MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Adwani Centre, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16th July 2003 |
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Com. Reg. No.: |
94904, Hawalli |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Distributors of electrical products. Engaged in installation and maintenance of electrical equipment. Engaged in the fabrication of switchgear. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : With Limited Liability - WLL
Registration Date : 16th July 2003
Commercial Registration Number : 94904, Hawalli
Trade Licence Number : 23850
Membership Number : 83329
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 70
Line of Business : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ADDRESS
Registered & Physical Address
Building : Adwani Centre
Street :
PO Box : 6863
Town : Hawalli 32043
Country :
Telephone : (965) 4765573 / 4/9752537 / 6629209
Facsimile : (965) 4765571
Email : raed@sahara.com.kw
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located in
the Central Business Area of Hawalli.
KEY PRINCIPALS
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Hasan Ali
Alawna Managing
Director
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Mazen
Aziz Al Dalla Director
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Raed
Hussain Abdullah Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th
July 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 94904,
Hawalli
Trade
Licence No. : 23850
Membership No. : 83329
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder
(s)
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Hasan Ali
Alawna
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Mazen
Aziz Al Dalla
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Raed
Hussain Abdullah
Notes to the legal Form
Limited Liability Companies, which are known in
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 : Subject’s activities are performed through
the following divisions:
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Trading Division
Distributors of electrical
products.
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Contracting Division
Engaged in installation
and maintenance of electrical equipment.
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Fabrication Division
Engaged in the
fabrication of switchgear.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 70 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 3,100,000 KD
3,290,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Al Ahli
Bank of
PO Box : 1387
Safat 13033
Tel : (965) 2411101 / 2411102
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2003, subject operates through 3 separate divisions, covering trading,
contracting and fabrication.
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$ 200,000
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%)