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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BADER AL MULLA & BROS COMPANY WLL |
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Registered Office : |
Plot D, Block 15/18/22/25,
Shuwaikh Free Zone, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1947 |
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Com. Reg. No.: |
6631, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject operates several divisions includes :- · Automotive Division Office
& Audio Visual Division General
Trading Division |
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Kuwait |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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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.
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Source : CIA |
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
BADER AL MULLA
& BROS COMPANY WLL
Registered &
Physical Address
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
Premises
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
Name of
Shareholder (s)
·
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 31/12/11: Year
Ending 31/12/12:
Total Revenue KD 10,300,000 KD 11,000,000
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.
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.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.