MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL OULA FISH
COMPANY KSCC |
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Registered Office : |
Plot No. 5,
Building No. 11, Al Qibla Area, P O Box 668, Safat 13007 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
6th September 2004 |
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Com. Reg. No.: |
101932, Safat |
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Legal Form : |
Kuwaiti Shareholding Company – KSCC |
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Line of Business : |
Engaged in the import
and distribution of fish and other seafood. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL OULA FISH COMPANY KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company - KSCC
Registration Date : 6th September 2004
Commercial Registration Number : 101932, Safat
Trade Licence Number : 922/2004
Membership Number : 90538
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
Total Workforce : 15
Line of Business : Distributors of fish and other seafood.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL OULA FISH
COMPANY KSCC
ADDRESS
Registered & Physical Address
Location : Plot No. 5, Building No. 11
Area : Al Qibla Area
PO Box : 668
Town : Safat 13007
Country : Kuwait
Telephone : (965) 2495445 / 2453942 / 4819091
Facsimile : (965) 2453943 / 4845280
Email : aloulafish@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Safat.
KEY PRINCIPALS
·
Ali Hassan
Jowhar Hayat Managing
Director
·
Iman Ibrahim
Mahmoud Director
LEGAL FORM & OWNERS
Date of Establishment : 6th
September 2004
Legal Form :
Sharikat Al Mouasahama
Al Kuwaitia (Kuwaiti
Shareholding Company - KSCC)
Commercial Reg. No. : 101932, Safat
Trade
Licence No. : 922/2004
Membership No. : 90538
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
Name of Shareholder (s)
·
Ali Hassan
Jowhar Hayat
·
Iman Ibrahim
Mahmoud
Note to the Legal Form
Under the Commercial Companies Law a Kuwaiti Shareholding Company is required to have a minimum of 51 percent of its shares owned by Kuwaiti Nationals. Non-Kuwaiti ownership is allowed up to a maximum of 49 percent of the capital.
A KSC must have a minimum of 5 shareholders each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company. Shares of KSCC’s are freely transferable, subject to the requirement of Kuwait ownership of at least 51 percent.
The Commercial Companies Law provides that the capital of a Kuwaiti Shareholding Company should not be less than KD 7,500.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
fish and other seafood.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 15 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 Sales KD 980,000 KD
1,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Burgan Bank
Shuwaikh
PO Box : 5389
Safat 13054
Tel : (965) 4830433
Fax : (965) 4830690
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2004, subject is involved in the import and distribution of fish and other
seafood.
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
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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%)