MIRA INFORM REPORT

 

 

Report No. :

310913

Report Date :

10.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AL BAHAR INDUSTRIES CO WLL

 

 

Registered Office :

Plot No. 8, Block No. 167, Street No. 82, Sabhan Industrial Area, 1990, Safat 13020

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.07.1994

 

 

Com. Reg. No.:

55966

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged in the manufacture of detergents, additives, sealants and automotive paint.

 

 

No of Employees :

90

 

 

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

A2

A1

 

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                                    : AL BAHAR INDUSTRIES CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 27th July 1994

Commercial Registration Number           : 55966

Chamber Membership Number               : 42842

Issued Capital                                       : KD 100,000

Paid up Capital                                     : KD 100,000

Total Workforce                                     : 90

Activities                                               : Manufacturers of detergents, additives, sealants and automotive paint

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Company name

 

AL BAHAR INDUSTRIES CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

 

Building            : Plot No. 8, Block No. 167

Street               : Street No. 82

Area                 : Sabhan Industrial Area

 

PO Box                        : 1990

 

Town                : Safat 13020

Country : Kuwait

 

Telephone         : (965) 24707010 / 24717040

Facsimile          : (965) 24728519

Email                : info@albahar-industries.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Marzooq Jassim Mohamed Al Bahar                                                  Managing Director

 

·       Talal Jassim Mohamed Al Bahar                                                        Director

 

·       Abdul Hakim Mahmoud Abu Yaseen                                      General Manager

 

·       Marwan Al Sanhouri                                                                          Finance Manager

 

·       Ayman Al Sharqawi                                                                           Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th July 1994

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 55966

 

Chamber Member No.  : 42842

 

Issued Capital              : KD 100,000

 

Paid up Capital            : KD 100,000

 

Name of Shareholder (s)

 

·       Kuwait Holding Co

Safat

 

 

AFFILIATED COMPANIES

 

·       Mohamed Abdulrahman Al Bahar LLC

Al Bahar Tower

Abu Baker Al Siddiq Street

PO Box: 148

Safat 13002

Tel: (965) 22433881

Fax: (965) 22425874

 

·       Mohammed Abdulrahman Al Bahar & Partners

PO Box: 609

Safat 13007

Tel: (965) 22433881 / 22413957

Fax: (965) 22406707

 

·       Oasis Trading Company Ltd

PO Box: 409

Safat 13005

Tel: (965) 22433881 / 22423776

Fax: (965) 22406707

 

·       Al Bahar Travel Agency

PO Box: 381

Safat 13002

Tel: (965) 22433488 / 22468006

Fax: (965) 22423925 / 22425874

 

·       Oasis Tourism & Travel Agency

PO Box: 148

Safat 13002

Tel: (965) 22414403 / 22414404

Fax: (965) 22426868 / 22425874

 

·       Emad General Trading & Contracting Company

PO Box: 148

Safat 13002

Tel: (965) 22414061 / 22457962

Fax: (965) 22425874

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of detergents, additives, sealants and automotive paint.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 90 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 4,125,000                            KD 4,200,000

 

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

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

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. 62.61

UK Pound

1

Rs. 94.39

Euro

1

Rs. 67.96

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.