MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HANIL GENERAL
TRADING AND CONTRACTING CO WLL |
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Registered Office : |
Al Qatami Centre,
Shuwaikh, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
19th March 2003 |
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Com. Reg. No.: |
17635, Safat |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged as distributors
of general merchandise and general contractors. |
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 : HANIL GENERAL TRADING AND CONTRACTING CO WLL
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 19th March 2003
Commercial Registration Number : 17635, Safat
Trade Licence Number : 879/88
Membership Number : 81566
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 15
Line of Business : Distributors of general merchandise and general contractors.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HANIL GENERAL
TRADING AND CONTRACTING CO WLL
ADDRESS
Registered & Physical Address
Building : Al Qatami Centre
Area : Shuwaikh
PO Box : 5167 & 980
Town : Safat 13052
Country :
Telephone : (965) 4827069 / 9410606
Facsimile : (965) 4827068
Email : interco2002@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
·
Adel Saeed
Ahmed Sbeeta Managing
Director
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Hani Saeed
Ahmed Sbeeta Director
LEGAL FORM &
OWNERS
Date of Establishment : 19th
March 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 17635, Safat
Trade
Licence No. : 879/88
Membership No. : 81566
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of Shareholder
(s)
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Adel Saeed
Ahmed Sbeeta
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Hani Saeed
Ahmed Sbeeta
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 as distributors of general
merchandise and general contractors.
Import Countries
: Europe and the
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 690,000 KD
850,000
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
2003, subject is owned and managed by Mr Adel Saeed Ahmed Sbeeta and Mr Hani Saeed Ahmed
Sbeeta who are well respected in the local business community.
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%)