MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AMERICAN MATTRESS
& SLEEP CENTRE CO WLL |
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Registered Office : |
Shuwaikh Future
Zone, Al Ghazali Bridge Extension, P O Box 4441, Hawalli 32075 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th April 1996 |
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Com. Reg. No.: |
65182 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of household furniture and bedding. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AMERICAN MATTRESS & SLEEP CENTRE CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 16th April 1996
Commercial Registration Number : 65182
Trade Licence Number : 337/96
Membership Number : 49394
Issued Capital : KD 144,000
Paid up Capital : KD 144,000
Total Workforce : 35
Line of Business : Distributors of household furniture and bedding.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AMERICAN MATTRESS
& SLEEP CENTRE CO WLL
ADDRESS
Registered & Physical Address
Location : Shuwaikh Future Zone, Al Ghazali
Bridge Extension
PO Box : 4441
Town : Hawalli 32075
Country : Kuwait
Telephone : (965) 4848764 / 4610304 / 4848903 /
4340418
Facsimile : (965) 4848643
Email : mattress@qualitynet.net
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Hawalli.
KEY PRINCIPALS
·
Mohamed A Mahmalji
S Al Huwitan Managing
Director
·
Munira A Al
Ajeel Director
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Tibu Thomas General
Manager
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Alaa Habra Commercial
Manager
·
Lina Sartawi Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 16th
April 1996
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 65182
Trade
Licence No. : 337/96
Membership No. : 49394
Issued Capital : KD 144,000
Paid up Capital : KD 144,000
Name of Shareholder (s)
·
Mohamed A Mahmalji
S Al Huwitan
·
Munira A Al
Ajeel
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.
AFFILIATED COMPANIES
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Commercial
Franchise Co
Al Bahar Centre
Hawalli
Tel : (965) 2670090
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
household furniture and bedding.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 35 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 Sales KD
1,270,000 KD
1,426,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Kuwait SAK
Main Branch
Hawalli
Tel : (965) 2645964
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1996, subject is involved in the import and distribution of household furniture
and bedding.
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. |
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%)