MIRA INFORM REPORT

 

 

Report Date :

23.10.2008

 

IDENTIFICATION DETAILS

 

Name :

AL BUSTAN AL KHALEEJI CO WLL

 

 

Registered Office :

Al Ghazali Street, Al Rai Area, PO Box   4351, Safat 13044

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1947

 

 

Com. Reg. No.:

150140, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import and Distribution of Perfumes, Cosmetics and a wide range of Toiletries

Import and Distribution of Food Products, Beverages and Fresh Foodstuff

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 :

US$ 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : AL BUSTAN AL KHALEEJI CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1947

Registration Date                                   : 12th April 1990

Commercial Registration Number            : 150140, Safat

Chamber Membership Number                : 21906

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 150

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 400,000

 

 

 

COMPANY NAME

 

AL BUSTAN AL KHALEEJI CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Ghazali Street

Area                 : Al Rai Area

PO Box             : 4351

Town                 : Safat 13044

Country             : Kuwait

Telephone         : (965) 4745976 / 4346897 / 4745332 / 4745324 / 4738732

Facsimile          : (965) 4339854 / 4726802 / 4729238

Email                : bustankhaleeji@hotmail.com

                          main@bustankhaleeji.com

 

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

 

     Name                                                                                               Position

 

·       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  : Subject’s operations date back to 1947, however it was registered on 12th April 1990

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 150140, Safat

 

Chamber Member No. : 21906

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

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

 

 

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

 

 

OPERATIONS

 

Activities: Subject’s operations 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

·       Tilda                         India

·       Lesieur                                 France

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 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 4,000,000                            KD 4,800,000

 

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

 

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

 

 

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

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2006

Credit amount                                        100,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

Local sources state that Al Bustan Al Khaleeji Co WLL is well established in the local business community and enjoys a good reputation dealing with 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.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.79

UK Pound

1

Rs.81.27

Euro

1

Rs.63.91

 

 

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