|
Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BADER AL MULLA & BROS COMPANY WLL |
|
|
|
|
Registered Office : |
Plot D, Block 15/18/22/25 Shuwaikh Free Zone PO Box 177 Safat 13002 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
1947 |
|
|
|
|
Com. Reg. No.: |
6631, Safat |
|
|
|
|
Legal Form : |
With Limited Liability – WLL |
|
|
|
|
Line of Business : |
Subject operates several divisions like Automotive Division, Office & Audio Visual Division, General
Trading Division |
|
|
|
|
No. of Employees : |
550 |
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$ 1,000,000 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : BADER AL MULLA & BROS COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability – WLL
Start Date : 1947
Registration Date : 9th February 1960
Commercial Registration Number : 6631, Safat
Chamber Membership Number : 497
Issued Capital : KD 2,850,000
Paid up Capital : KD 2,850,000
Total Workforce : 550
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
BADER AL MULLA & BROS COMPANY WLL
Location : Plot D, Block
15/18/22/25
Area : Shuwaikh
Free Zone
PO Box : 177
Town : Safat 13002
Country : Kuwait
Telephone : (965) 22250888
/ 22250999
Facsimile : (965) 22250880
/ 22250990
Email : bas@almullagroup.com
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Shuwaikh Free Zone of Safat.
Branch Office (s)
Location Description
· Al Rai Showroom
premises
Safat
Tel:
(965) 24730167
· Shuwaikh Showroom
premises
Safat
Tel:
(965) 24815077
Fax :
(965) 24839725
· Fahaheel Showroom
premises
Safat
Tel:
(965) 23912441
· Al Mulla Building Office
premises
Omar Bin Al
Khattab Street
Al Sharq
Safat
Name Position
· Najeeb Abdullah Al
Mulla Chairman
· Anwar Abdullah Al
Mulla Managing
Director
· Nabeel Abdullah Al
Mulla Director
· Akpar Clifford
Hovaguimian General
Manager
· Essam Al Othman Assistant
General Manager
· Mina Patel Finance
Manager
· Mohamed Yahya Al
Ayoub Sales
Manager
· Ali Al Shlawish Al
Harshani Administration
Manager
· Abdullah Najeeb Al
Mulla Human
Resources Manager
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 : With Limited
Liability - WLL
Commercial Reg.
No. : 6631, Safat
Chamber Member No. : 497
Issued Capital : KD 2,850,000
Paid up Capital : KD 2,850,000
· Anwar Abdullah Al
Mulla
· Najeeb Abdullah Al
Mulla
· Nabeel Abdullah Al
Mulla
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)
24815077
· Maseelah Trading
Co WLL
177 Sharq Sour
Street
PO Box: 2702
Safat 13028
Tel: (965)
22445040
Fax: (965)
22437285 / 22436079
· Al Mulla Rental
& Leasing of Vehicles & Equipment Co WLL
PO Box: 177
Safat 13002
Tel: (965)
22457019
· Al Mulla Cleaning
& Maintenance Services Co WLL
PO Box: 23211
Safat 13093
Tel: (965)
24730733
· Al Mulla
International Trading & Contracting Co WLL
PO Box: 177
Safat 13002
Tel: (965)
22445467
· Al Mulla
Environmental Systems WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
· Al Mulla Real
Estate Co WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
· Al Mulla
Consultancy Co WLL
PO Box: 177
Safat 13002
Tel: (965)
22405626
· Gulf Trading Group
WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
· Al Mulla Insurance
& Re-Insurance Co WLL
PO Box: 177
Safat 13002
Tel: (965)
22405626
Activities: Subject’s operations 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.
·
Office & Audio Visual Division
This division specialises in the distribution
and retail of office equipment and audio visual goods.
·
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
· Frigiking France
SA France
· Andrex Radiation
Products AS Denmark
· Danir
International Ltd. Denmark
· Buveco Instruments
B.V Netherlands
· Artson Engineering
Ltd India
· Air India India
· 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 provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales KD
9,750,000 KD
10,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
·
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965)
22410818
Fax: (965)
22410819
·
Commercial Bank of Kuwait
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints regarding subject’s payments have been reported.
Credit amount 96,489 150,000 131,576
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars US Dollars Canadian Dollars
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.84 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.