MIRA INFORM REPORT

 

 

Report Date :

09.08.2007

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED ALI HUSAIN MUQADDAS SON CO WLL

 

 

Registered Office :

Al Amir Street, Mubaraqar, P O Box – 490, Safat 13005,

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

28.02.1960

 

 

Com. Reg. No.:

591, Safat

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

 

Line of Business :

Importers, distributors and retailers of general merchandise, specialising in readymade garments, blankets and praying mats.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 175,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : MOHAMED ALI HUSAIN MUQADDAS SON CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 28th February 1960

Commercial Registration Number            : 591, Safat

Membership Number                              : 921

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 20

Line of Business                                    : Retail of readymade garments, blankets and praying mats.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

MOHAMED ALI HUSAIN MUQADDAS SON CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Amir Street

Area                 : Mubaraqar

P.O.Box            : 490

Town                 : Safat 13005

Country             : Kuwait

Telephone         : (965) 2403161 / 2435942

Facsimile          : (965) 2465219

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Safat.

 

Branch Office (s)

 

            Location                                                                                                Description

 

Shaya Building                                                                                      Rented showroom premises

Mubaraqar

Safat

Tel : (965) 2428184

 

Samaka Building                                                                                    Rented showroom premises

Mubaraqar

Safat

Tel : (965) 2405944

 

Fahed Building                                                                                       Rented showroom premises

Mubaraqar

Safat

Tel : (965) 2415161

 

Abdul Razzaq Darwaza Building, Block 4                                     Rented showroom premises

Mubaraqar

Safat

Tel : (965) 2463909

 

Bahita Building                                                                                      Rented showroom premises

Mubaraqar

Safat

Tel : (965) 2407543

 

 

KEY PRINCIPALS

 

Adnan Mohamed Ali Muqaddas                                                   Managing Director

 

Hussain Mohamed Ali Muqaddas                                                Director

 

Hakim Ali Hussain Berawla                                                         General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment    : 28th February 1960

 

Legal Form                    : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.     : 591, Safat

 

Membership No.            : 921

 

Issued Capital                : KD 100,000

 

Paid up Capital              : KD 100,000

 

 

Name of Shareholder (s)

 

Adnan Mohamed Ali Muqaddas

 

Hussain Mohamed Ali Muqaddas

 

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                    : Importers, distributors and retailers of general merchandise, specialising in readymade

                                      garments, blankets and praying mats.

 

Import Countries            : Spain, Italy and the United Kingdom.

 

International Suppliers    :

 

Rasilan Blankets            Spain

Milani                            Italy

Munco Trading Co          United Kingdom

Britannia                       United Kingdom

 

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 1,350,000                                        KD 1,570,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 438370 / 438340

 

Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box : 1387

Safat 13033

Tel : (965) 411101 / 411102

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Mohamed Ali Husain Muqaddas Son Co WLL is an old and well established company with operations dating back to 1960. It is engaged primarily in the retail of readymade garments, blankets and praying mats. The management is considered to be professional and experienced.

 

Subject deals with a number of reputable international suppliers and local informants report that payment obligations are met in a timely manner.

 

Maximum suggested credit figure: US$ 175,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions