MIRA INFORM REPORT

 

 

Report Date :

27.06.2007

 

IDENTIFICATION DETAILS

 

Name :

DARRAT SARA CO WLL

 

 

Registered Office :

Block 58, Street No. 109, Building No. 6, Ground Floor, Office No. 172, Farwaniya, P O Box 54321, Jaleeb Al Shoyukh 85864

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

30th August 2004

 

 

Com. Reg. No.:

102970

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Wholesale and retail of ladies ready made garments and dresses.

 

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 :

Usually correct

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : DARRAT SARA CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 30th August 2004

Commercial Registration Number            : 102970

Trade Licence Number                            : 3520/2004

Membership Number                              : 90408

Issued Capital                                        : KD 150,000

Paid up Capital                                      : KD 150,000

Total Workforce                                     : 40

Line of Business                                    : Wholesale and retail of ladies ready made garments and dresses

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

DARRAT SARA CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Block 58, Street No. 109, Building No. 6, Ground Floor, Office No. 172

Area                 : Farwaniya

PO Box             : 54321

Town                 : Jaleeb Al Shoyukh 85864

Country             : Kuwait

Telephone         : (965) 4728275

Facsimile          : (965) 4745273

Email                : sarrastyle@hotmail.com

 

 

Premises

 

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

 

 

Branch Office (s)

 

Subject operates showrooms in Hawalli, Jahra and Fahaheel.

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                     Position

 

·       Faisal Saleh Al Anzi                          Kuwaiti                          Managing Director

 

·       Saleh Hadi Al Anzi                            Kuwaiti                          Director

 

·       Yousef Saif Daoud Bahai                   Indian                            Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th August 2004

 

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

 

Commercial Reg. No.  : 102970

 

Trade Licence No.       : 3520/2004

 

Membership No.          : 90408

 

Issued Capital              : KD 150,000

 

Paid up Capital            : KD 150,000

 

 

Name of Shareholder (s)

 

·       Faisal Saleh Al Anzi

 

·       Saleh Hadi Al Anzi

 

·       Yousef Saif Daoud Bahai

 

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 in the wholesale and retail of ladies ready made garments and dresses.

 

Import Countries : India, Pakistan, China and Europe.

 

Operating Trend : Steady

 

Subject has a workforce of 40 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 1,185,000                            KD 1,390,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Bank of Kuwait & the Middle East KSC

Abdullah Al Salem Street

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 2004, Darrat Sara Co WLL has made good progress in the local market with branches in Jaleeb Al Shoyukh, Hawalli, Jahra and Fahaheel. The company specialises in the wholesale and retail of ladies ready made garments and dresses.

 

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

 

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