MIRA
INFORM REPORT
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Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
WAVES COMBINE GENERAL TRADING AND CONTRACTING CO |
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Registered Office : |
Al
Ghanim Building, Macca Road, Block No 7, Street No. 64, PO Box 46425, Fahaheel 64015 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.04.2004 |
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Com. Reg. No.: |
96638 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Importers, Wholesalers and
Retailers of Dried Foodstuff, including Rice, Beans, Spices and Tea. |
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 : WAVES COMBINE GENERAL TRADING AND CONTRACTING CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 18th April 2004
Commercial Registration Number : 96638
Trade Licence Number : 2196/2003
Chamber Membership Number : 8772
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Total Workforce : 5
Activities :
Importers, wholesalers and retailers of dried foodstuff,
including rice, beans, spices and
tea.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
WAVES
COMBINE GENERAL TRADING AND CONTRACTING CO
ADDRESS
Registered & Physical Address
Building : Al
Ghanim Building
Street : Macca
Road, Block No 7, Street No. 64
PO Box : 46425
Town : Fahaheel
64015
Country : Kuwait
Telephone : (965) 3915913
Facsimile : (965) 3915914
Mobile : (965) 9007131
/ 9107218
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Fahaheel.
KEY PRINCIPALS
Name Position
·
Ms
Altaf Issa Sultan Al Ajail Managing
Director
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Ms
Zeinab Ahmed Al Khashan Director
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T.R.
Jolly General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th
April 2004
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 96638
Trade Licence No. : 2196/2003
Chamber Member No. : 8772
Issued Capital : KD 50,000
Paid up Capital : KD 50,000
Name of Shareholder (s)
·
Ms
Altaf Issa Sultan Al Ajail
·
Ms
Zeinab Ahmed Al Khashan
OPERATIONS
Activities: Engaged as
importers, wholesalers and retailers of dried foodstuff, including rice, beans,
spices and tea.
Import
Countries: India, Sri
Lanka, China and Saudi Arabia.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales KD
650,000 KD
710,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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National Bank of
Kuwait SAK
Fahaheel
Tel : (965) 3911447
Fax : (965) 3924447
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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.
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%)