MIRA INFORM REPORT

 

 

Report Date :

17.07.2014

 

IDENTIFICATION DETAILS

 

Name :

BAIT AWLADONA CO WLL

 

 

Registered Office :

Souk Al Mouthahida Complex Building, 4th Floor Fahad Al Salem Street PO Box 4241 & 4141 Safat 13043

 

 

Country :

Kuwait

 

 

Date of Incorporation :

21.06.1988

 

 

Com. Reg. No.:

30547

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the wholesale and retail of readymade garments, footwear and perfumes

 

 

No. of Employees

350

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                         : BAIT AWLADONA CO WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 21st June 1988

Commercial Registration Number            : 30547

Chamber Membership Number                : 10175

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 350

Activities                                               : Wholesalers and retailers of readymade garments, footwear and perfumes

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

BAIT AWLADONA CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Souk Al Mouthahida Complex Building, 4th Floor

Street               : Fahad Al Salem Street

PO Box             : 4241 & 4141

Town                 : Safat 13043

Country             : Kuwait

 

Telephone         : (965) 22465347 / 22457609 / 22465348

Facsimile          : (965) 22457608

Email                : management@baitawlandona.com / rgindi@qualitynet.net

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       Salehiyah Area                                                                                 Showroom premises

Tel: (965) 22442823

 

·       Fahaheel                                                                                          Showroom premises                  

Tel: (965) 22392063

 

·       Souk Kabeer                                                                         Showroom premises      

Tel: (965) 22436990

 

·       Jahra                                                                                                Showroom premises

Tel: (965) 24571802

 

·       Salmiyah Area                                                                                  Showroom premises

Tel: (965) 25716291

 

·       Mubarakiya Area                                                                               Showroom premises

Tel: (965) 22401438

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Radi Beshai Jundi Sulaiman                                                               Managing Director

 

·       Diya Mohamed Yousef Al Nasserallah                                     Director

 

·       Mayouf Ahmed Abdullah Al Farsi                                                        General Manager

 

·       Rami Jundi                                                                                       Sales Manager

 

·       Ihad Samir                                                                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st June 1988

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 30547

 

Chamber Member No. : 10175

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)

 

·       Radi Beshai Jundi Sulaiman

 

·       Diya Mohamed Yousef Al Nasserallah

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments, footwear and perfumes.

 

Import Countries: Turkey, Lebanon and the Far East.

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       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.

 

 

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.60.19

UK Pound

1

Rs.103.14

Euro

1

Rs.81.66

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.