MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PHOENIX GENERAL
TRADING & CONTRACTING EST |
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Registered Office : |
Abdul Razak Al
Hindi Building, 3rd Floor, Mecca Street, P O Box 9099, Ahmadi 61001,
Fahaheel |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
7th November 2000 |
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Com. Reg. No.: |
106090 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in import
and distribution of general merchandise and general contracting services. |
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 : PHOENIX GENERAL TRADING & CONTRACTING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 7th November 2000
Commercial Registration Number : 106090
Trade Licence Number : 4218/2000
Membership Number : 66524
Invested Capital : KD 50,000
Total Workforce : 10
Line of Business : Distributors of general merchandise and general contracting services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PHOENIX GENERAL
TRADING & CONTRACTING EST
ADDRESS
Registered & Physical Address
Building : Abdul Razak Al Hindi Building, 3rd
Floor
Street : Mecca Street
PO Box : 9099, Ahmadi 61001
Town : Fahaheel
Country : Kuwait
Telephone : (965) 4349623 / 3912022
Facsimile : (965) 4349623 / 3912022
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Fahaheel.
KEY PRINCIPALS
·
Abdullah
Fahd Al Ajmi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 7th
November 2000
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 106090
Trade
Licence No. : 4218/2000
Membership No. : 66524
Invested Capital
: KD 50,000
Mr Abdullah Fahd 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 import and distribution of
general merchandise and general contracting services.
Import Countries
: Europe and the Far East.
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
31/12/05: Year
Ending 31/12/06:
Total Revenue KD 780,000 KD
850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Kuwait Finance
House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box : 24989
Safat 13110
Tel : (965) 2445050
Fax : (965) 2455135
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
2000, subject is owned and managed by Mr Abdullah
Fahd Al Ajmi who is well respected in the local business community.
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.
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%)