MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOOD EXPRESS GENERAL TRADING CO WLL |
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Registered Office : |
Sharbeel Street, Hawalli,
PO Box 3430, Safat 13035 |
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Country : |
Kuwait |
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Date of Incorporation : |
10.06.2007 |
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Com. Reg. No.: |
321437 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Import and Distribution of General Foodstuff Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 40,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FOOD EXPRESS GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 10th June 2007
Commercial Registration Number : 321437
Trade Licence Number : 3299/2007
Chamber Membership Number : 109478
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Total Workforce : 5
Activities : Import and distribution of general foodstuff products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 40,000
COMPANY NAME
FOOD EXPRESS GENERAL TRADING CO WLL
ADDRESS
Registered & Physical Address
Street : Sharbeel Street
Area : Hawalli
PO Box : 3430
Town : Safat 13035
Country : Kuwait
Telephone : (965) 4346763 / 4316244
Facsimile : (965) 4346764
Email : baljeet@food-express.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Safat.
KEY PRINCIPALS
Name Nationality Position
· Jameel
Zuhair Jameel Baydon Kuwaiti Managing
Director
· Elie
Sharbeel Haneen Lebanese Director
LEGAL FORM & OWNERS
Date of
Establishment : 10th
June 2007
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 321437
Trade Licence No. : 3299/2007
Chamber Member No. : 109478
Issued Capital : KD 150,000
Paid up Capital : KD 150,000
Name of Shareholder (s)
· Jameel
Zuhair Jameel Baydon
· Elie
Sharbeel Haneen
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products.
Import Countries: China, Thailand and India.
Subject has a workforce of 5 employees.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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Commercial Bank of Kuwait
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
Investigations undertaken in Kuwait did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
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%)