MIRA INFORM REPORT

 

 

Report Date :

2nd March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

WADIYAN AL-MASSIA CO FOR GENERAL TRADING & CONTRACTING WLL

 

 

Registered Office :

Building 4401, Block 6, Al Awajam Street, Salmiya, Safat, Kuwait

 

 

Country :

Kuwait

 

 

Date of Incorporation :

01.08.2006

 

 

Com. Reg. No.:

114230, Safat

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products, subject also deals in decoration materials and metal products, including vases and ash trays.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

US$ 40,000

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

WADIYAN AL-MASSIA CO FOR GENERAL TRADING & CONTRACTING WLL

Country of Origin

Kuwait

Legal Form

With Limited Liability - WLL

Registration Date

1st August 2006

Commercial Registration Number

114230, Safat

Trade Licence Number

1147/2006

Membership Number

103688

Issued Capital

KD 250,000

Paid up Capital

KD 250,000

Total Workforce

6

Line of Business

Distributors of general foodstuff products.

Financial Condition

Undetermined

Payments

Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

WADIYAN AL-MASSIA CO FOR GENERAL TRADING & CONTRACTING WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building 4401, Block 6

Street               : Al Awajam Street

Area                 : Salmiya

Town                 : Safat

Country             : Kuwait

Telephone         : (965) 5748090

Facsimile          : (965) 5748090

Mobile               : (965) 7867890 / 9266826

 

 

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

 

·       Fahd Hamad Shafi Al Ajmi                                                     Managing Director

 

·       Abdullah Fahd Hamad Shafi Al Ajmi                                        Director

 

·       Awatif Al Otaibi                                                                     Director

 

·       Ameen Shareef                                                                     General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st August 2006

 

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

 

Commercial Reg. No.  : 114230, Safat

 

Trade Licence No.       : 1147/2006

 

Membership No.          : 103688

 

Issued Capital              : KD 250,000

 

Paid up Capital            : KD 250,000

 

 

Name of Shareholder (s)

 

·       Fahd Hamad Shafi Al Ajmi

 

·       Abdullah Fahd Hamad Shafi Al Ajmi

 

·       Awatif Al Otaibi

 

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 import and distribution of general foodstuff products, subject also deals in decoration materials and metal products, including vases and ash trays.

 

Import Countries : Europe and GCC countries.

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Burgan Bank

PO Box : 5875

Safat 13054

Tel   : (965) 2410818

Fax : (965) 2410819

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Investigations undertaken in Safat did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.

 

Maximum suggested credit figure: US$ 40,000

 

 

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