MIRA
INFORM REPORT
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Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AHMED SHARAFI
& PARTNERS GENERAL TRADING CO WLL |
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Registered Office : |
Commercial Area
No. 9, Block No. 1, Office No. 47, P O Box 28862, Safat 13149 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13th May 1998 |
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Com. Reg. No.: |
72915, Safat |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products and textiles. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AHMED SHARAFI & PARTNERS GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 13th May 1998
Commercial Registration Number : 72915, Safat
Trade Licence Number : 336/98
Membership Number : 55860
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 8
Line of Business : Distributors of general foodstuff products and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AHMED SHARAFI &
PARTNERS GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : Commercial Area No. 9, Block No.
1, Office No. 47
PO Box : 28862
Town : Safat 13149
Country : Kuwait
Telephone : (965) 2430231 / 2404319 / 9539866
Facsimile : (965) 4753981
Email : maysooncentre@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Safat.
KEY PRINCIPALS
·
Ahmed
Abdulrahman Sharafi Managing
Director
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Abdul Nour
Ahmed Abdulrahman Sharafi Director
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Abdullah
Mohamed Ali Director
LEGAL FORM & OWNERS
Date of Establishment : 13th
May 1998
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 72915, Safat
Trade
Licence No. : 336/98
Membership No. : 55860
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of Shareholder (s)
·
Ahmed
Abdulrahman Sharafi
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Abdul Nour
Ahmed Abdulrahman Sharafi
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Abdullah
Mohamed Ali
Notes to the legal Form
Limited Liability Companies, which are known in Kuwait as WLLs (“With Limited Liability”), are the most commonly used corporate entities in Kuwait. They are the equivalent of French SARLs, German GmbHs or private companies in the United Kingdom.
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 : Engaged in the import and distribution of
general foodstuff products and textiles.
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 835,000 KD
950,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1998, subject is involved in the import and distribution of general foodstuff
products and textiles.
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
company 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. |
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%)