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MIRA
INFORM REPORT
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Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AL BADER INTERNATIONAL DEVELOPMENT COMPANY WLL (ABIDCO) |
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Registered Office : |
Al
Najiri Building, Salihaya Area, PO Box: 24119, Safat 13102, Kuwait. |
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Country : |
Kuwait |
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Date of Incorporation : |
31.07.2005 |
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Com. Reg. No.: |
109176, Safat |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Engaged
as general construction and development contractors. |
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$
70,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
AL BADER INTERNATIONAL DEVELOPMENT COMPANY WLL (ABIDCO) |
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Country
of Origin |
Kuwait |
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Legal
Form |
With Limited Liability - WLL |
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Registration
Date |
31st July 2005 |
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Commercial
Registration Number |
109176, Safat |
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Trade
Licence Number |
4019/2005 |
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Issued
Capital |
KD 200,000 |
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Paid
up Capital |
KD 200,000 |
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Total
Workforce |
120 |
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Line
of Business |
General construction and development contractors. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL BADER
INTERNATIONAL DEVELOPMENT COMPANY WLL (ABIDCO)
ADDRESS
Registered & Physical Address
Building : Al Najiri Building
Area : Salihaya Area
PO Box : 24119
Town : Safat 13102
Country : Kuwait
Telephone : (965) 2466006
Facsimile : (965) 2455441
Email : bader@al-bader.com
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
· Yousef Abdulaziz Al Bader Managing
Director
· Hamad Abdulaziz Al Bader Director
· Ali Ramadan Mahmoud General
Manager
· Mahrous Gasisu Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st July 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 109176, Safat
Trade Licence No. : 4019/2005
Issued
Capital : KD 200,000
Paid
up Capital : KD 200,000
Name of Shareholder (s)
· Yousef Abdulaziz Al Bader
· Hamad Abdulaziz Al Bader
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 construction and development contractors.
Subject
has a workforce of 120 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
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
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$ 70,000
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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