MIRA
INFORM REPORT
|
Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
NEW BURHANI BAZAR CO WLL |
|
|
|
|
Registered Office : |
Al Watania
Market, Fahaheel Mecca Street, PO Box: 1323, Dasman 15464, Kuwait. |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Date of Incorporation : |
18.07.2005 |
|
|
|
|
Com. Reg. No.: |
108032 |
|
|
|
|
Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL) |
|
|
|
|
Line of Business : |
Engaged in the
wholesale and retail of men’s and women’s ready made garments. |
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$ 50,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
NEW BURHANI BAZAR CO WLL |
|
Country of Origin |
Kuwait |
|
Legal Form |
With Limited Liability - WLL |
|
Registration Date |
18th July 2005 |
|
Commercial
Registration Number |
108032 |
|
Trade Licence
Number |
2844/2005 |
|
Membership Number |
96459 |
|
Issued Capital |
KD 37,000 |
|
Paid up Capital |
KD 37,000 |
|
Total Workforce |
10 |
|
Line of Business |
Wholesalers and retailers of men’s and women’s ready made garments. |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
NEW BURHANI BAZAR
CO WLL
ADDRESS
Registered & Physical Address
Location : Al Watania Market
Street : Fahaheel Mecca Street
PO Box : 1323
Town : Dasman 15464
Country : Kuwait
Telephone : (965) 2434485 / 3929232
Facsimile : (965) 2458909
Mobile : (965) 9529570
Email : burhanibazar@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dasman.
KEY PRINCIPALS
Name Nationality Position
·
Firoz Ali
Taher Indian Managing Director
·
Anwar Ali
Ghareeb Kuwaiti Director
LEGAL FORM & OWNERS
Date of Establishment : 18th
July 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 108032
Trade
Licence No. : 2844/2005
Membership No. : 96459
Issued Capital : KD 37,000
Paid up Capital : KD 37,000
Name of Shareholder (s) Percentage
·
Anwar Ali
Ghareeb 51%
·
Firoz Ali
Taher 49%
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
men’s and women’s ready made garments.
Import Countries
: Europe and GCC countries.
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 31/12/06 :
Total Revenue KD 420,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Kuwait SAK
Main Branch
Dasman
Tel : (965) 2531697
Fax : (965) 2526485
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is involved in the wholesale and retail of men’s and women’s
ready made garments.
The above credit figure
is higher than transactions previously seen and a measure of caution would be
prudent.
Maximum suggested
credit figure: US$ 50,000
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%)