MIRA INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AL SAFFAT TRADING EST FOR IMPORTS AND EXPORTS |
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Registered Office : |
Souk Al
Dakhily, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1.04.1998 |
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Com. Reg. No.: |
16538 |
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Legal Form : |
Mouassasa Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged in the import and distribution of general foodstuff products, stationery and ready made garments |
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 : AL SAFFAT TRADING EST FOR IMPORTS AND EXPORTS
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 1st April 1998
Commercial Registration Number : 16538, Safat
Trade Licence Number : 1560/89
Membership Number : 76049
Invested Capital : KD 50,000
Total Workforce : 5
Line of Business : Distributors of general foodstuff products, stationery and ready made garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL SAFFAT TRADING EST FOR IMPORTS AND EXPORTS
ADDRESS
Registered & Physical Address
Location : Souk Al Dakhily
PO Box : 658
Town : Safat 15257
Country :
Telephone : (965) 2410948
Facsimile : (965) 2410948
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Safat.
KEY PRINCIPALS
Fadel Abbass Hayati Proprietor & General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st April 1998
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 16538, Safat
Trade Licence No. : 1560/89
Membership No. : 76049
Invested Capital : KD 50,000
Mr Fadel Abbass Hayati is the sole proprietor 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, stationery and ready made garments.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 5 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 685,000 KD 710,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of
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 owned and managed by Mr Fadel Abbass Hayati who is well respected in the local business community.
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/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%)