MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOHAMED & AL
SAHEN SUPERMARKET FOR FOODSTUFF CO WLL |
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Registered Office : |
Jumla Street, Al
Shuwaikh Industrial Area, P O Box 22413, Safat 13085 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17th May 1982 |
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Com. Reg. No.: |
32861, Safat |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of a wide range of general foodstuff and consumable products
such as spices, flour, fruit and vegetables, meat and poultry. |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MOHAMED & AL SAHEN SUPERMARKET FOR FOODSTUFF
CO WLL
Also Known As : MOHAMED & AL SAHEN FOODSTUFF CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 17th May 1982
Commercial Registration Number : 32861, Safat
Trade Licence Number : 1640
Membership Number : 12069
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Total Workforce : 35
Line of Business : Import and distribution of general foodstuff and consumable products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MOHAMED & AL
SAHEN SUPERMARKET FOR FOODSTUFF CO WLL
ALSO KNOWN AS
MOHAMED & AL SAHEN
FOODSTUFF CO
ADDRESS
Registered & Physical Address
Street : Jumla Street
Area : Al Shuwaikh Industrial Area
PO Box : 22413
Town : Safat 13085
Country : Kuwait
Telephone : (965) 4838751 / 4830622 / 4835108 /
4835109
Facsimile : (965) 4840946
Mobile : (965) 9738751
Email : alsahen@qualitynet.net
Premises
Subject operates
from a medium sized suite of offices, a supermarket and storage facilities that
are owned and located in the Industrial Area of Safat.
KEY PRINCIPALS
Name Nationality Position
·
Motaz Mohamed
Al Sahen Kuwaiti Managing
Director
·
Amar Al Sahen Kuwaiti Director
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Rama C.
Suraish Indian Director
·
Abdul Mohsen
R. Al Julaibi Kuwaiti Director
·
Jamil Mukhtar - Finance
Manager
·
M. Sirji - Administrative
Secretary
LEGAL FORM & OWNERS
Date of Establishment : 17th
May 1982
Legal Form :
Sharikat Thet Massouliya Mahdoudeh
(With Limited Liability - WLL)
Commercial Reg. No. : 32861, Safat
Trade Licence No. : 1640
Membership No. : 12069
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Name of Shareholder (s)
·
Motaz Mohamed
Al Sahen
·
Amar Al Sahen
·
Rama C.
Suraish
·
Abdul Mohsen
R. Al Julaibi
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 import and distribution of a
wide range of general foodstuff and consumable products such as spices, flour,
fruit and vegetables, meat and poultry.
Import Countries
: Denmark, the Netherlands
and France.
International
Suppliers :
·
Datchup Denmark
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Lanboston Denmark
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Frizo Netherlands
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Telesapco France
Operating Trend
: Steady
Subject has a
workforce of 35 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 2,930,000 KD
3,080,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial
Bank of Kuwait
Shuwaikh
Tel : (965) 4814643
Fax : (965) 4837952
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National Bank
of Kuwait
Shuwaikh
Tel : (965) 4813266 / 4818350
Fax : (965) 4844126
·
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.
Date of transaction September 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Mohamed & Al
Sahen Supermarket For Foodstuff Co WLL was established in 1982 and is engaged in
the import and distribution of a wide range of general foodstuff and consumable
products. It deals with a number of reputable European suppliers and nothing
detrimental has been reported regarding the way in which payment obligations
are fulfilled.
Local sources
advise us that the operating history is clear and the company is run in a
professional manner. The financial situation is described as healthy and
profitable, and as such the company is deemed a sound trade risk, and the above
credit figure is admissible.
Maximum suggested
credit figure: US$ 300,000
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%)