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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485442

Report Date :

17.01.2018

 

IDENTIFICATION DETAILS

 

Name :

UNION TRADING CO WLL

 

 

Registered Office :

Dawliah Centre, 3rd Floor, Fahed Al Salam Street, Salhiya, PO Box: 28, Safat 13001

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

1949

 

 

Com. Reg. No.:

5530

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

·       Readymade Garments Division

·       Cosmetics & Perfumery Division

·       Watches & Jewellery Division

·       Procter & Gamble Division

 

 

No. of Employees :

450

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Kuwait

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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. Kuwaiti officials plan to increase production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.

In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.

Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 76% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : UNION TRADING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Start Date                                             : 1949

Registration Date                                  : 27th February 1960

Commercial Registration Number           : 5530

Trade Licence Number                           : 961/74

Chamber Membership Number               : 864

Issued Capital                                       : KD 1,200,000

Paid up Capital                                     : KD 1,200,000

Total Workforce                                                : 450

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Regular

Operating Trend                                    : Steady

 

 

 

 

COMPANY NAME

 

UNION TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Dawliah Centre, 3rd Floor

Street               : Fahed Al Salam Street

Area                 : Salhiya

PO Box                        : 28

Town                : Safat 13001

Country : Kuwait

Telephone         : (965) 22423351 / 22423360 / 22423350 / 22423355 / 22414060 / 22410298

Facsimile          : (965) 22410261 / 22410361 / 22463829

Email                : info@utc.com.kw / utckwt@kems.net

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Jahra Shop                                                                                      Rented showroom premises

Fahad Al Salam Street

Safat

 

·       Salhiya Shop                                                                                    Rented showroom premises

United Estate Centre

Safat

 

·       Salmiya Shop                                                                                   Rented showroom premises

Salim Al Mubarak Street

Safat

 

·       Asrar Shop                                                                                       Rented showroom premises

Al Fanar Shopping Mall

Ras Al Salmiya

 

·       Mubarkia Shop                                                                                 Rented showroom premises

New Street

Mubarkia

 

·       North Salmiyah Building                                                                    Rented showroom premises

Main Street

Salmiyah

 

·       Al Marzoak Complex                                                                         Rented showroom premises

Main Street

Farwaniah

 

·       Al Dabboos Complex                                                                       Rented showroom premises

Al Dabboos Street

Fahaheel

 

·       East Ahmadi Market                                                                         Rented showroom premises

Ahmadi

 

·       Al Rehab Complex                                                                            Rented showroom premises

Tunis Street

Hawalli

 

 

KEY PRINCIPALS

 

     Name                                                                                   Nationality                    Position

 

·       Tariq Abdulrazzaq Mahmoud Razzuqi                         Kuwaiti                          Managing Director

 

·       Khalid Abdulrazzaq Mahmoud Razzuqi                                   Kuwaiti                          Director

 

·       Mahmoud Abdulrazzaq Mahmoud Razzuqi                             Kuwaiti                          Director

 

·       Derar Abdulrazzaq Mahmoud Razzuqi                                    Kuwaiti                          Director

 

·       Mohamed Abdulrazzaq Mahmoud Razzuqi                             Kuwaiti                          Director

 

·       Hisham Abdulrazzaq Mahmoud Razzuqi                                 Kuwaiti                          Director

 

·       Adnan Abdulrazzaq Mahmoud Razzuqi                                  Kuwaiti                          Director

 

·       Daniel Bahsir Hasso                                                             American                      Director

 

·       Ms Salwa Abdulrazzaq Mahmoud Razzuqi                              Kuwaiti                          Director

 

·       Ms Seham Abdulrazzaq Mahmoud Razzuqi                            Kuwaiti                          Director

 

·       Ms Hana Abdulrazzaq Mahmoud Razzuqi                               Kuwaiti                          Director

 

·       Ms Hind Abdulrazzaq Mahmoud Razzuqi                                Kuwaiti                          Director

 

·       Ms Ghanela Abdulrazzaq Mahmoud Razzuqi              Kuwaiti                          Director

 

·       Ms Safiya Ghassan Abdulrazzaq Razzuqi                               Kuwaiti                          Director

 

·       Ms Khaledah Abdulrazzaq Razzuqi                                        Kuwaiti                          Director

 

·       Ms Maha Abdulrazzaq Razzuqi                                              Kuwaiti                          Director

 

·       Ms Fatima Abdullah Al Ammar                                              Kuwaiti                          Director

 

·       Ms Aseel Saleh Al Fadalah                                                    Kuwaiti                          Director

 

·       Andrew Denby                                                                           -                              General Manager

 

·       Varghese P Thomas                                                                  -                              Finance Manager

 

·       Ahmed Fawzi                                                                             -                              Human Resources Manager

 

·       Radhawan Azzam                                                                      -                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1949, however it was registered on 27th February 1960

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 5530

 

Trade Licence No.        : 961/74

 

Chamber Member No.  : 864

 

Issued Capital              : KD 1,200,000

 

Paid up Capital            : KD 1,200,000

 

Name of Shareholder (s)

 

·       Tariq Abdulrazzaq Mahmoud Razzuqi

 

·       Khalid Abdulrazzaq Mahmoud Razzuqi

 

·       Mahmoud Abdulrazzaq Mahmoud Razzuqi

 

·       Derar Abdulrazzaq Mahmoud Razzuqi

 

·       Mohamed Abdulrazzaq Mahmoud Razzuqi

 

·       Hisham Abdulrazzaq Mahmoud Razzuqi

 

·       Adnan Abdulrazzaq Mahmoud Razzuqi

 

·       Daniel Bahsir Hasso

 

·       Ms Salwa Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Seham Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Hana Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Hind Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Ghanela Abdulrazzaq Mahmoud Razzuqi

 

·       Ms Safiya Ghassan Abdulrazzaq Razzuqi

 

·       Ms Khaledah Abdulrazzaq Razzuqi

 

·       Ms Maha Abdulrazzaq Razzuqi

 

·       Ms Fatima Abdullah Al Ammar

 

·       Ms Aseel Saleh Al Fadalah

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Readymade Garments Division

 

     Engaged in the wholesale and retail of readymade garments and fashion accessories.

 

·       Cosmetics & Perfumery Division

 

     Engaged in the wholesale and retail of cosmetics, beauty products and perfumes.

 

·       Watches & Jewellery Division

 

     Engaged in the wholesale and retail of watches, jewellery and luxury products.

 

·       Procter & Gamble Division

 

Engaged in the wholesale and retail of toiletries, razors, shaving foam, shampoo, soap and cream.

 

Import Countries: The United Kingdom, France, Germany, Japan and the United States of America

 

International Suppliers:

 

·       General Foods                     United States of America

·       Shulton                                United Kingdom

·       Seriom                                 France

·       Braun                                   Germany

·       Fujitsu                                  Japan

·       Zamil Airconditioners Ltd      Saudi Arabia

 

Brand Names: BISSELL, ALGOR, YARDLEY, CARTERS, GILLETTE, DURACELL, PRESTIGE, ADDIS, HANSSON, GLEM GAS, GUZZINI, LEE JEANS, JOCKEY, WARNERS, ORAL B, RONCATO, VILEDA, YARDLEY, TIMEX, VALISERE, BRITWEAR and BLUE STRATOS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 450 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/16:              Year Ending 31/12/17:

 

Total Sales                                KD 21,850,000                          KD 22,400,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

Regular

 

 

GENERAL COMMENTS

 

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

 

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

INR 63.76

UK Pound

1

INR 87.91

Euro

1

INR 78.20

KWD

1

INR 212.59 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.