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Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL SAFAT GULF FOODSTUFFS COMPANY WLL |
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Registered Office : |
Building No. 97 & 98, Chapra Street, Street No. 67, Shuwaikh
Industrial Area No. 3, PO Box : 26309, Safat 13124 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
41338, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject is engaged in the import and distribution of general foodstuff
products, including poultry, fruit, vegetables, dairy products, edible oils,
sugar and canned foods |
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No. of Employees : |
110 |
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Kuwait |
A2 |
A2 |
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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 - 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 and 2012 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 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.
|
Source
: CIA |
Company Name : AL SAFAT GULF FOODSTUFFS COMPANY
WLL
Also Known As :
AL SAFAT GULF CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
30th May 1990
Commercial Registration Number :
41338, Safat
Trade Licence Number :
322/90
Chamber Membership Number :
22350
Issued Capital :
KD 100,000
Paid up Capital :
KD 100,000
Total Workforce :
110
Activities :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Ibrahim Elias Khal, General Manager
AL SAFAT GULF
FOODSTUFFS COMPANY WLL
ALSO KNOWN AS: AL SAFAT GULF CO
WLL
Registered &
Physical Address
Building : Building No.
97 & 98
Street : Chapra
Street, Street No. 67
Area : Shuwaikh
Industrial Area No. 3
PO Box : 26309
Town : Safat 13124
Country : Kuwait
Telephone : (965) 24833516
/ 24813868
Facsimile : (965) 24849789
Email : safatglf@qualitynet.net
/ info@safatgulf.com
/ Ibrahim@safatgulf.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are owned and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
Shuwaikh Office
premises
Tel: (965) 24822924
Wara Showroom
premises
Fahaheel Office
premises
Tel: (965) 3914434
Al Massila Showroom
premises
Name Nationality Position
Fahd Mohamed Nazal Al Kreebati Kuwaiti Managing
Director
Ayman Elias Khal Syrian Director
Ibrahim Elias Khal Syrian General
Manager
Date of Establishment : 30th May 1990
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 41338, Safat
Trade Licence No. : 322/90
Chamber Member No. : 22350
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of
Shareholder (s)
Fahd Mohamed Nazal Al Kreebati
Ayman Elias Khal
Al Massila International Foodstuff Co
Safat
CR No. 88701
Activities: Engaged in the import and
distribution of general foodstuff products, including poultry, fruit,
vegetables, dairy products, edible oils, sugar and canned foods.
Import Countries: Europe,
Brazil, New Zealand, United States of America and Australia.
International Suppliers:
Frango Sol Brazil
Fresh Lead Spain
Heler Preston New
Zealand
Telly Chicken France
Steiger Australia
BRF Brazil
GBS Brazil
Pilgrims Seeds United
States of America
Eurial France
Operating Trend: Steady
Subject has a workforce of 110 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales KD
11,850,000 KD
12,600,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ibrahim Elias Khal, General
Manager
Commercial Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
No complaints regarding subject’s payments have been reported.
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.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
<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.