MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
AL KULAIB FISHERIES CO WLL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.08.2000 |
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Com. Reg. No.: |
314041, Safat |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (With Limited Liability -
WLL) |
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Line of Business : |
Engaged in the import and distribution of fish and other seafood,
including shrimp, cuttlefish, tuna, grouper and lobster |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL KULAIB FISHERIES CO WLL
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date :
23rd August 2000
Commercial Registration Number :
314041, Safat
Trade Licence Number :
5226/81
Membership Number :
65007
Issued Capital :
KD 75,000
Paid up Capital :
KD 75,000
Total Workforce :
20
Line of Business :
Distributors of fish and other seafood.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL KULAIB FISHERIES CO WLL
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Sharq
PO Box : 2235
Town : Safat 13023
Country :
Telephone : (965) 2405551 /
2405552
Facsimile : (965) 2414761
Email : kuwait@alkulaibfisheries.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Safat.
KEY PRINCIPALS
Jasem Abdullah Mushareb Kulaib Managing
Director
Mohamed Jasem Abdullah Mushareb Kulaib Director
Othman Hamad Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 23rd
August 2000
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 314041, Safat
Trade Licence No. : 5226/81
Membership No. : 65007
Issued Capital : KD 75,000
Paid up Capital : KD 75,000
Name of Shareholder
(s)
Jasem Abdullah Mushareb Kulaib
Mohamed Jasem Abdullah Mushareb Kulaib
Notes to the legal Form
Limited Liability Companies, which are known in
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.
AFFILIATED
COMPANIES
Qataria Fish Processing Co
Hodeidah
LINE OF BUSINESS
Operations : Engaged in the
import and distribution of fish and other seafood, including shrimp,
cuttlefish, tuna, grouper and lobster.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 20 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
2,100,000 KD
2,350,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Al Ahli Bank of
PO Box : 1387
Safat 13033
Tel : (965) 2411101 / 2411102
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2000, subject is involved in the import and distribution
of fish and other seafood, including shrimp, cuttlefish, tuna, grouper and
lobster.
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$ 200,000
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%)