MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
GFS TRADING &
CONTRACTING WLL |
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Registered Office : |
Plot No. 11,
Building No. 11, Office No. 716, 7th Floor, Al Qibla Area, P O Box 23264,
Safat 13093 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4th March 1998 |
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Com. Reg. No.: |
71974, 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 pipes and related plastic fittings. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GFS TRADING & CONTRACTING WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 4th March 1998
Commercial Registration Number : 71974, Safat
Trade Licence Number : 1314/97
Membership Number : 55321
Issued Capital : KD 160,000
Paid up Capital : KD 160,000
Total Workforce : 100
Line of Business : Distributors of pipes and related plastic fittings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GFS TRADING &
CONTRACTING WLL
ADDRESS
Registered & Physical Address
Location : Plot No. 11, Building No. 11,
Office No. 716, 7th Floor
Area : Al Qibla Area
PO Box : 23264
Town : Safat 13093
Country : Kuwait
Telephone : (965) 2438608 / 2448238
Facsimile : (965) 2400181 / 2448237
Email : gfctc@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Safat.
KEY PRINCIPALS
Name Nationality Position
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Jayfor Singh
Tomer Indian Managing Director
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Suhaila
Mukhtar Reda Kuwaiti Director
LEGAL FORM & OWNERS
Date of Establishment : 4th
March 1998
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 71974, Safat
Trade
Licence No. : 1314/97
Membership No. : 55321
Issued Capital : KD 160,000
Paid up Capital : KD 160,000
Name of Shareholder (s)
Percentage
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Suhaila Mukhtar
Reda 51%
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Jayfor Singh
Tomer 49%
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
pipes and related plastic fittings.
Subject also acts as general contractors.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a workforce
of 100 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 3,175,000 KD
3,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
Acc No. 0014060000101
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 pipes and related
plastic fittings.
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$ 250,000
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%)