MIRA INFORM REPORT

 

 

Report Date :

16.03.2013

 

IDENTIFICATION DETAILS

 

Name :

WHITE PEAK CO FOR FOODSTUFF & HOUSEHOLD EQUIPMENT

 

 

Registered Office :

New Wholesale Building, Office No. 13, Shuwaikh Area, P.O. Box : 491, Al Jahra 01005

 

 

Country :

Azerbaijan

 

 

Date of Incorporation :

14.01.1995

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers, wholesalers, distributors and retailers of foodstuff and household products including canned food, frozen food, vegetables and fruits.

 

 

No. of Employees :

75

 

 

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 :

Usually correct

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)

Azerbaijan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

AZERBAIJAN'S - ECONOMIC OVERVIEW

 

Azerbaijan's high economic growth during 2006-08 was attributable to large and growing oil exports, but some non-export sectors also featured double-digit growth, including construction, banking, and real estate, although most of this increase was tied to growth in the hydrocarbon sector. In 2011, economic growth slowed to 0.1%, largely because oil production reached a plateau. Real GDP growth improved in 2012, reaching about 40%, but the current global economic slowdown presents some challenges for the Azerbaijani economy as oil prices remain volatile, highlighting Azerbaijan's reliance on energy exports and lackluster attempts to diversify its economy. Oil exports through the Baku-Tbilisi-Ceyhan Pipeline remain the main economic driver while efforts to boost Azerbaijan's gas production are underway. Natural gas from fields under development in Azerbaijan by an international consortium is the only gas currently available for the geopolitically important Southern Corridor project, which aims to improve European energy security. However, Azerbaijan has made only limited progress on instituting market-based economic reforms. Pervasive public and private sector corruption and structural economic inefficiencies remain a drag on long-term growth, particularly in non-energy sectors. Several other obstacles impede Azerbaijan's economic progress, including the need for stepped up foreign investment in the non-energy sector and the continuing conflict with Armenia over the Nagorno-Karabakh region. Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects depend on world oil prices, the location of new oil and gas pipelines in the region, Azerbaijan's ability to negotiate export routes for its growing gas production, and its ability to manage its energy wealth to promote growth and spur employment in non-energy sectors of the economy

Source : CIA

Company name

 

White Peak Co For Foodstuff & Household Equipment  (Correct)

WHITE PEAK COMPANY (Requested)  

 

 

Company ADDRESS

 

Building :          New Wholesale Building, Office No. 13

 

Area     :           Shuwaikh Area

P.O. Box : 491

Town     :          Al Jahra 01005

Country  :          Kuwait

 

Telephone:        (965) 2482 7574 / 2482 7523

Fax      :            (965) 2482 7548

Email    :           whitepeakco@yahoo.com  / whitepeakco@hotmail.com

 

Shortform Name : White Peak Co.

 

Also Known As :           The Top White Co. for Foodstuffs & House Hold / White

                                    Peak Co. For Foodstuff & Household Equipment WLL

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                     Position

 

1. Khalaf Ojail Alshimali             Chairman

 

2. Al Deeb Abdul Hamed           Financial Manager   

 

3. Bobin Abraham                     Imports Manager

 

4. Khamis Ahmed                      Sales Manager   

 

Total Employees :                                 75

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Trade risk assessment : Normal

PRINCIPAL BANKERS

 

NAME     :                     NATIONAL BANK OF KUWAIT (NBK)

 

Branch   :                      Abdullah Al Salem Street

PO Box   :                    95

Town     :                      Safat 13001

 

Telephone:                    (965) 242 2011

Fax      :                        (965) 246 4156

 

The Company also has an account with the following banks:

 

1. Kuwait Finance House (KFH)

   Main branch

   PO Box 24989

   Safat 13110

   Telephone: (965) 2244 5050

   Fax      : (965) 2245 5136

 

2. Burgan Bank

   Ahmed Al Jaber Street

   PO Box 5389

   Safat 13054

   Telephone: (965) 2243 9000

   Fax      : (965) 2246 1148

 

3. Gulf bank

   Mubarak Al Kabir Street

   PO Box 3200

   Safat 13032

   Telephone: (965) 2244 9501

   Fax      : (965) 2244 5212

 

4. Kuwait International Bank (KIB.KSE)

   Al Abdulrazzak Square

   PO Box 22822

   Safat 13089

   Telephone: (965) 2188 8999

   Fax      : (965) 2245 6638

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover              : KD 1,700,000 - 2008 - exact

                                    : KD 2,000,000 - 2009 - exact

                                    : KD 2,200,000 - 2010 – exact

                                    : KD 2,500,000 – 2011 – exact

                                    : KD 3,000,000 – 2012 - exact

 

Net Profit          : not given but stated to be 7-10% of the sales turnover

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 14 January 1995

 

History : The subject was established in Kuwait on 14 January 1995, however its origins can be traced back to 1988. Until 2011, subject’s shareholding structure was as follows :

                                                                        Percentage

 

1. Khalaf Ajail Al Shammari                            40%

   (Kuwaiti national)

 

2. Ahmed  Ajail Al Sammari                             30%

   (btother of the above)

 

3. Amal Ajail Al Shammari                              30%

   (sister of the above)

 

C.R. No.: 66642

 

KCCI Membership No.: 44517 (expiry date: 1 October 2013) 

 

Authorised Capital : KD 139,000

 

Paid-Up Capital : KD 139,000

 

Limited Liability Company with the following shareholders :

 

1. Khalaf Ajail Al Shammari                           

   (Kuwaiti national)

 

2. Lulua Mohammed Haji Ahmed Ismail

   (Kuwaiti national)

 

3. Maryem Khalaf Ajail Al Shammari

   (Kuwaiti national)

 

* The exact Shareholding percentage was not disclosed.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers, distributors and retailers of foodstuff and household products including canned food, frozen food, vegetables and fruits.

 

NACE Code : 4617 / 4615

 

Imports from worldwide mainly Italy, Turkey, UAE, USA, Belgium, Spain, Malaysia, China and India.

 

Exports to GCC countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative office located at the heading address as well as a large showroom with integrated storage facilities located elsewhere in Qhasiryia Area, Jahra.

 

Subject previously used the following :

 

Telephone         :  (965) 2458 5570

Fax                   :  (965) 2458 5571

 

 

REGISTERED OFFICE

 

Bandar Abdullah Al Saeed Building, Shop No. 15 / 16 / 17

Al Jahra, Block No. 20

PO Box 491

Al Jahra 01005

Telephone: (965) 2458 5572 / 2458 5570

Fax      : (965) 2458 5571

 

 

SPECIAL NOTE

 

You enquired on : WHITE PEAK COMPANY. Please note that this name applies to subject’s shortform name only. Subject’s correct registered name is as per the heading.

 

The country which you provided : Azerbaijan is incorrect. Please note that the subject’s correct country is as per the heading.

 

The KCCI Membership No. mentioned in our previous report as 13604 is incorrect and should be 44517.

 Interviewed: Bobin Abraham (Imports Manager).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.81.74

Euro

1

Rs.70.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.