MIRA INFORM REPORT

 

 

 

Report Date :

21.08.2008

 

IDENTIFICATION DETAILS

 

Name :

BHASIN & COMPANY WLL

 

 

Registered Office :

Al Salem Street, Al Murghab Area, PO Box  93, Safat 13001

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

04.02.1981

 

 

Com. Reg. No.:

232, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of Uniforms.

 

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                                     : BHASIN & COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 4th February 1981

Commercial Registration Number            : 232, Safat

Trade Licence Number                            : 4782/80

Chamber Membership Number                : 10068

Issued Capital                                        : KD 100,000

Paid up Capital                                      : KD 100,000

Total Workforce                         : 15

Activities                                               : Distributors of uniforms.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

 

 

 

 

 

COMPANY NAME

 

BHASIN & COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Salem Street

Area                 : Al Murghab Area

PO Box             : 93

Town                 : Safat 13001

Country : Kuwait

Telephone         : (965) 2433552 / 2435301

Facsimile          : (965) 2407940

Email                : bhasin@qualitynet.net

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Faraj Mubarak Al Ajeel                                  Kuwaiti                          Managing Director

 

·       Hemant Kumar Bhasin                                   Indian                            Director

 

·       Shafi Bhasin                                                 Indian                            Director

 

·       Satish Kumar                                                    -                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th February 1981

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 232, Safat

 

Trade Licence No.       : 4782/80

 

Chamber Member No. : 10068

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Faraj Mubarak Al Ajeel

 

·       Hemant Kumar Bhasin

 

·       Shafi Bhasin

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of a wide range of uniforms, including police, army, medical, school and catering uniforms.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 15 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:

 

Total Sales                                KD 3,300,000                           KD 3,940,000

 

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

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box : 2861

     Safat 13029

     Tel : (965) 2411001

     Fax : (965) 2450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1981, subject is involved in the import and distribution of a wide range of uniforms, including police, army, medical, school and catering uniforms.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.58

UK Pound

1

Rs.81.43

Euro

1

Rs.64.52

 

 

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%)

 

 

 

 

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