MIRA
INFORM REPORT
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Report Date : |
13.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
KUWAIT
CONTROL COMPANY WLL |
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Registered Office : |
Al
Salihya Area, P O Box 20298, Safat 13062 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
7th February 1968 |
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Com. Reg. No.: |
14672 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged
as general contractors and providers of transport services. |
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$
200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KUWAIT CONTROL COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 7th February 1968
Commercial Registration Number : 14672, Safat
Trade Licence Number : 1486/81
Membership Number : 3018
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Total Workforce : 25
Line of Business : General contractors and providers of transport services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KUWAIT
CONTROL COMPANY WLL
ADDRESS
Registered & Physical Address
Location : Al Salihya Area
PO Box : 20298
Town : Safat 13062
Country : Kuwait
Telephone : (965) 2418830 / 2418843
Facsimile : (965) 2433698
Email : kcc@qualitynet.net
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
· Abdulaziz Al Ghanem Managing
Director
· Saud Al Ghanem Director
· Naglaa Al Ghanem Director
· Nuha Al Ghanem Director
LEGAL FORM &
OWNERS
Date of Establishment : 7th February 1968
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 14672, Safat
Trade Licence No. : 1486/81
Membership No. : 3018
Issued
Capital : KD 1,000,000
Paid
up Capital : KD 1,000,000
Name of Shareholder
(s)
· Abdulaziz Al Ghanem
· Saud Al Ghanem
· Naglaa Al Ghanem
· Nuha Al Ghanem
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
: Engaged as
general contractors and providers of transport services.
Operating
Trend : Steady
Subject
has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Kuwaiti Dinars (KD)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue KD
2,300,000 KD
2,550,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
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
Opinion
on the credit figure of US$ 150,000
Established
in 1968, subject is owned and managed by members of the Al Ghanem family who
are well respected in the local business community.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is satisfactory
and the company is deemed a fair trade risk. As such the above credit figure is
deemed admissible.
Maximum
suggested credit figure: US$ 200,000
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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