MIRA INFORM REPORT

 

 

Report Date :

23.12.2008

 

IDENTIFICATION DETAILS

 

Name :

BOWASIL FOOD STUFF CENTRE

 

 

Registered Office :

Area Al Kapla, Block 6, Road 1, Office No. 3, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

12.02.2002

 

 

Com. Reg. No.:

81222, Safat

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of General Foodstuff Products and Grocery Items

 

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                                     : BOWASIL FOOD STUFF CENTRE

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 12th February 2002

Commercial Registration Number            : 81222, Safat

Trade Licence Number                            : 2298/2000

Chamber Membership Number                : 79343

Invested Capital                                     : KD 100,000

Total Workforce                                     : 18

Activities                                               : Distributors of general foodstuff products and grocery items.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

BOWASIL FOOD STUFF CENTRE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Area Al Kapla, Block 6, Road 1, Office No. 3

Town                 : Safat

Country             : Kuwait

Telephone         : (965) 5612957

Facsimile          : (965) 5612957

Mobile               : (965) 7837360

Email                : mukeshsarna@hotmail.com

 

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                                                                                               Position

 

·         Abdullah Saleh Mohamed Al Anaizi                                                   Proprietor & General Manager

 

·         Mukesh Kumar                                                                                Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th February 2002

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 81222, Safat

 

Trade Licence No.       : 2298/2000

 

Chamber Member No. : 79343

 

Invested Capital           : KD 100,000

 

Mr Abdullah Saleh Mohamed Al Anaizi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products and grocery items.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                KD 1,600,000                            KD 1,750,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box : 95

Safat 13001

Tel : (965) 3981188 / 3981189

Fax : (965) 3985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

Established in 2002, subject is owned and managed by Mr Abdullah Saleh Mohamed Al Anaizi who is well respected in the local business community.

 

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 business is considered to be a fair trade risk and the above credit figure is deemed to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.49

UK Pound

1

Rs.71.89

Euro

1

Rs.67.86

 

 

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