MIRA
INFORM REPORT
|
Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
KUWAITI
JARAH CO FOR GENERAL TRADING & CONTRACTING WLL |
|
|
|
|
Registered Office : |
Al
Jahra Area, PO Box: 170, Jahra 01003, Kuwait |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Date of Incorporation : |
02.11.1996 |
|
|
|
|
Com. Reg. No.: |
67449 |
|
|
|
|
Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
|
|
|
|
Line of Business : |
Engaged
as general electrical contractors, subject also wholesales electrical and
light fittings. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$
400,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company
Name |
KUWAITI JARAH CO FOR GENERAL TRADING & CONTRACTING WLL |
|
Country
of Origin |
Kuwait |
|
Legal
Form |
With Limited Liability - WLL |
|
Registration
Date |
2nd November 1996 |
|
Commercial
Registration Number |
67449 |
|
Trade
Licence Number |
875/96 |
|
Membership
Number |
51243 |
|
Issued
Capital |
KD 50,000 |
|
Paid
up Capital |
KD 50,000 |
|
Total
Workforce |
65 |
|
Line
of Business |
General electrical contractors, subject also wholesales electrical and light fittings. |
|
Financial
Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating
Trend |
Steady |
COMPANY NAME
KUWAITI
JARAH CO FOR GENERAL TRADING & CONTRACTING WLL
ADDRESS
Registered & Physical Address
Location : Al Jahra Area
PO Box : 170
Town : Jahra 01003
Country : Kuwait
Telephone : (965) 2407574 / 9050958
Facsimile : (965) 2449294
Email : alkuwaitih_jarco@yahoo.com
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are rented
and located in the Industrial Area of Jahra.
KEY PRINCIPALS
· Sulaiman F Al Salem Managing
Director
· Ibrahim F Al Salem Director
· Fatima S Al Salem Director
LEGAL FORM & OWNERS
Date of Establishment : 2nd November 1996
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 67449
Trade Licence No. : 875/96
Membership No. : 51243
Issued
Capital : KD 50,000
Paid
up Capital : KD 50,000
Name of Shareholder (s)
· Sulaiman F Al Salem
· Ibrahim F Al Salem
· Fatima S Al Salem
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 electrical contractors, subject also wholesales electrical and light
fittings.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 65 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 3,700,000 KD
4,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Kuwait SAK
Main Branch
Jahra
Tel : (965) 4773123
Fax : (965) 4773124
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 operates as general electrical contractors, subject also
wholesales electrical and light fittings.
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$ 400,000
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 |
|