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Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
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Name : |
BOODAI TRADING COMPANY WLL |
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Registered Office : |
Building No. 126/127,
Street No. 5, Shuwaikh Industrial Area, P O Box 1287, Safat 13013 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1958 |
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Com. Reg. No.: |
6635, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of heavy construction equipment, oil field supplies, engineering and workshop equipment |
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No. of Employees : |
230 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
|
Source : CIA |
Company Name : BOODAI TRADING COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability – WLL
Start Date : 1958
Registration Date : 11th February 1960
Commercial Registration Number : 6635, Safat
Trade Licence Number : 1608/76
Import Licence Number : 600
Chamber Membership Number : 1405
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Total Workforce : 230
Activities : Distributors of heavy construction equipment, oil field supplies,
engineering and workshop equipment.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
BOODAI TRADING
COMPANY WLL
Registered &
Physical Address
Location : Building No. 126/127
Street : Street No. 5
Area : Shuwaikh Industrial Area
PO Box : 1287
Town : Safat 13013
Country : Kuwait
Telephone : (965) 24843986 / 24841314
Facsimile : (965) 24848368 / 24818294 / 24841956
Email : btc@boodai.com
/ isdcmd@boodai.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Safat.
Branch Office (s)
Location Description
·
Ahmadi Warehouse
premises
Tel: (965) 23987248
Name Position
·
Jassim
Marzooq Boodai Managing
Director
·
Marwan
Jassim Marzooq Boodai Director
·
Mostafa
Jassim Marzooq Boodai Director
·
Aref
Masoud General
Manager
·
Prem
Sharma Assistant
General Manager
·
Pauly
Thomas Finance
Manager
·
Arifan
Borhi Commercial
Manager
Date of Establishment : 1958, however
subject was registered on 11th February 1960
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 6635, Safat
Trade
Lic. No. : 1608/76
Import
Lic. No. : 600
Chamber Member No. : 1405
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Name of
Shareholder (s)
·
Jassim
Marzooq Boodai
·
Marwan
Jassim Marzooq Boodai
·
Mostafa
Jassim Marzooq Boodai
Subject is a member of the Al Boodai Group, which has interests in a
number of diversified ventures throughout Kuwait.
The Al Boodai Group consists of the following concerns:
·
Boodai
Corporation
PO Box: 1287
Safat 13013
Tel: (965) 24840980 / 24841322
Email: bcorp@boodai.com
·
Atlas
Commercial Co WLL
Bank Street
Shuwaikh
PO
Box: 5609
Safat 13057
Tel: (965) 24813633 / 24814509 / 24813357 / 24813141
Fax: (965) 24813260 / 24813261
Mob: (965) 9798949
Email: atlascom@ncc.moc.kw
·
Jassim
Transport & Stevedoring Co WLL
PO Box: 22801
Safat 13089
Tel: (965) 22802202
Fax: (965) 24843507
Email: jtc@boodai.com
·
Gulf
Engineering Co WLL
PO Box: 22668
Safat 13087
Tel: (965) 22802255
Fax: (965) 24745488
Email: gec@boodai.com
·
Boodai
Readymix Concrete Co WLL
PO Box: 26351
Safat 13124
Tel: (965) 22421981 / 22421982 / 22421968
Fax: (965) 22421969
·
Boodai
Aviation Co
PO Box: 5798
Safat 13058
Tel: (965) 22413716 / 22413713
Fax: (965) 22419025
·
Boodai
Oilfield Services Co WLL
PO Box: 1287
Safat 13013
Tel: (965) 23981917
Fax: (965) 23981628
·
Boodai Construction
Co WLL
PO Box: 26351
Safat 13124
Tel: (965) 22421981 / 22421982 / 22421968
Fax: (965) 22421969
·
Boodai
Trading Co LLC
Salahuddine Road
Deira
PO Box: 5108
Dubai
United Arab Emirates
Tel: (971-4) 2690080
Fax: (971-4) 2661361
Email: boodai@emirates.net.ae
·
Arab
Equipment Co
PO Box: 1660
Dammam
Saudi Arabia
·
Boodai
Trading Co WLL
Doha
Qatar
Tel: (974) 44320639
·
Boodai
Trading Co LLC
PO Box: 5154
Muscat
Oman
Tel: (968) 24591507
·
Boodai Aviation
and Mira Chartering (UK) Ltd
United Kingdom
·
Kuwait
Application Service Provider Co KSCC
·
Tradex
Co WLL
Activities: Engaged in the import and distribution of
heavy construction equipment, including cranes, excavators,
wheel loaders, scaffolding, cladding, graders, rollers, bulldozers, fork-lift trucks, concrete pumps, transit
mixers, air-compressors, generators and batching plants; oil field supplies, including drilling and pipeline
components and generator sets, maintenance services, workshops and garages and related spare parts.
Subject stocks over 300,000 different items.
Import
Countries: Japan, Germany,
Sweden and Finland.
International
Suppliers:
·
TCM
Corporation Japan
·
Nissan Japan
·
Temet
Oy Finland
·
Deutz
AG Germany
·
Flygt
International Sweden
Brand Names: P & H, PPM, ELBA, TCM, AIR MAN, F.G.
WILSON, DYNAPAC, ZENITH,
HUDIG,
SECALT, DEMAG, FLYGT, FURUKAWA, HYUNDAI, WACHS, DENYO,
WARREN RUPP, CLEMCO, ENERPAC, DECOUSTIC,
FORMICA, FOSROC, DEUTZ,
SEAM MILANO, LIBELLULA, TEMET OY, MANITOU,
VIPER, MEKA and DYNATEC.
Operating Trend: Steady
Subject has a
workforce of approximately 230 employees.
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 8,225,000 KD 8,650,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
·
National
Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Burgan
Bank SAK
Burgan Tower
Al Sharq
Shuwaikh
PO Box: 5389
Safat 12170
Tel: (965) 24830433
Fax: (965) 24830690
Acc No. 2063309827
No complaints
regarding subject’s payments have been reported.
Established in
1960, subject is involved in the import and distribution of heavy construction
equipment, oil field supplies, engineering and workshop equipment. The company
deals with many well known international suppliers and enjoys a good reputation
for the quality of its products.
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.55.34 |
|
UK Pound |
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
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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.