MIRA
INFORM REPORT
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Report Date : |
29th
December, 2006 |
IDENTIFICATION
DETAILS
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Name : |
AL ASHRAFIYA INTERNATIONAL CO FOR FOODSTUFF WLL |
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Registered Office : |
Al
Jahra Street, Shuwaikh Industrial Area, PO Box: 26555 & 81, Safat 13126,
Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
11.10.2006 |
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Com. Reg. No.: |
104497 |
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Legal Form : |
Distributors of general foodstuff
products, specialising in seafood. |
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Line of Business : |
Importer
and Distributor of general foodstuff products,
specialising in seafood. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
15,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
AL ASHRAFIYA INTERNATIONAL CO FOR FOODSTUFF 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 |
11th October 2006 |
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Membership
Number |
104497 |
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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 |
12 |
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Line
of Business |
Distributors of general foodstuff products, specialising in seafood. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL
ASHRAFIYA INTERNATIONAL CO FOR FOODSTUFF WLL
ADDRESS
Registered & Physical Address
Street : Al Jahra Street
Area : Shuwaikh Industrial Area
PO Box : 26555 & 81
Town : Safat 13126
Country : Kuwait
Telephone : (965) 2422422 / 4817410 / 4817477
Facsimile : (965) 2447444 / 4817403
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Safat.
KEY PRINCIPALS
· Hamad Mohamed Al Wazzan Managing
Director
· Jassem M Al Mutairan Director
· Khaled A Al Masoud Director
LEGAL FORM & OWNERS
Date of Establishment : 11th October 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Membership No. : 104497
Issued
Capital : KD 100,000
Paid
up Capital : KD 100,000
Name of Shareholder (s)
· Hamad Mohamed Al Wazzan
· Jassem M Al Mutairan
· Khaled A Al Masoud
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
· Hamad Al Wazzan & Sons
Safat
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of general foodstuff products, specialising in seafood.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
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
Investigations
undertaken in Safat did not reveal any sign of payment defaults or delays
during initial trading
stages,
and subject is believed to meet its payment obligations in a timely manner,
nevertheless, and in view of the company’s infancy and the lack of a more
consistent payment and financial record, a measure of caution is advisable and
a close monitoring of subject’s business development is recommended.
Maximum
suggested credit figure: US$ 15,000
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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