MIRA
INFORM REPORT
|
Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AL CORE DECORATION |
|
|
|
|
Registered Office : |
Street No. 26, Shuwaikh Industrial Area, P O Box – 895, Surra
45709, |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
31.10.1995 |
|
|
|
|
Legal Form : |
Mouassasa Khassa (Sole Proprietorship) |
|
|
|
|
Line of Business : |
Import and Distribution of Decoration Materials, Ceiling and Floor Tiles,
Corrugated Rolls And Boxes, Glass Blocks And False Ceiling Components |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
AL CORE DECORATION
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
31st October 1995
Commercial Registration Number :
30383
Trade Licence Number :
4569/95
Membership Number :
47721
Invested Capital :
KD 100,000
Total Workforce :
35
Line of Business :
Distributors of decoration materials, ceiling and floor tiles, corrugated
rolls and boxes, glass blocks and false
ceiling components.
Financial Condition :
Fair
Payments : Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL CORE DECORATION
ADDRESS
Registered & Physical Address
Street : Street No.
26
Area : Shuwaikh
Industrial Area
PO Box : 895
Town : Surra 45709
Country : Kuwait
Telephone : (965) 4833704 /
4833716 / 4833715
Facsimile : (965) 4833703
Mobile : (965)
9419420
Email : ziad_1967@hotmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Industrial Area of Surra.
KEY PRINCIPALS
Waleed Yousef Issa Al Qatami Proprietor
& General Manager
Ziad Al Sheikh Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
October 1995
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 30383
Trade Licence No. :
4569/95
Membership No. : 47721
Invested Capital : KD
100,000
Mr Waleed Yousef Issa Al Qatami is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is
liable for all its debts to the extent of his entire wealth. There are
no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of decoration
materials, ceiling and floor tiles, corrugated rolls and boxes, glass blocks
and false ceiling components.
Subject also operates as decoration contractors.
Import Countries : Europe and the Far East.
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
1,695,000 KD
1,870,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of Kuwait SAK
Shuwaikh
Tel : (965) 4814643
Fax : (965) 4837952
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1995, subject is owned and managed by Mr Waleed Yousef
Issa Al Qatami who is well respected in the local business community.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the business 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%)