MIRA INFORM REPORT

 

 

Report Date :

01.02.2008

 

IDENTIFICATION DETAILS

 

Name :

BLUESIDE COMPANY GENERAL TRADING AND CONTRACTING WLL

 

 

Registered Office :

Plot Number 2, Office 12, 2nd Floor, Al Sharq, PO Box 7259 & 33229, Safat 13007

 

 

Country :

Kuwait

 

 

Date of Incorporation :

27.11.2005

 

 

Com. Reg. No.:

110338

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

General Trading and Contracting.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : BLUESIDE COMPANY GENERAL TRADING AND CONTRACTING

                                                             WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 27th November 2005

Commercial Registration Number            : 110338

Trade Licence Number                            : 5250/2005

Membership Number                              : 98471

Issued Capital                                        : KD 250,000

Paid up Capital                                      : KD 250,000

Total Workforce                                     : 45

Line of Business                                    : Engaged in general trading and contracting.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

BLUESIDE COMPANY GENERAL TRADING AND CONTRACTING WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot Number 2, Office 12, 2nd Floor

Street               :

Area                 : Al Sharq

PO Box             : 7259 & 33229

Town                 : Safat 13007

Country             : Kuwait

Telephone         : (965) 2646006 / 5634549 / 6040949

Facsimile          : (965) 2646006

 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

Name                                               Nationality                     Position

 

·       Mohamed Abu Al Rub                        Jordanian                      Managing Director

 

·       Fadle Abdullah Al Yafe                      Yemeni                         Director

 

·       Wael Qassim Hamad                        Lebanese                      Director

 

·       Waleed Khamis Al Mashri                  Kuwaiti                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th November 2005

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 110338

 

Trade Licence No.       : 5250/2005

 

Membership No.          : 98471

 

Issued Capital              : KD 250,000

 

Paid up Capital            : KD 250,000

 

 

Name of Shareholder (s)

 

·       Mohamed Abu Al Rub

 

·       Fadle Abdullah Al Yafe

 

·       Wael Qassim Hamad

 

·       Waleed Khamis Al Mashri

 

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 general trading and contracting.

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box : 3200

Safat 13033

Tel : (965) 2449501

Fax : (965) 2445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2005, subject is involved in the general trading and contracting.

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions