MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ESSA DECORATON MATERIALS & CONTRACTING CO WLL |
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Registered Office : |
Shuwaikh Industrial Area, P O Box - 1350 & 44276, Hawalli 32057, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.07.1993 |
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Com. Reg. No.: |
49250 |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (With Limited Liability -
WLL) |
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Line of Business : |
Engaged in the import and distribution of decorative materials and false ceilings and decorative
works contracting. |
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 ESSA DECORATON MATERIALS & CONTRACTING CO WLL
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date :
10th July 1993
Commercial Registration Number :
49250
Trade Licence Number :
37/1993
Membership Number :
36531
Issued Capital :
KD 500,000
Paid up Capital :
KD 500,000
Total Workforce :
18
Line of Business :
Distributors of decorative
materials and false ceilings and decorative
works contracting.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL ESSA DECORATON MATERIALS & CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Location : Shuwaikh
Industrial Area
PO Box : 1350 &
44276
Town : Hawalli
32057
Country :
Telephone : (965) 2423791 / 2423575 / 2423166 / 806442
Facsimile : (965) 2417368 / 4832391
Email : mhashim@ahy-alessa.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Hawalli.
KEY PRINCIPALS
Marwan Abdul
Hamid Al Essa Managing
Director
Nader Abdul
Hamid Al Essa Director
Mohamed Abdul Hamid
Al Essa Director
Neda Abdul
Hamid Al Essa Director
Abdulrahman
Khader Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 10th
July 1993
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 49250
Trade Licence No. : 37/1993
Membership No. : 36531
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of Shareholder
(s)
Marwan Abdul
Hamid Al Essa
Nader Abdul
Hamid Al Essa
Mohamed Abdul
Hamid Al Essa
Neda Abdul
Hamid Al Essa
Notes to the legal Form
Limited Liability Companies, which are known in
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.
AFFILIATED COMPANIES
Abdul Hamid
General Trading & Contracting Safat
LINE OF BUSINESS
Operations : Engaged in the
import and distribution of decorative
materials and false ceilings and
decorative works contracting.
Import Countries : Europe and the
Operating Trend : Steady
Subject has a workforce of 18 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
1,750,000 KD
1,880,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
The Gulf Bank KSC
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 1993, subject is involved in the import and distribution
of decorative materials and
false ceilings and decorative works contracting.
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%)