MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HEIRS OF LATE
SHEIKH FAISAL SABAH MUBARAK AL SABAH TRADING & CONTRACTING EST |
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Registered Office : |
Shuwaikh
Industrial Area, P O Box 8863, Salmiya 22059 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13th November 1993 |
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Com. Reg. No.: |
53637, Salmiya |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products, including eggs,
potatoes and onions. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HEIRS OF LATE SHEIKH FAISAL SABAH MUBARAK AL SABAH
TRADING & CONTRACTING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 13th November 1993
Commercial Registration Number : 53637, Salmiya
Trade Licence Number : 7004/93
Membership Number : 38981
Invested Capital : KD 50,000
Total Workforce : 75
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HEIRS OF LATE
SHEIKH FAISAL SABAH MUBARAK AL SABAH TRADING & CONTRACTING EST
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area
PO Box : 8863
Town : Salmiya 22059
Country : Kuwait
Telephone : (965) 4885640 / 9663608
Facsimile : (965) 4885640 / 5714511
Email : azizi.shehab@yahoo.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Salmiya.
KEY PRINCIPALS
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Maryam Mohamed
Abdullah Al Fahad General
Manager
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Shehab
Aziz Assistant
General Manager
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Ahmed Azizi Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th November
1993
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 53637,
Salmiya
Trade
Licence No. : 7004/93
Membership No. : 38981
Invested Capital
: KD 50,000
Heirs of the late
Sheikh Faisal Sabah Mubarak Al Sabah currently act as the proprietors 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, including eggs, potatoes and onions.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 75 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 2,500,000 KD
2,800,000
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
1993, subject is involved in the import and distribution of general foodstuff
products, including eggs, potatoes and onions.
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
business 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%)