MIRA
INFORM REPORT
|
Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
EVER MORE GENERAL
TRADING & CONTRACTING CO |
|
|
|
|
Registered Office : |
Al Qibla Area, Plot
No. 4, Building 1, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
6th March
2006 |
|
|
|
|
Com. Reg. No.: |
111623 |
|
|
|
|
Legal Form : |
With Limited Liability – WLL |
|
|
|
|
Line of Business : |
Operates with a general
trade licence and as such is engaged in the import and distribution of
general merchandise. The company also offers general building and
construction contracting services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
US$ 50,000 |
|
|
|
|
Status : |
New & Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : EVER MORE GENERAL TRADING & CONTRACTING CO
Country of Origin :
Legal Form : With
Limited Liability - WLL
Registration Date : 6th
March 2006
Commercial
Registration Number : 111623
Trade Licence Number : 6619/2005
Membership Number : 100116
Issued Capital : KD
150,000
Paid up Capital : KD
150,000
Total Workforce : 20
Line of Business : Subject
operates with a general trade licence
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
EVER MORE GENERAL
TRADING & CONTRACTING CO
ADDRESS
Registered & Physical Address
Location : Al Qibla Area, Plot No. 4, Building 1, 1st Floor
PO Box : 44428 & 768
Town : Safat 13008
Country :
Telephone : (965) 2448440 / 9622049
Facsimile : (965) 2448440
Email : wn_khalid@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
·
Abdul Jaleel
S. Al Hassan Managing
Director
·
Khalid
Mahmoud Minhas Director
LEGAL FORM &
OWNERS
Date of Establishment : 6th
March 2006
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 111623
Trade Licence No. : 6619/2005
Membership No. : 100116
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder
(s)
·
Abdul Jaleel
S. Al Hassan
·
Khalid
Mahmoud Minhas
Notes to the legal Form
Limited Liability Companies, which are known in
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 : Subject operates with a general trade
licence and as such is engaged in the import and distribution of general
merchandise. The company also offers general building and construction
contracting services.
Import Countries
: Europe and
Subject has a
workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
Commercial
Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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$ 50,000
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 |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)