MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SEFEENA GENERAL
TRADING & CONTRACTING EST |
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Registered Office : |
Al
Sharq Area, P O Box 5610
& 485, Safat 13057 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
5th May 1993 |
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Com. Reg. No.: |
200, Safat |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuff products and beverages. Subject operates a car rental service. Distributors of office equipment and machinery. |
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$ 225,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SEFEENA GENERAL TRADING & CONTRACTING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 5th May 1993
Commercial Registration Number : 200, Safat
Trade Licence Number : 180/67
Membership Number : 35531
Invested Capital : KD 80,000
Total Workforce : 20
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SEFEENA GENERAL
TRADING & CONTRACTING EST
ADDRESS
Registered & Physical Address
Location : Al Sharq
Area
PO Box : 5610 & 485
Town : Safat 13057
Country : Kuwait
Telephone : (965) 2456293
/ 2456294
Facsimile : (965) 2456297
Email : sefeenaq8@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
·
Matuni
Matyous Indian Proprietor & General Manager
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Naser
M Al Sayer Kuwaiti Local Sponsor
LEGAL FORM & OWNERS
Date of Establishment : 5th
May 1993
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 200, Safat
Trade
Licence No. : 180/67
Membership No. : 35531
Invested Capital
: KD 80,000
Mr Matuni Matyous is the sole proprietor of the
business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Subject’s activities are performed through
the following divisions:
·
Sefeena Food Division
Distributors of
general foodstuff products and beverages.
·
Sefeena Rent A Car Division
Subject operates a
car rental service.
·
Sefeena Engineering Division
Distributors of
office equipment and machinery.
Import Countries
: Europe and the Far East.
International
Suppliers :
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VIP Industries
Ltd India
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 2,610,000 KD
2,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1993, subject is owned and managed by Mr Matuni
Matyous, an Indian national who operates in Kuwait under the local sponsorship
of Mr Naser M Al Sayer.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 225,000
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. |
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%)