MIRA
INFORM REPORT
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Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
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Name : |
AL MUNTAKHAB
TEXTILES & READYMADE GARMENTS CO WLL |
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Registered Office : |
Souk Dakhly, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11th April 1994 |
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Com. Reg. No.: |
55945 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the wholesale and retail of ready made garments, footwear
and fashion 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
Company Name : AL MUNTAKHAB TEXTILES & READYMADE GARMENTS CO WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 11th April 1994
Commercial Registration Number : 55945
Trade Licence Number : 247/94
Membership Number : 41326
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 12
Line of Business : Wholesalers and retailers of ready made garments, footwear
and fashion accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MUNTAKHAB
TEXTILES & READYMADE GARMENTS CO WLL
ADDRESS
Registered & Physical Address
Location : Souk Dakhly
PO Box : 22318
Town : Safat 13084
Country :
Telephone : (965) 2429901
Facsimile : (965) 2406679
Email : muntakhabreadymadegarment@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
· Anwar Mohamed Husain Kuwaiti Managing Director
· Mohamed Shafik Abdul Karim Syrian Director
· Doreid Mohamed Shafik Abdul Karim Syrian General Manager
LEGAL FORM &
OWNERS
Date of
Establishment : 11th
April 1994
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg.
No. : 55945
Trade Licence No. : 247/94
Membership No. : 41326
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder
(s) Percentage
· Anwar Mohamed Husain 51%
· Mohamed Shafik Abdul Karim 49%
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 wholesale and retail of ready made
garments, footwear and fashion accessories.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 12 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
925,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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National Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1994, subject is involved in the wholesale and retail of
ready made garments, footwear and fashion accessories.
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%)