MIRA INFORM REPORT

 

 

Report Date :

25.07.2013

 

IDENTIFICATION DETAILS

 

Name :

AL BUSTAN AL KHALEEJI CO WLL

 

 

Registered Office :

Galleria 3, 1st Floor, Dajeej Area, Farwaniya

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1947

 

 

Com. Reg. No.:

15140, Safat

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of a wide range of food products, beverages and bakery  products

 

 

No. of Employees :

150

 

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

 

Status :

Satisfactory 

 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Kuwait ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 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 and 2012 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 historically 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

 

 

 

 

SUMMARY

 

Company Name                         : AL BUSTAN AL KHALEEJI CO WLL

Also Known As                                      : AL BUSTAN AL KHALEEJI GENERAL TRADING & CONTRACTING

CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1947

Registration Date                                   : 12th April 1990

Commercial Registration Number                        : 15140, Safat

Trade Licence Number                            : 552/1993

Chamber Membership Number                : 21906

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 150

Activities                                               : Distributors of a wide range of food products, beverages and bakery

                                                              products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Samar Al Jaber, Human Resources Manager

 

 

 

COMPANY NAME

 

AL BUSTAN AL KHALEEJI CO WLL

 

ALSO KNOWN AS

 

AL BUSTAN AL KHALEEJI GENERAL TRADING & CONTRACTING CO WLL

 

 

Company ADDRESS

 

Physical Address

Street               : Al Ghazali Street

Area                 : Al Rai Industrial Area

PO Box             : 4351

Town                 : Safat 13044

Country             : Kuwait

 

Telephone         : (965) 24745976 / 24346897 / 24745332 / 24745324 / 24738732

Facsimile          : (965) 24726802 / 24339854 / 24729238

Email                : main@bustankhaleeji.com / bustankhaleeji@hotmail.com / contact@bustankhaleeji.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse covering an area of 10,000 square metres that are owned and located in the Central Business Area of Safat.

 

Registered Address

 

     Location                                                                                          Description

 

·       Galleria 3, 1st Floor                                                                            Rented office premises

Dajeej Area

Farwaniya

Tel: (965) 24342489

Fax: (965) 24346142

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Tawfiq Bin Ahmed Bin Sultan                                                             Managing Director

·       Saeed Abdul Karim Ramadatin                                                           Director

·       Laila Mohamed Hamd Al Dabeeb                                                        Director

·       Koshi Mathew                                                                                   General Manager

 

·       Samar Al Jaber                                                                                 Human Resources Manager

·       Goukal Chermain                                                                              Commercial Manager

·       K Gokal                                                                                            Sales Manager

·       P Brijit                                                                                              Finance 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.  : 15140, Safat

 

Trade Licence No.       : 552/1993

 

Chamber Member No. : 21906

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)

·       Tawfiq Bin Ahmed Bin Sultan

·       Saeed Abdul Karim Ramadatin

·       Laila Mohamed Hamd Al Dabeeb

 

 

AFFILIATED COMPANIES

 

·       Sultan Furniture Co WLL

Ali Abl Building, 1st Floor

       Souq Wagef

       PO Box: 26511

       Safat 13023

       Tel: (965) 22458277 / 22416429

       Fax: (965) 22404952

 

·       Samood Petroleum Services Co WLL

Galleria 3, 1st Floor

Dajeej Area

Farwaniya

Tel: (965) 24342489

Fax: (965) 24346142

 

·       Al Bustan National Co

Safat

 

·       W J Towell Holding, Safat

OPERATIONS

 

Activities: Engaged in the import and distribution of a wide range of food products, beverages and bakery products.

 

Import Countries: Germany, France, Italy, Spain, Belgium and the United States of America.

 

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 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                            KD 11,600,000                           KD 12,250,000

 

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) 22449501

Fax: (965) 22445212

     Acc No. 06219808

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 22411102

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2006

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.45

UK Pound

1

Rs.91.24

Euro

1

Rs.78.44

 

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

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.