MIRA
INFORM REPORT
|
Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
MOHAMED TAYEB AL
SEDEEQ TRADING EST |
|
|
|
|
Registered Office : |
Shop No. 4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
3rd October 1991 |
|
|
|
|
Com. Reg. No.: |
20505, Safat |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of general foodstuff products. |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MOHAMED TAYEB AL SEDEEQ TRADING EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 3rd October 1991
Commercial Registration Number : 20505, Safat
Trade Licence Number : 3882/88
Membership Number : 4468
Invested Capital : KD 50,000
Total Workforce : 8
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MOHAMED TAYEB AL
SEDEEQ TRADING EST
ADDRESS
Registered & Physical Address
Building : Shop No. 4
Street : Salaheddine Street
PO Box : 22008
Town : Safat 13081
Country : Kuwait
Telephone : (965) 2450129 / 2450130 / 2457385
Facsimile : (965) 2402312
Email : abu_bader66@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Safat.
KEY PRINCIPALS
·
Mohamed
Tayeb Bastaiki Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
October 1991
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 20505, Safat
Trade
Licence No. : 3882/88
Membership No. : 4468
Invested Capital
: KD 50,000
Mr Mohamed Tayeb
Bastaiki 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 foodstuff products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 8 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 550,000 KD
620,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Bank of
Ahmed Al Jaber Avenue
PO Box : 24396
Safat 13104
Tel : (965) 2417140
Fax : (965) 2440937
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1991, subject is owned and managed by Mr Mohamed Tayeb Bastaiki 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 business 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
|
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%)