MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Correct Name : |
BADER AL MULLA & BROS COMPANY WLL |
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Registered Office : |
Al
Mulla Building, Omar Bin Al Khattab Street, Al Sharq, PO Box : 177, Safat
13002, Kuwait |
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Country : |
Kuwait |
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Date of Incorporation : |
09.02.1960 |
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Com. Reg. No.: |
6631, Safat |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Subject’s
activities are performed through the following divisions: Ø Automotive Division Ø Domestic Appliances & Audio
Visual Division Ø General Trading Division |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
BADER AL MULLA & BROS COMPANY WLL |
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Country of Origin |
Kuwait |
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Legal Form |
With Limited Liability - WLL |
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Start Date |
1947 |
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Registration Date |
9th February 1960 |
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Commercial Registration Number |
6631, Safat |
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Membership Number |
497 |
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Issued Capital |
KD 2,850,000 |
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Paid up Capital |
KD 2,850,000 |
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Total Workforce |
550 |
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Line of Business |
Subject operates several divisions (see below for details). |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
BADER AL
MULLA & BROS COMPANY WLL
ADDRESS
Registered & Physical Address
Building : Al Mulla Building
Street : Omar Bin Al Khattab Street
Area : Al Sharq
PO Box : 177
Town : Safat 13002
Country : Kuwait
Telephone : (965) 2445040 / 2437285 / 2423250 /
2405626
Facsimile : (965) 2437285 / 2436079
Premises
Subject
operates from a suite of offices, a warehouse and a car showroom covering an
area of 1,000 square metres that are owned and located in the Central Business
Area of Safat.
Branch Office (s)
Location Description
·
Al
Rai Showroom
premises
Safat
Tel : (965) 4730167
·
Shuwaikh Showroom
premises
Safat
Tel : (965) 4815077
Fax : (965) 4839725
·
Fahaheel Showroom
premises
Safat
Tel : (965) 3912441
KEY PRINCIPALS
·
Anwar
Abdullah Al Mulla Managing
Director
·
Najeeb
Abdullah Al Mulla Director
·
Nabeel
Abdullah Al Mulla Director
·
Lutfi
Abdullah Al Mulla Director
·
Akpar
Clifford Hovaguimian General
Manager
·
Minoo
Patel Finance
Manager
·
Mohamed
Yahya Al Ayoub Sales
Manager
·
Ali
Al Shlawish Al Harshani Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1947
History : Subject’s operations date back to 1947,
however it was registered
on 9th February 1960
as a General Partnership under the name of
“Bader Al Mulla & Bros”
between the following partners:
1. Bader Abdullah Al Mulla
2. Anwar Abdullah Al Mulla
3. Najeeb Abdullah Al Mulla
4. Nabeel Abdullah Al Mulla
5. Lutfi Abdullah Al Mulla
In 1981, and following the
demise of Mr Bader Abdullah Al Mulla his
shares in the business were
distributed amongst the remaining
partners.
On 9th August 1981
the business was re-registered as a With
Limited Liability – WLL under
the current name of “Bader Al Mulla &
Bros Company WLL”
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 6631, Safat
Membership No. : 497
Issued
Capital : KD 2,850,000
Paid
up Capital : KD 2,850,000
Name of Shareholder (s)
·
Anwar
Abdullah Al Mulla
·
Najeeb
Abdullah Al Mulla
·
Nabeel
Abdullah Al Mulla
·
Lutfi
Abdullah Al Mulla
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
Subject belongs to the Al Mulla group of companies that consists of the
following concerns:
·
Saleh
Jamal & Co WLL
Khalid Bin Walid Street
PO Box: 179
Safat 13002
Tel :
(965) 4815077
·
Maseelah
Trading Co WLL
177 Sharq Sour Street
PO Box: 2702
Safat 13028
Tel: (965) 2445040
Fax: (965) 2437285 / 2436079
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Al
Mulla Rental & Leasing of Vehicles & Equipment Co WLL
PO Box: 177
Safat 13002
Tel :
(965) 2457019
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Al
Mulla Cleaning & Maintenance Services Co WLL
PO Box: 23211
Safat 13093
Tel :
(965) 4730733
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Al
Mulla International Trading & Contracting Co WLL
PO Box: 177
Safat 13002
Tel: (965) 2445467
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Al
Mulla Environmental Systems WLL
PO Box: 177
Safat 13002
Tel :
(965) 9035061
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Al
Mulla Real Estate Co WLL
PO Box: 177
Safat 13002
Tel :
(965) 9035061
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Al
Mulla Consultancy Co WLL
PO Box: 177
Safat 13002
Tel :
(965) 2405626
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Gulf
Trading Group WLL
PO Box: 177
Safat 13002
Tel :
(965) 9035061
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Al
Mulla Insurance & Re-Insurance Co WLL
PO Box: 177
Safat 13002
Tel :
(965) 2405626
LINE OF BUSINESS
Operations
: Subject’s
activities are performed through the following divisions:
· Automotive Division
Engaged in the retail of passenger cars, delivery vans, and commercial distributors.
Agents for Chrysler Motors Corp of the USA,
and Mitsubishi Motors Corp of Japan.
· Domestic Appliances & Audio
Visual Division
This division specialises in the distribution and retail of electrical household appliances, photographic equipment, and audio visual goods.
Agents in Kuwait for Minolta Camera Co Ltd,
Japan and OKI Electric Industry Co Ltd, Japan.
· General Trading Division
This division operates with a general trade
licence and distributes general merchandise, including boats, computers, fax
machines, photocopiers, air conditioning equipment, safety products and general
foodstuff.
Import
Countries :
Europe, India, South Africa, Japan and the United States of America.
International
Suppliers :
·
Aggregatebau-Nord
KG Germany
·
A.
Loacker SpA Italy
·
Aetech Italy
·
Intro
AG Switzerland
·
Commercial
Ufesa SA Spain
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Frigiking
France SA France
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Andrex
Radiation Products AS Denmark
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Danir
International Ltd. Denmark
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Buveco
Instruments B.V Netherlands
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Artson
Engineering Ltd India
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Air
India India
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Allen
Tank Limited United
States of America
·
Daimler
Chrysler United
States of America
·
Aberdare
Telecom Networks South
Africa
·
Kansai
Paint Co Japan
·
Minolta
Co Ltd Japan
Operating
Trend : Steady
Subject
has a workforce of approximately 550 employees. The Al Mulla group of companies
employs approximately 2,500 people.
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
6,420,000 KD
7,000,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel :
(965) 3981188 / 3981189
Fax :
(965) 3985643
·
Bank
of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel :
(965) 2459771
Fax :
(965) 2461430
·
Burgan
Bank
PO Box : 5875
Safat 13054
Tel :
(965) 2410818
Fax :
(965) 2410819
·
Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
·
The
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.
Date of
transaction July 2003 August 2004
Credit
amount 67,765 96,489
Amount
overdue 0 0
Payment
terms 60 days 60 days
Payment
Method Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Bader Al
Mulla & Bros Company WLL is very well established in the Kuwaiti market
with operations dating back to 1947. The company operates several divisions
with activities covering automotive distribution, retail of domestic appliances
and the distribution of general merchandise.
The
company is run in a professional manner and is owned by members of the Al Mulla
family who have many years experience in the business.
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$ 800,000
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/normal. |
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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