MIRA
INFORM REPORT
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Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CITY SNOOTY
GENERAL TRADING CO WLL |
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Registered Office : |
London Hospital
Road, Plot No. 1, P O Box 644, Fintas 51007 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st November 2003 |
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Com. Reg. No.: |
96550 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the wholesale
and retail of household equipment and footwear. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CITY SNOOTY GENERAL TRADING CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 1st November 2003
Commercial Registration Number : 96550
Trade Licence Number : 2781/2003
Membership Number : 84983
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 10
Line of Business : Wholesalers and retailers of household equipment and footwear.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CITY SNOOTY GENERAL
TRADING CO WLL
ADDRESS
Registered & Physical Address
Location : London Hospital Road, Plot No. 1
PO Box : 644
Town : Fintas 51007
Country : Kuwait
Telephone : (965) 3901623 / 2473257 / 7887971 /
9203081
Facsimile : (965) 2473257
Email : info@habangroup.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Fintas.
KEY PRINCIPALS
Name Nationality Position
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Saleh Fakhiri
Ali Al Rashidi Kuwaiti Managing Director
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Altaf Mohamed
Choudar Canadian Director
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Abdul Fattah - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
November 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 96550
Trade
Licence No. : 2781/2003
Membership No. : 84983
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
Percentage
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Saleh Fakhiri
Ali Al Rashidi 51%
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Altaf Mohamed
Choudar 49%
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 the wholesale and retail of
household equipment and footwear.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 10 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 760,000 KD
845,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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
Established in 2003,
subject is involved in the wholesale and retail of household equipment and
footwear.
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.
Maximum suggested
credit figure: US$ 100,000
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%)