MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ENJAZ AL ARABIAH
GENERAL TRADING CO WLL |
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Registered Office : |
Plot No. 4,
Building No. 2, Al Sharq Area, P O Box 1025, Salmiya 22011 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
5th December 1998 |
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Com. Reg. No.: |
75448 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of general merchandise and the provision of general
contracting services. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ENJAZ AL ARABIAH GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 5th December 1998
Commercial Registration Number : 75448
Trade Licence Number : 1139/2004
Membership Number : 5758
Issued Capital : KD 80,000
Paid up Capital : KD 80,000
Total Workforce : 8
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ENJAZ AL ARABIAH
GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Plot No. 4, Building No. 2
Area : Al Sharq Area
PO Box : 1025
Town : Salmiya 22011
Country : Kuwait
Telephone : (965) 2457176 / 5517784
Facsimile : (965) 2457175
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Salmiya.
KEY PRINCIPALS
Nasser Fahd Al Dossary Managing
Director
Jawahir Al Ajaimi Director
LEGAL FORM &
OWNERS
Date of Establishment : 5th
December 1998
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 75448
Trade
Licence No. : 1139/2004
Membership No. : 5758
Issued Capital : KD 80,000
Paid up Capital : KD 80,000
Name of Shareholder
(s)
·
Nasser Fahd
Al Dossary
·
Jawahir Al
Ajaimi
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
general merchandise and the provision of general contracting services.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 8 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 550,000 KD
625,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Kuwait SAK
Main Branch
Salmiya
Tel : (965) 5715989
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1998, subject is owned and managed by Mr Nasser
Fahd Al Dossary and Mr Jawahir Al Ajaimi who are both 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.
Maximum suggested
credit figure: US$ 100,000
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%)