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Report No. : |
337144 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
BADER AL MULLA & BROS COMPANY WLL |
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Registered Office : |
Building A, Plot D, Block 15/18/22/25, Movenpick Street, Shuwaikh Free
Trade Zone, PO Box 177, Safat 13002 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1947 |
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Com. Reg. No.: |
6631 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s
operations are performed through the following divisions:
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name :
BADER AL MULLA & BROS COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability – WLL
Start Date :
1947
Registration Date :
9th February 1960
Commercial Registration Number :
6631, Safat
Chamber Membership Number :
497
Issued Capital :
KD 2,850,000
Paid up Capital :
KD 2,850,000
Total Workforce :
550
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Aniruddha Paiphankar, Group Financial Manager
BADER AL MULLA & BROS COMPANY WLL
Registered &
Physical Address
Location : Building A,
Plot D, Block 15/18/22/25
Street : Movenpick
Street
Area : Shuwaikh
Free Trade Zone
PO Box : 177
Town : Safat 13002
Country : Kuwait
Telephone : (965) 22250888
/ 22250999 / 22250949 / 22445040 /
24818782 / 24815077
Facsimile : (965) 22250880
/ 22250990
Email : bas@almullagroup.com
/ anirduddha@almullagroup.com
Premises
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Shuwaikh Free Zone of Safat.
Branch Office (s)
Location Description
Al Rai Showroom
premises
Safat
Tel: (965) 24730167
Shuwaikh Showroom
premises
Safat
Tel: (965) 24815077
Fax: (965) 24839725
Fahaheel Showroom
premises
Safat
Tel: (965) 23912441
Al Mulla Building Office
premises
Omar Bin Al Khattab Street
Al Sharq
Safat
Tel: (965) 22437285 / 22423250 / 22405626
Fax: (965) 22437285 / 22436079
Name Position
Najeeb Abdullah Al Mulla Chairman
Anwar Abdullah Al Mulla Managing
Director
Nabeel Abdullah Al Mulla Director
Abdullah Bader Abdullah Al Mulla Director
Akpar Clifford Hovaguimian General
Manager
Essam Al Othman Assistant
General Manager
Khaled Al Muraikhi Deputy
Chief Executive Officer
Minoo Patel Chief
Financial Officer
Abdulla Almulla Chief
Administration Officer
Danah Al Mulla Chief
Strategy Officer
Aniruddha Paiphankar Group
Financial Manager
Mohamed Yahya Al Ayoub Sales
Manager
Ali Al Shlawish Al Harshani Administration
Manager
Abdullah Najeeb Al Mulla Human
Resources Manager
Date of Establishment : 1947
History : Subject’s
operations date back to 1947, however it was registered on 9th
February 1960 as a General Partnership under the name of “Bader Al Mulla &
Bros” between the following partners:
1. Bader Abdullah Al Mulla
2. Anwar Abdullah Al Mulla
3. Najeeb Abdullah Al Mulla
4. Nabeel Abdullah Al Mulla
5. Lutfi Abdullah Al Mulla
In 1981, and following the demise of Mr Bader Abdullah Al Mulla his shares
in the business were distributed amongst the remaining partners.
On 9th August 1981 the business was re-registered as a With
Limited Liability – WLL under the current name of “Bader Al Mulla & Bros
Company WLL”
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 6631, Safat
Chamber Member No. : 497
Issued Capital : KD 2,850,000
Paid up Capital : KD 2,850,000
Name of
Shareholder (s)
Anwar Abdullah Al Mulla
Najeeb Abdullah Al Mulla
Nabeel Abdullah Al Mulla
Abdullah Bader Abdullah Al Mulla
Subject belongs to the Al Mulla group of companies that consists of the
following concerns:
Saleh Jamal & Co WLL
Khalid Bin Walid Street
PO Box: 179
Safat 13002
Tel: (965) 24815077
Maseelah Trading Co WLL
177 Sharq Sour Street
PO Box: 2702
Safat 13028
Tel: (965) 22445040
Fax: (965) 22437285 / 22436079
Al Mulla Rental & Leasing of Vehicles & Equipment Co WLL
PO Box: 177
Safat 13002
Tel: (965) 22457019
Al Mulla Cleaning & Maintenance Services Co WLL
PO Box: 23211
Safat 13093
Tel: (965) 24730733
Al Mulla International Trading & Contracting Co WLL
PO Box: 177
Safat 13002
Tel: (965) 22445467
Al Mulla Environmental Systems WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
Al Mulla Real Estate Co WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
Al Mulla Consultancy Co WLL
PO Box: 177
Safat 13002
Tel: (965) 22405626
Gulf Trading Group WLL
PO Box: 177
Safat 13002
Tel: (965) 9035061
Al Mulla Insurance & Re-Insurance Co WLL
PO Box: 177
Safat 13002
Tel: (965) 22405626
Activities: Subject’s operations are performed through the following divisions:
Automotive Division
Engaged in the retail of passenger cars, delivery vans, and commercial
distributors.
Agents for Chrysler Motors Corp of the USA, and Mitsubishi Motors Corp
of Japan.
Office & Audio Visual Division
This division specializes in the distribution and retail of office
equipment and audio visual goods.
General Trading Division
This division operates with a general trade licence and distributes
general merchandise, including boats, computers, fax machines, photocopiers,
air conditioning equipment, safety products and general foodstuff.
Import Countries: Europe, India, South Africa, Japan and the United
States of America
International Suppliers:
Aggregatebau-Nord KG Germany
A. Loacker SpA Italy
Aetech Italy
Intro AG Switzerland
Commercial Ufesa SA Spain
Frigiking France SA France
Andrex Radiation Products AS Denmark
Danir International Ltd. Denmark
Buveco Instruments B.V Netherlands
Artson Engineering Ltd India
Air India India
Allen Tank Limited United
States of America
Daimler Chrysler United
States of America
Aberdare Telecom Networks South
Africa
Kansai Paint Co Japan
Minolta Co Ltd Japan
Operating Trend: Steady
Subject has a workforce of approximately 550 employees. The Al Mulla
group of companies employs approximately 2,500 people.
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
11,850,000 KD
12,230,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
Burgan Bank
PO Box: 5875
Safat 13054
Tel: (965) 22410818
Fax: (965) 22410819
Commercial Bank of Kuwait
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints regarding subject’s payments have been reported.
Date of transaction February
2008 February 2012 May 2014
Credit amount 131,576 38,000 145,000
Amount overdue 0 0 0
Payment terms 60
days 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Euros Euros
Bader Al Mulla & Bros Company WLL is very well established in the
Kuwaiti market with operations dating back to 1947. The company operates
several divisions with activities covering automotive distribution, retail of
domestic appliances and the distribution of general merchandise.
The company is run in a professional manner and is owned by members of
the Al Mulla family who have many years experience in the business.
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.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.