MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FINTAS TOWERS EST
GENERAL TRADING & CONTRACTING |
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Registered Office : |
Shuwaikh
Industrial Area, Plot No. 3, P O Box
750, Sabah Al Salem 44000 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27.09.1983 |
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Com. Reg. No.: |
35890 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of detergents, cleaning products and hygiene equipment |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : FINTAS TOWERS EST GENERAL TRADING & CONTRACTING
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 27th September 1983
Commercial Registration Number : 35890
Trade Licence Number : 2109/83
Membership Number : 12545
Invested Capital : KD 100,000
Total Workforce : 6
Line of Business : Distributors of detergents, cleaning products and hygiene equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FINTAS TOWERS EST
GENERAL TRADING & CONTRACTING
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area, Plot No.
3
PO Box : 750
Town : Sabah Al Salem 44000
Country : Kuwait
Telephone : (965) 4831332 / 4835003 / 5511967
Facsimile : (965) 4847818
Email : fintas_tower_est@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sabah Al Salem.
KEY PRINCIPALS
Huwaij Saud Al Ajmi Proprietor & General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 27th
September 1983
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 35890
Trade
Licence No. : 2109/83
Membership No. : 12545
Invested Capital
: KD 100,000
Mr Huwaij Saud Al Ajmi 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
detergents, cleaning products and hygiene equipment.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 6 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 690,000 KD
750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box : 24989
Safat 13110
Tel: (965) 2445050
Fax: (965) 2455135
Acc No. 161010003982
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
1983, subject is involved in the import and distribution of detergents,
cleaning products and hygiene equipment.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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%)