MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AQUA TRADING GROUP WLL |
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Registered Office : |
Al Muthana Street, P O Box 43753, Hawalli 32652 |
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Country : |
Kuwait |
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Date of Incorporation : |
02.03.1980 |
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Com. Reg. No.: |
23844 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Wholesalers and retailers of ready made garments, textiles
and fabrics. |
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 : AQUA TRADING GROUP WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 2nd March 1980
Commercial Registration Number : 23844, Hawalli
Trade Licence Number : 984/96
Membership Number : 9132
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 15
Line of Business : Wholesalers and retailers of ready made garments, textiles and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AQUA TRADING GROUP WLL
ADDRESS
Registered & Physical Address
Location : Al Muthana Street
PO Box : 43753
Town : Hawalli 32652
Country : Kuwait
Telephone : (965) 2610845
Facsimile : (965) 2610845
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Hawalli.
KEY PRINCIPALS
Name Nationality Position
Mahmoud Abdullah Rashid Kuwaiti Managing Director
Mohamed Hassan Mohamed Tahan Syrian Director
LEGAL FORM &
OWNERS
Date of Establishment : 2nd March 1980
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 23844, Hawalli
Trade Licence No. : 984/96
Membership No. : 9132
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of Shareholder (s) Percentage
Mahmoud Abdullah Rashid 51%
Mohamed Hassan Mohamed Tahan 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 wholesale and retail of ready made garments, textiles and
fabrics.
Import Countries :
Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 15 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 1,150,000 KD 1,250,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Alliance Bank
28 Lorong Ara Kiri 2
Bangsar
59100 Kuala Lumpur
Malaysia
Tel : (60-3) 20953185
Fax : (60-3) 20953184
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1980, subject is involved in the wholesale and retail of ready made garments, textiles and fabrics.
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$ 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%)