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Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
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Name : |
FAHAD AL SUWAYED & SONS TRADING CO WLL |
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Formerly Known as: |
FAHAD AL SUWAYED FOR SANITARYWARE AND CONTRACTING |
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Registered Office : |
Shuwaikh Plaza, Mezzanine Floor, Street No.
17, Shuwaikh
Industrial Area, PO Box: 1176, Safat 13012 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.02.1972 |
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Com. Reg. No.: |
55562 |
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Legal Form : |
With Limited Liability |
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line of business
: |
Wholesalers and retailers of sanitary ware products. |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Kuwait |
A2 |
A2 |
|
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 104 billion barrels - about 7% 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. The rise in
global oil prices throughout 2011 is reviving government consumption and
economic growth. Kuwait has experienced a 20% increase in government budget
revenue, which has led to higher budget expenditures, particularly wage hikes
for many public sector employees. 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 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.
|
Source
: CIA |
Company Name :
FAHAD AL SUWAYED & SONS TRADING CO WLL
Previously Known As :
FAHAD AL SUWAYED FOR SANITARYWARE AND CONTRACTING
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
27th February 1972
Commercial Registration Number :
55562, Safat
Chamber Membership Number :
3722
Issued Capital :
KD 100,000
Paid up Capital :
KD 100,000
Total Workforce :
25
Activities :
Wholesalers and retailers of sanitary ware products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
FAHAD AL SUWAYED & SONS TRADING CO WLL
FAHAD AL SUWAYED FOR SANITARYWARE AND CONTRACTING
Registered &
Physical Address
Building : Shuwaikh Plaza, Mezzanine Floor
Street : Street No.
17
Area : Shuwaikh Industrial Area
PO Box : 1176
Town : Safat 13012
Country : Kuwait
Telephone : (965) 24828042
/ 24836295
Facsimile : (965) 24828041
Mobile :
(965) 99001215 / 99793934
Email :
suwayed@quality.com
/ safirizk@gmail.com
Premises
Subject operates from a medium size suite of offices and a showroom that
are rented and located in the Industrial Area of Safat.
Branch Offices
Location Description
Fahaheel Rented
showroom premises
Tel: (965) 23929984 / 23929985
Nug Al Othman Street Rented
showroom premises
Hawalli
Tel: (965) 22612191
Name Position
Wassim Fahad Al Suwayed Managing
Director
Saud Fahad Al Suwayed Director
Nasser Fahad Al Suwayed Director
Faisal Azmi General
Manager
Safi Rizq Operations
Manager
Mahmoud Abdullatif Financial
Controller
Date of Establishment : 27th
February 1972
History : Subject was
originally registered in 1972 as a Sole Proprietorship of Mr Fahad Al Suwayed
trading under the name of “Fahad Al Suwayed for Sanitaryware and
Contracting”.
However in 1993, Mr Fahad
Al Suwayed passed away and the business was
transferred by inheritance to his sons and legal heirs who re-registered the
business as a With Limited Liability
Company under the current style of “Fahad Al Suwayed & Sons Trading Co WLL”.
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 55562, Safat
Chamber Member No. : 3722
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of
Shareholder (s)
Wassim Fahad Al Suwayed
Saud Fahad Al Suwayed
Nasser Fahad Al Suwayed
Activities: Engaged in the wholesale and retail of sanitary ware products, tiles
and mosaics, sanitary fittings, plumbing equipment and building materials.
Import Countries: Italy, Spain, Saudi Arabia and Bahrain.
International Suppliers:
Fitona Ceramica Italy
Certomus Ceramica Italy
Delconcor Ceramica Italy
Leonardo Ceramic Italy
Baldorz Ceramica Spain
Uandafasa Spain
Asia Ceramic India
Subject has a workforce of 25 employees.
Companies registered in Kuwait are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 3981188 / 3981189
Fax: (965) 3985643
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 2411101 / 2411102
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.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.