MIRA INFORM REPORT

 

 

Report No. :

316925

Report Date :

14.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BEHBEHANI PROJECTS GENERAL TRADING COMPANY WLL

 

 

Registered Office :

Al Tijariya Tower, 16th Floor, Al Soor Street, Sharq, PO Box : 86 Safat 13001

 

 

Country :

Kuwait

 

 

Date of Incorporation :

14.02.2008

 

 

Com. Reg. No.:

115276

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of electrical products, switched and panel controls and related accessories. Subject also provides electromechanical contracting services

 

 

No. of Employee :

16

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Kuwait

A1

A1

 

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. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the tenuous political situation.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : BEHBEHANI PROJECTS GENERAL TRADING COMPANY WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 14th February 2008

Commercial Registration Number           : 115276

Trade Licence Number                           : 3903/2006

Chamber Membership Number               : 113295

Issued Capital                                       : KD 100,000

Paid up Capital                                     : KD 100,000

Total Workforce                                     : 16

Activities                                               : Distributors of electrical products, switched and panel controls and related accessories.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Irfan Mohamed Ali, Financial Controller

 

COMPANY NAME

 

BEHBEHANI PROJECTS GENERAL TRADING COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Tijariya Tower, 16th Floor

Street               : Al Soor Street

Area                 : Sharq

 

PO Box            : 86

 

Town                : Safat 13001

Country             : Kuwait

 

Telephone         : (965) 22433780 / 24915172 / 24754561

Facsimile          : (965) 22444377 / 24754561 / 24915174

Mobile              : (965) 99656969

Email                : info@behbehaniprojects.com / info@behbehaniprojects.com

 

Please note that the correct PO Box number is 86, subject no longer uses the PO Box 5675.

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Shuwaikh Industrial Area                                                                    Showroom premises

Safat

Tel: (965) 24915172

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Aqeel Yacoub Yousef Behbehani                                                      Managing Director

 

·       Abbas Yacoub Yousef Behbehani                                                     Director

 

·       Sanjay Grag                                                                                     General Manager

 

·       Irfan Mohamed Ali                                                                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th February 2008

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 115276

 

Trade Licence No.        : 3903/2006

 

Chamber Member No.  : 113295

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Aqeel Yacoub Yousef Behbehani

 

·       Abbas Yacoub Yousef Behbehani

 

 

AFFILIATED COMPANIES

 

·       Yacoub Behbehani Sons Co

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical products, switched and panel controls and related

     accessories. Subject also provides electromechanical contracting services.

 

Projects:

 

Yacob Behbehani Center for Bone Marrow Transplantation Specialized laboratories

 

The Medical Center is a three story building, covering a gross area of 8,000 M2 with all required medical facilities having modern smart building specification, right in the heart of Al-Sabah Medical area.

 

Farida Tower

 

Designed on 1,127 M2 plot facing the Baljat Road at Al-Bed'A round about, the 18 story tower house with luxury apartments, penthouse and a studio apartment at roof having total built-up area approximate 4,600 M2, is underway of construction.

 

Import Countries: India and the United Arab Emirates

 

International Suppliers:

 

·       Rishab Instrument                 India

·       ABB Industries                     United Arab Emirates

·       Hager Middle East                United Arab Emirates

 

Brand Names: BOARDMAN, ENKO, GEWISS, HAGER, LINKWELL, PROLIGHT and TIBOX

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Revenue                           KD 881,547                               KD 909,430

 

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

 

The above figures were provided by Mr Irfan Mohamed Ali, Financial Controller

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

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.62.39

UK Pound

1

Rs.91.05

Euro

1

Rs.66.16

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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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