MIRA INFORM REPORT

 

 

Report Date :

11.12.2014

 

IDENTIFICATION DETAILS

 

Name :

KHALIL AL BANNA SONS TRADING COMPANY WLL

 

 

Registered Office :

Bank Street, Shuwaikh Industrial Area, 42424 Shuwaikh 70655

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

14.04.1985

 

 

Com. Reg. No.:

333428

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the import and distribution of building, construction, timber and decorating materials.

 

 

No of Employees :

100 employees

 

 

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.

 

 

KUWAIT ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.

 

Source : CIA

 

 

SUMMARY

 

Company Name                         : KHALIL AL BANNA SONS TRADING COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 14th April 1985

Commercial Registration Number            : 333428

Chamber Membership Number                : 10566

Issued Capital                                        : KD 3,000,000

Paid up Capital                                      : KD 3,000,000

Total Workforce                         : 100

Activities                                               : Distributors of building, construction, timber and decorating materials

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 
COMPANY NAME

 

KHALIL AL BANNA SONS TRADING COMPANY WLL

 

 

company ADDRESS

 

Registered & Physical Address

 

Street               : Bank Street

Area                 : Shuwaikh Industrial Area

 

PO Box : 42424

 

Town                 : Shuwaikh 70655

Country : Kuwait

 

Telephone         : (965) 24849027 / 24810458 / 24831682

Facsimile          : (965) 24831682

Mobile               : (965) 99664777

Email                : albannakw@hotmail.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ibrahim Khalil Ibrahim Al Banna                                                          Managing Director

 

·       Ahmed Khalil Ibrahim Al Banna                                                          Director

 

·       Mohamed Khalil Ibrahim Al Banna                                                      Director

 

·       Haya Khalil Ibrahim Al Banna                                                             Director

 

·       Raja Khalil Ibrahim Al Banna                                                              Director

 

·       Zahra Khalil Ibrahim Al Banna                                                             Director

 

·       Mona Khalil Ibrahim Al Banna                                                             Director

 

·       Ghanimha Khalil Ibrahim Al Banna                                                                  Director

 

·       Hana Khalil Ibrahim Al Banna                                                             Director

 

·       Najat Khalil Ibrahim Al Banna                                                             Director

 

·       Najjah Habib Hussain Saqar                                                               Director

 

·       Ghaith Shabbur                                                                                             General Manager

 

·       Hashim Shabbur                                                                                           Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th April 1985

 

Legal Form                              : With Limited Liability - WLL

 

Commercial Reg. No.  : 333428

 

Chamber Member No. : 10566

 

Issued Capital              : KD 3,000,000

 

Paid up Capital                        : KD 3,000,000

 

Name of Shareholder (s)

 

·       Ibrahim Khalil Ibrahim Al Banna                                                         

 

·       Ahmed Khalil Ibrahim Al Banna                                                         

 

·       Mohamed Khalil Ibrahim Al Banna                                                     

 

·       Haya Khalil Ibrahim Al Banna                                                

 

·       Raja Khalil Ibrahim Al Banna                                                             

 

·       Zahra Khalil Ibrahim Al Banna                                                

 

·       Mona Khalil Ibrahim Al Banna                                                

 

·       Ghanimha Khalil Ibrahim Al Banna                                                     

 

·       Hana Khalil Ibrahim Al Banna                                                

 

·       Najat Khalil Ibrahim Al Banna                                                

 

·       Najjah Habib Hussain Saqar

 

 

AFFILIATED COMPANIES

 

·       Venus Decor Factory

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building, construction, timber and decorating materials.

 

Import Countries: Europe and the Far East

 

Agencies Held:

 

·       Bollmer        Germany

·       Merbuk         Malaysia

·       LITZ             Austria

 

Operating Trend: Steady

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                KD 4,100,000                                        KD 4,250,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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. 61.95

UK Pound

1

Rs. 97.15

Euro

1

Rs. 76.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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%)

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