MIRA INFORM REPORT

 

 

Report Date :

5th June 2006

 

IDENTIFICATION DETAILS

 

Name :

AL BUSTAN AL KHALEEJI CO WLL

 

 

Registered Office :

Fahad Al Salem Street

4351, Safat 13044, Kuwait

 

 

Country :

Kuwait

 

 

Date of Incorporation :

12th April 1990

 

 

Com. Reg. No.:

150140, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :
  • Engaged in the import and distribution of a wide range of food products, beverages and fresh foodstuff.
  • Engaged in the import and distribution of perfumes, cosmetics and a wide range of toiletries.
  • Engaged in the printing of commercial stationeries and brochures.

 

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 :

EUR 200,000

 

 

Status :

Satisfactory 

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

Company Name

AL BUSTAN AL KHALEEJI CO WLL

Country of Origin

Kuwait

Legal Form

With Limited Liability - WLL

Registration Date

12th April 1990

Commercial Registration Number

150140, Safat

Membership Number

21906

Issued Capital

KD 200,000

Paid up Capital

KD 200,000

Total Workforce

100

Line of Business

Subject operates several divisions (see below for details)

Financial Condition

Good

Payments

Regular

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

AL BUSTAN AL KHALEEJI CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Fahad Al Salem Street

PO Box             : 4351

Town                 : Safat 13044

Country             : Kuwait

Telephone         : (965) 4313942 / 4745332 / 4745324 / 4738732 / 4745976

Facsimile          : (965) 4339854 / 4726802

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

Mustafa Ahmed Sultan                                                               Managing Director

 

Jameel Ali Sultan                                                                       Director

 

Tawfiq Ahmed Sultan                                                                  Director

 

Hussain Jawad Abdul Rasoul                                                      Director

 

Ahmed Mohamed Abdul Rasoul                                                  Director

 

Lalila Mohamed Al Doubaib                                                         Director

 

Mohamed Nasim Khan                                                               General Manager

 

Hadi Beani                                                                                Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th April 1990

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 150140, Safat

 

Membership No.          : 21906

 

Issued Capital              : KD 200,000

 

Paid up Capital            : KD 200,000

 

Name of Shareholder (s)

 

Mustafa Ahmed Sultan

 

Jameel Ali Sultan

 

Tawfiq Ahmed Sultan

 

Hussain Jawad Abdul Rasoul

 

Ahmed Mohamed Abdul Rasoul

 

Lalila Mohamed Al Doubaib

 

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.

 

 

AFFILIATED COMPANIES

 

Sultan Furniture Co WLL

Ali Abl Building, 1st Floor

Souq Wagef

PO Box 26511

Safat 13023

Tel: (965) 2458277 / 2416429

Fax: (965) 2404952

 

 

LINE OF BUSINESS

 

Operations : Subject’s activities are performed through the following divisions:

 

Foodstuff Division

 

Engaged in the import and distribution of a wide range of food products, beverages and fresh

foodstuff.

 

Cosmetics Division

 

This division specialises in the import and distribution of perfumes, cosmetics and a wide range of toiletries.

 

Printing Press Division

 

The printing press division is engaged in the printing of commercial stationeries and brochures.

 

Import Countries : Germany, France, Italy, Spain, Belgium and the United States of America.

 

Principal International Agencies :

 

Caron                            Germany

Bahlsen                        Germany

Montiel                          Germany

Marbert                         Germany

Ducros                          France

St. Michel                     France

Clair Fragrances            France

Elizabeth Taylor             United States of America

Perfume Legarfeld          United States of America

Ferrero                          Italy

Chen Yu                        Spain

Guylian                         Belgium

 

Operating Trend : Steady

 

Subject has a workforce of approximately 100 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/04:                            Year Ending 31/12/05:

 

Total Revenue                            KD 3,180,000                                        KD 3,330,000

 

Local sources consider subject’s financial condition to be Good.

 

 

BANKERS

 

The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box : 3200

Safat 13033

Tel : (965) 2449501

Fax : (965) 2445212

Acc No. 06219808

 

Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box : 2861

Safat 13029

Tel : (965) 2411001

Fax : (965) 2450150

 

Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box : 1387

Safat 13033

Tel : (965) 2411101 / 2411102

 

 

PAYMENT HISTORY

 

Subject’s payment record is reported to be met in a regular and timely manner.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of EUR 100,000

 

Local sources state that Al Bustan Al Khaleeji Co WLL is well established in the local business community and enjoys a good reputation. The company has been operating for 16 years and now holds many renowned international agencies.

 

Subject’s payment record is clear and believed to be met in a timely manner and the financial position is described as profitable. As such the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: EUR 200,000

 

 

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/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions