MIRA INFORM REPORT

 

 

Report Date :

23.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL BARAA GULF GROUP GENERAL TRADING FOODSTUFF CO WLL

 

 

Registered Office :

Magateer Complex, Building No. 31, 2nd Floor, Office No. 6, Habib Al Munawer Street, Farwaniya

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013 (Estimated)

 

 

Date of Incorporation :

31.03.2009

 

 

Com. Reg. No.:

330803

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the import and distribution of General Foodstuffs, including Rice, Peas, Pulses, Tea, Tomato Sauces, Lentils, Spices, Oil, Canned Food and Sunflower Seeds.

 

 

No of Employees :

06

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 - 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                                    : AL BARAA GULF GROUP GENERAL TRADING FOODSTUFF CO

WLL

Also Known As                                     : AL BARAA GULF GROUP CO

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 31st March 2009

Commercial Registration Number           : 330803

Trade Licence Number                           : 643/2009

Chamber Membership Number               : 118896

Issued Capital                                       : KD 150,000

Paid up Capital                                     : KD 150,000

Total Workforce                         : 6

Activities                                               : Distributors of general foodstuffs, including rice, peas, pulses, tea,

tomato sauces, lentils, spices, oil, canned food  and sunflower seeds.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Savio Sanders, Administration Officer

COMPANY NAME

 

AL BARAA GULF GROUP GENERAL TRADING FOODSTUFF CO WLL

 

 

ALSO KNOWN AS

 

AL BARAA GULF GROUP CO

 

 

company ADDRESS

 

Registered & Physical Address

Building                        : Magateer Complex, Building No. 31, 2nd Floor, Office No. 6

Street               : Habib Al Munawer Street

Town                : Farwaniya

Country : Kuwait

Telephone         : (965) 24773099

Facsimile          : (965) 24773099

Mobile              : (965) 97118680 / 97776111

Email                : alhashimi@albaraa-g.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Farwaniya.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                    Position

 

·       Abdul Hameed Ayed Khaleef Al Anezi                       Kuwaiti                          Managing Director

 

·       Abdul Kareem Gabash Al Hashimi                             Iraqi                              Director

 

·       Baraa Abdul Kareem Gabash Al Hashimi                    Iraqi                              General Manager

 

·       Savio Sanders                                                             -                                Administration Officer

 

·       Joseph P Venod                                                         -                                Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st March 2009

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 330803

 

Trade Licence No.        : 643/2009

 

Chamber Member No.  : 118896

 

Issued Capital              : KD 150,000

 

Paid up Capital            : KD 150,000

 

Name of Shareholder (s)

 

·       Abdul Hameed Ayed Khaleef Al Anezi

 

·       Abdul Kareem Gabash Al Hashimi

 

 

AFFILIATED COMPANIES

 

·       Al Baraa Group Co

Basra

Iraq

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including rice, peas, pulses, tea, tomato sauces, lentils, spices, oil, canned food  and sunflower seeds..

 

Import Countries: Europe and the Far East.

 

Brand Names: ALBARAA, SAIF, HERITAGE, GALAXY, ALDORA, AL TAWOOS TEA and HASSAN

 

Subject has a workforce of 6 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 Revenue                           KD 840,000                               KD 915,000

 

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

 

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

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Farwaniya

     Tel: (965) 24744808

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.18

UK Pound

1

Rs.98.85

Euro

1

Rs.77.42

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.