MIRA
INFORM REPORT
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Report Date : |
4th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
BOUSHAHRI TRADING GROUP WLL |
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Registered Office : |
Northern
Salmiya Complex, 1st Floor, Salem Al Mubarak Street, PO Box : 412,
Safat 13005, 547, Safat 13006, 22516, Safat 13086, Safat, Kuwait. |
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Country : |
Kuwait |
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Date of Incorporation : |
26.01.1978 |
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Com. Reg. No.: |
25455, Safat |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (With Limited Liability - WLL) |
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Line of Business : |
Importer
and Distributors of general merchandise, including computers, electronic
products, fashion items, footwear, cosmetics and perfumes, toiletries,
pharmaceuticals, photography products, food products, chemicals and clothing. |
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$
500,000 |
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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 |
BOUSHAHRI TRADING GROUP WLL |
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Country
of Origin |
Kuwait |
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Legal
Form |
With Limited Liability – WLL |
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Registration
Date |
26th January 1978 |
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Commercial
Registration Number |
25455, Safat |
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Trade
Licence Number |
1979/77 |
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Membership
Number |
3775 |
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Issued
Capital |
KD 1,000,000 |
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Paid
up Capital |
KD 1,000,000 |
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Total
Workforce |
250 |
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Line
of Business |
Distributors of general merchandise. |
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Financial
Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
BOUSHAHRI
TRADING GROUP WLL
ADDRESS
Registered & Physical Address
Building : Northern Salmiya Complex, 1st
Floor
Street : Salem Al Mubarak Street
PO Box : 412, Safat 13005
547, Safat 13006
22516, Safat 13086
Town : Safat
Country : Kuwait
Telephone : (965) 5729000
Facsimile : (965) 5732101 / 5732102
Email : boushgrp@ncc.moc.kw
Premises
Subject
operates from a medium sized suite of offices and a showroom that are rented
and located in the Central Business Area of Safat.
Branch Office (s)
Subject has 20 showrooms and warehouses located throughout Kuwait.
KEY PRINCIPALS
· Jawad Jassim Boushahri Chairman
· Nabeel R. Khazal Managing
Director
· Futooh H. Jafar Director
· Mohamed Jassim Boushahri Director
· Mustafa Jassim Boushahri Director
· Zainab Jassim Boushahri Director
· Mohamed A. Al Sharaf Director
· Namatullah Mohamed Commercial
Manager
· Julie Fernandes Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 26th January 1978
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 25455, Safat
Trade Licence No. : 1979/77
Membership No. : 3775
Issued
Capital : KD 1,000,000
Paid
up Capital : KD 1,000,000
Name of Shareholder (s)
· Jawad Jassim Boushahri
· Nabeel R. Khazal
· Futooh H. Jafar
· Mohamed Jassim Boushahri
· Mustafa Jassim Boushahri
· Zainab Jassim Boushahri
· Mohamed A. Al Sharaf
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
· Boushahri & Daana Foodstuff
Co WLL
PO Box : 2956
Safat 13030
Tel :
(965) 5729000
Fax :
(965) 5747532
· Boushahri Scientific Medical
Supplies Co WLL
PO Box : 3959
Safat 13040
Tel :
(965) 5729000
Fax :
(965) 5747532
· Boushahri Colour Film Co
PO Box : 412
Safat 13005
Tel :
(965) 5729000
Fax :
(965) 5747532
· Boushahri & Bandar Trading Co
PO Box : 547
Safat 13008
Tel :
(965) 5732104 / 4710647 / 4710587
Fax :
(965) 5746821
· Jawad Jassim Boushahri & Sons
General Trading & Contracting Co
PO Box : 412
Safat 13005
Tel :
(965) 5750947
Fax :
(965) 5744019
LINE OF BUSINESS
Operations
: Engaged in the
import, distribution and retail of general merchandise, including
computers, electronic products, fashion
items, footwear, cosmetics and perfumes, toiletries, pharmaceuticals,
photography products, food products, chemicals and clothing.
Import
Countries : The
United States of America, Canada, Germany, France, Italy, Hungary,
Japan and Egypt.
International
Suppliers :
· Allergan Afrasia Ltd United
States of America
· Dow Chemicals United
States of America
· Apotex Inc Canada
· Bausch GmbH Germany
· Zett GmbH Germany
· Minibel SA France
· Tino Cosma Italy
· Goko Camera Co Japan
· Pentax Japan
· Pharco Pharmaceuticals Co Egypt
· Forte Photochemical Co Hungary
Brand
Names : SCHOLL,
EVERREADY, FUJI
Operating
Trend : Steady
Subject
has a workforce of approximately 250 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
5,550,000 KD
5,980,000
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
·
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 August 2002 May 2003 March 2006
Credit
amount 52,000 150,000 34,000
Amount
overdue 0 0 0
Payment
terms 30 days 60 days 90
days
Payment
Method Letters of Credit Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints No Complaints
Currency Euros US Dollars Pounds Sterling
GENERAL COMMENTS
The
Boushahri Trading Group WLL is very well established in the local market with
operations commencing in 1978. It is engaged in the import, distribution and
retail of general merchandise, operating over 20 branches located throughout
the country.
The
company is run in a professional manner and deals with a host of leading
international suppliers.
During
the course of this investigation local sources reported that the operating
history is clear with no problems noted regarding the manner in which payment
obligations are met.
Maximum
suggested credit figure: US$ 500,000
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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