MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SKS GROUP TRADING
& CONTRACTING CO WLL |
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Registered Office : |
Building No. 24,
Plot No. 70, P O Box 46122, Fahaheel 64012 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st September 2002 |
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Com. Reg. No.: |
659 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged as providers
of general engineering and 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SKS GROUP TRADING & CONTRACTING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 1st September 2002
Commercial Registration Number : 659
Trade Licence Number : 2426/2000
Membership Number : 79249
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Total Workforce : 20
Line of Business : Providers of general engineering and contracting services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SKS GROUP TRADING
& CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Location : Building No. 24, Plot No. 70
PO Box : 46122
Town : Fahaheel 64012
Country : Kuwait
Telephone : (965) 3912635 / 3925612 / 3917747
Facsimile : (965) 3925068
Email :
inform@sksgroupco.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Suburban Business Area of Fahaheel.
KEY PRINCIPALS
·
Mohamed Abdullah
Al Saffar Managing
Director
·
Mohamed
Abdulrahim Ali Director
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Beria T
Kumar General
Manager
·
Shams Al
Din I Mohamed Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st
September 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 659
Trade
Licence No. : 2426/2000
Membership No. : 79249
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Name of Shareholder
(s)
·
Mohamed Abdullah
Al Saffar
·
Mohamed
Abdulrahim Ali
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 as providers of general engineering
and contracting services.
Operating Trend
: Steady
Subject has a
workforce of 20 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 880,000 KD
950,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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The Gulf Bank
KSC
Al Ahmadi
Fahaheel
Tel : (965) 3912811
Fax : (965) 3910761
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 2002,
subject is involved in the provision of general engineering and contracting
services.
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%)