawab
Tafeel Kuwaiti Director
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Samir
Mohamed Ali Mekky Egyptian General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 25th
June 1996
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 65936
Trade
Licence No. : 597/96
Membership No. : 50040
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of Shareholder
(s) Percentage
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Sara Thawab
Tafeel 51%
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Ahmed
Mohamed Ali Mekky 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
household furniture.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Kuwaiti Dinars
(KD)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue KD 780,000 KD
935,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Gulf Bank KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1996, subject is owned and managed by Mr Ahmed
Mohamed Ali Mekky, an Egyptian national who operates in Kuwait under the local
sponsorship of Mr Sara Thawab Tafeel.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)