MIRA
INFORM REPORT
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Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SPEEDY ENTERPRISES
TRADING & CONTRACTING CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28th
April 2003 |
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Com. Reg. No.: |
95096 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Import and distribution
of fire equipments, control system, valves and safety 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SPEEDY ENTERPRISES TRADING & CONTRACTING CO
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date : 28th
April 2003
Commercial
Registration Number : 95096
Trade Licence Number : 1767/2003
Membership Number : 83753
Issued Capital : KD
200,000
Paid up Capital : KD
200,000
Total Workforce : 15
Line of Business : Import and distribution of fire equipments, control
system, valves and safety products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SPEEDY ENTERPRISES
TRADING & CONTRACTING CO
ADDRESS
Registered & Physical Address
Location :
PO Box : 9665
Town : Safat 61007
Country :
Telephone : (965) 3916074 / 3980845
Facsimile : (965) 3928018
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Safat.
Branch Office (s)
Location Description
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Al Othman
Street Rented
showroom premises
Hawalli
Tel: (965) 2611177
KEY PRINCIPALS
Name Nationality Position
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Khalid
Sarhan Syrian Managing Director
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Hassan Ali Lebanese Director
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Hani Juman
Ashoor Kuwaiti Director
LEGAL FORM &
OWNERS
Date of Establishment : 28th
April 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 95096
Trade Licence No. : 1767/2003
Membership No. : 83753
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of Shareholder
(s)
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Khalid
Sarhan
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Hassan Ali
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Hani Juman
Ashoor
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.
AFFILIATED COMPANIES
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Silver Chain
Co
Safat 61007
Tel: (965) 3916074 / 3980845
Fax: (965) 3928018
LINE OF BUSINESS
Operations : Engaged
in the import and distribution of fire equipments, control system, valves and
safety products.
Import Countries
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International
Suppliers :
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New Age
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Toss Factory
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 31/12/05: Year
Ending 31/12/06:
Total Revenue KD 890,000 KD 1,040,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 2003,
Speedy Enterprises Trading & Contracting Co has made good progress in the local
market specialising in the import and distribution of fire equipments, control
system, valves and safety products.
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
within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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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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%)