MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KUWAIT POLYURETHANE INDUSTRY WLL |
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Registered Office : |
Shuaib
Industrial Area, Plot No. 187/188, PO Box: 25345, Safat 13114, Kuwait. |
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Country : |
Kuwait |
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Date of Incorporation : |
26.09.1999 |
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Com. Reg. No.: |
66429, Safat |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Engaged
in the manufacture of insulation materials. |
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$
175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
KUWAIT POLYURETHANE INDUSTRY WLL |
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Country
of Origin |
Kuwait |
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Legal
Form |
With Limited Liability - WLL |
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Registration
Date |
26th September 1999 |
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Commercial
Registration Number |
66429, Safat |
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Trade
Licence Number |
11436/99 |
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Industrial
Licence Number |
1059 |
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Membership
Number |
91815 |
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Issued
Capital |
KD 100,000 |
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Paid
up Capital |
KD 100,000 |
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Total
Workforce |
45 |
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Line
of Business |
Manufacturers of insulation materials. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
KUWAIT
POLYURETHANE INDUSTRY WLL
ADDRESS
Registered & Physical Address
Location : Shuaib Industrial Area, Plot No.
187/188
PO Box : 25345
Town : Safat 13114
Country : Kuwait
Telephone : (965) 3261216
Facsimile : (965) 3261215
Premises
Subject
operates from a small suite of offices and a factory that are owned and located
in the Industrial Area of Safat.
KEY PRINCIPALS
· Haifa Mutlaq Nasser Al Shirani Managing
Director
· Bader Saad Salem Al Hamad General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th September 1999
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 66429, Safat
Trade Licence No. : 11436/99
Industrial Licence No. : 1059
Membership No. : 91815
Issued
Capital : KD 100,000
Paid
up Capital : KD 100,000
Name of Shareholder (s)
· Mrs Haifa Mutlaq Nasser Al
Shirani
· Heirs of the late Mutlaq Nasser
Al Shirani
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 in the
manufacture of insulation materials.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 45 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
2,100,000 KD
2,460,000
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) 3981188 / 3981189
Fax :
(965) 3985643
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1999, subject is owned and managed by Mrs Haifa Mutlaq Nasser Al Shirani and
the heirs of the late Mr Mutlaq Nasser Al Shirani.
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 company is considered to be a fair trade risk and the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 175,000
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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