MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOP SEASON
GENERAL TRADING EST |
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Registered Office : |
Building No. 36,
Plot No. 5, Office No. 10, Al Sharq Area, P O Box 29260, Safat 13153 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2nd January 2005 |
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Com. Reg. No.: |
10500 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of general merchandise, including ready made garments,
building materials, electrical appliances and general foodstuff products. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : TOP SEASON GENERAL TRADING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 2nd January 2005
Commercial Registration Number : 10500, Safat
Trade Licence Number : 5596/2004
Membership Number : 92065
Invested Capital : KD 20,000
Total Workforce : 3
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TOP SEASON GENERAL
TRADING EST
ADDRESS
Registered & Physical Address
Location : Building No. 36, Plot No. 5,
Office No. 10
Area : Al Sharq Area
PO Box : 29260
Town : Safat 13153
Country : Kuwait
Telephone : (965) 4344850 / 9894968
Facsimile : (965) 4344850
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
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Wasmi Nasser
Al Dosari Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
January 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 10500, Safat
Trade
Licence No. : 5596/2004
Membership No. : 92065
Invested Capital
: KD 20,000
Mr Wasmi Nasser Al
Dosari is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general merchandise, including ready made garments, building materials,
electrical appliances and general foodstuff products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a workforce
of 3 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Kuwaiti
Dinars (KD)
Year Ending
31/12/06 :
Total Revenue KD 450,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Boubyan Bank
KSC
PO Box : 25507
Safat
13116
Tel
: (965) 2325000
Fax
: (965) 2454263
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 import and distribution of general
merchandise, including ready made garments, building materials, electrical
appliances and general foodstuff
products.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent.
Maximum suggested
credit figure: US$ 100,000
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%)