MIRA INFORM REPORT

 

 

Report No. :

335486

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

AL BARAA GULF GROUP GENERAL TRADING FOODSTUFF CO WLL

 

 

Registered Office :

Building No. 52, Al Matrook Tower, 15th Floor, Ahmed Al Jaber Street, Block 6, Sharq, Farwaniya

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

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, lentils, spices, oil and sunflower seeds.

 

 

No. of Employees :

6

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 uncertain political situation.

 

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.

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

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 52, Al Matrook Tower, 15th Floor

Street               : Ahmed Al Jaber Street

Area                 : Block 6, Sharq

Town                : Farwaniya

Country             : Kuwait

Telephone         : (965) 24773099 / 22414447 / 22414448

Facsimile          : (965) 24773099 / 22414442

Mobile              : (965) 97118680 / 97776111

Email                : alhashimi@albaraa-g.com

 

Please note that subject’s previous address was, Magateer Complex, Building No. 31, 2nd Floor, Office No. 6, Habib Al Munawer Street, Farwaniya.

 

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, lentils, spices, oil 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 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                KD 915,000                               KD 970,000

 

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.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.