MIRA INFORM REPORT

 

 

Report Date :

06.06.2007

 

IDENTIFICATION DETAILS

 

Name :

NETS GENERAL TRADING & CONTRACTING CO WLL

 

 

Registered Office :

Jazz Tower No. 3, 5th Floor, Jaber Al Ahmed Street, Sharq, P O Box 42135, Shuwaikh

 

 

Country :

Kuwait

 

 

Date of Incorporation :

18th November 2002

 

 

Com. Reg. No.:

91820

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Engaged as general contractors, specialising in network, electrical and technical services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : NETS GENERAL TRADING & CONTRACTING CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 18th November 2002

Commercial Registration Number            : 91820

Trade Licence Number                            : 28346

Membership Number                              : 80238

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                                     : 150

Line of Business                                    : General contractors.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

NETS GENERAL TRADING & CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Jazz Tower No. 3, 5th Floor

Street               : Jaber Al Ahmed Street

Area                 : Sharq

PO Box             : 42135

Town                 : Shuwaikh

Country             : Kuwait

Telephone         : (965) 2431012 / 2431013 / 9017142 / 6589374 / 9083755

Facsimile          : (965) 2431036

Email                : nets@qualitynet.net

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

·       Juhaina M Al Farouqi                                                 Managing Director

 

·       Mohamed H Al Farouqi                                                          Director

 

·       Nabeel Kamal Siddiq Mustafa                                     Director

 

·       Ahmed Bilal                                                                          General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th November 2002

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 91820

 

Trade Licence No.       : 28346

 

Membership No.          : 80238

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Juhaina M Al Farouqi

 

·       Mohamed H Al Farouqi

 

·       Nabeel Kamal Siddiq Mustafa

 

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 contractors, specialising in network, electrical and technical services.

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Shuwaikh

     Tel : (965) 4814643

     Fax : (965) 4837952

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2002, subject operates as general contractors, specialising in network, electrical and technical services.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 150,000

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions