MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL KENANE CO |
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Registered Office : |
Al Arbash
Complex, Al Dajij Area, Farwaniya |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.04.1988 |
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Com. Reg. No.: |
1504 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Wholesale and Retail of Bed Linen, Curtains, Soft Furnishings
and Household Furniture |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL KENANE CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 20th April 1988
Commercial Registration Number : 1504
Trade Licence Number : 753/96
Chamber Membership Number : 19086
Issued Capital : KD 700,000
Paid up Capital : KD 700,000
Total Workforce : 15
Activities : Wholesale and retail of bed linen, curtains, soft furnishings and household furniture
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
AL KENANE CO
ADDRESS
Registered & Physical Address
Building : Al Arbash Complex
Area : Al
Dajij Area
Town : Farwaniya
Country : Kuwait
Telephone : (965) 4337321 / 4332820
Facsimile : (965) 4332820
Email : al_kenane@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Farwaniya.
KEY PRINCIPALS
Name Position
·
Ali
Yari Managing
Director
·
Salam
Ali Iskander Kenane Director
·
Sana
Iskander Kenane Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
April 1988
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 1504
Trade Licence No. : 753/96
Chamber Member No. : 19086
Issued Capital : KD 700,000
Paid up Capital : KD 700,000
Name of Shareholder (s)
·
Ali
Yari
·
Salam
Ali Iskander Kenane
·
Sana
Iskander Kenane
OPERATIONS
Activities: Engaged in the wholesale and retail of bed
linen, curtains, soft furnishings and household furniture.
Import
Countries: India, Pakistan
and China
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti Dinars
(KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales KD 2,380,000 KD 2,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Salam Ali Iskander Kenane.
BANKERS
·
Commercial
Bank of Kuwait
Farwaniya
Tel : (965) 4744808
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of
this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)