MIRA
INFORM REPORT
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Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AL MANAFA TRADING
& CONTRACTING CO WLL |
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Registered Office : |
Building No. 25,
Office 99, Plot No. 14, Al Qibla Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13th June 2004 |
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Com. Reg. No.: |
100052, Safat |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Import and distribution
of petrochemical, refinery, cement plant and power plant equipment as well as
industrial chemicals. |
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 : AL MANAFA TRADING & CONTRACTING CO WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 13th June 2004
Commercial Registration Number : 100052, Safat
Trade Licence Number : 1295/2004
Membership Number : 88910
Issued Capital : KD 10,000
Paid up Capital : KD 10,000
Total Workforce : 10
Line of Business : Distributors of petrochemical, refinery, cement plant and power
plant equipment as well as industrial chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MANAFA TRADING
& CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Building : Building No. 25, Office 99, Plot
No. 14
Area : Al Qibla Area
PO Box : 25901
Town : Safat 13120
Country :
Telephone : (965) 2443100 / 2443200
Facsimile : (965) 2408886
Email : admin@almanafa.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Industrial Area of
Safat.
KEY PRINCIPALS
·
Mustafa
Abdul Hamed Al Sane Managing
Director
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Sami
A Al Gharabally Director
LEGAL FORM &
OWNERS
Date of Establishment : 13th
June 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 100052, Safat
Trade
Licence No. : 1295/2004
Membership No. : 88910
Issued Capital : KD 10,000
Paid up Capital : KD 10,000
Name of Shareholder
(s)
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Mustafa
Abdul Hamed Al Sane
·
Sami
A Al Gharabally
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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Duaij
Al Salman Trading & Contracting Co
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Esnad
Bureau for Oil Consultations
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Next
Step Technologies
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Al
Bariz Trading Co
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
petrochemical, refinery, cement plant and power plant equipment as well as
industrial chemicals.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 10 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 860,000 KD
1,190,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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:
Established in
2004, subject is involved in the import and distribution of petrochemical,
refinery, cement plant and power plant equipment as well as industrial
chemicals.
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
deemed to be 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%)