MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAMA
INTERNATIONAL GENERAL TRADING CO WLL |
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Registered Office : |
Shuwaikh
Wholesale Market, P O Box 717, Farwaniya |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
5th January 2003 |
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Com. Reg. No.: |
92425 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged
in the import and distribution of chilled and frozen foodstuff products. |
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$
100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHAMA INTERNATIONAL GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 5th January 2003
Commercial Registration Number : 92425
Trade Licence Number : 3681/2002
Membership Number : 80466
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 15
Line of Business : Distributors of chilled and frozen foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SHAMA
INTERNATIONAL GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Shuwaikh Wholesale Market
PO Box : 717
Town : Farwaniya
Country : Kuwait
Telephone : (965) 4829301 / 4825429
Facsimile : (965) 4829302
Email : shamameat@yahoo.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Farwaniya.
KEY PRINCIPALS
· Shadi Mamoun Al Aswad Managing
Director
· Mahmoud Mamoun Al Aswad Director
· Fatima S Al Subaie Director
LEGAL FORM &
OWNERS
Date of Establishment : 5th January 2003
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 92425
Trade Licence No. : 3681/2002
Membership No. : 80466
Issued
Capital : KD 100,000
Paid
up Capital : KD 100,000
Name of Shareholder
(s)
· Shadi Mamoun Al Aswad
· Mahmoud Mamoun Al Aswad
· Fatima S Al Subaie
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
· Soma International Fruits Co
PO Box : 717
Farwaniya
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of chilled and frozen foodstuff products.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 15 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
510,000 KD
650,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
Bank of Kuwait SAK
Main Branch
Farwaniya
Tel : (965) 4744808
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2003, subject is involved in the import and distribution of chilled and
frozen foodstuff products.
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 business is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
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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