MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HUSAIN FOODSTUFF STORE CO WLL |
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Registered Office : |
Abdulaziz
Khamis Building, Mezzanine Floor, Ahmed Al Jaber Street, Al Sharq, P O Box – 24623, Safat 13107 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.08.1977 |
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Com. Reg. No.: |
25660 |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (With Limited Liability -
WLL) |
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Line of Business : |
Engaged in the wholesale and retail of general foodstuff products,
herbs and spices |
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 :
HUSAIN FOODSTUFF STORE CO WLL
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date :
22nd August 1977
Commercial Registration Number :
25660
Trade Licence Number :
238/77
Membership Number :
6400
Issued Capital :
KD 150,000
Paid up Capital :
KD 150,000
Total Workforce :
15
Line of Business :
Wholesalers and retailers of general foodstuff products, herbs and
spices.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
HUSAIN FOODSTUFF STORE CO WLL
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Sharq
PO Box : 24623
Town : Safat 13107
Country :
Telephone : (965) 2416086 / 2461647 / 2416504 / 2462374
Facsimile : (965) 2416086
Email : husainfood@yahoo.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Safat.
KEY PRINCIPALS
Abbas Mirza
Nasarullah Al Atram Managing
Director
Mohamed Abbas
Mirza Nasarullah Al Atram Director
Ali Abbas Mirza
Nasarullah Al Atram Director
Lila Sultan
Hussain Director
LEGAL FORM &
OWNERS
Date of Establishment : 22nd
August 1977
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 25660
Trade Licence No. : 238/77
Membership No. : 6400
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder
(s)
Abbas Mirza
Nasarullah Al Atram
Mohamed Abbas
Mirza Nasarullah Al Atram
Ali Abbas Mirza
Nasarullah Al Atram
Lila Sultan
Hussain
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 : Engaged in the
wholesale and retail of general foodstuff products, herbs and spices.
Import Countries :
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
7,190,000 KD
7,385,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
Acc No. 0501018847
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1977, subject is involved in the wholesale and retail of
general foodstuff products, herbs and spices.
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.
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%)