MIRA
INFORM REPORT
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Report Date : |
14th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
REGENT CENTER CO FOR GENERAL TRADING WLL |
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Registered Office : |
Al Kazmy Building
No. 8, Office No. 1, Khalid Bin Walid Street, Al Sharq, PO Box: 20171, Safat
13062, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
14.02.2000 |
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Com. Reg. No.: |
79801, Safat |
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Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Engaged in the
import and distribution of electronic gaming systems, including Play Station. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
REGENT CENTER CO FOR GENERAL TRADING WLL |
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Country of Origin |
Kuwait |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
14th February 2000 |
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Commercial
Registration Number |
79801, Safat |
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Trade Licence
Number |
113/2000 |
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Membership Number |
61437 |
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Issued Capital |
KD 50,000 |
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Paid up Capital |
KD 50,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of electronic gaming systems. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
REGENT CENTER CO
FOR GENERAL TRADING WLL
ADDRESS
Registered & Physical Address
Building : Al Kazmy Building No. 8, Office
No. 1
Street : Khalid Bin Walid Street
Area : Al Sharq
PO Box : 20171
Town : Safat 13062
Country : Kuwait
Telephone : (965) 2440223 / 2436996
Facsimile : (965) 2434848
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
·
Adnan Ahmed
Abdulkareem Managing
Director
·
Naser Mulla
Al Otaibi Director
LEGAL FORM & OWNERS
Date of Establishment : 14th
February 2000
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 79801, Safat
Trade
Licence No. : 113/2000
Membership No. : 61437
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Adnan Ahmed
Abdulkareem
·
Naser Mulla
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
electronic gaming systems, including Play Station.
Import Countries
: Europe and Japan.
Brand Names : SONY
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 31/12/04 : Year
Ending 31/12/05 :
Total Revenue KD 1,100,000 KD
1,380,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2000, subject is involved in the import and distribution of electronic gaming
systems, including Play Station.
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.
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%)