MIRA INFORM REPORT

 

 

Report Date :

02.02.2013

 

IDENTIFICATION DETAILS

 

Name :

FUTURE AL KAUSAR GENERAL TRADING AND CONTRACTING CO WLL

 

 

Registered Office :

Shop No. 3138, Souq Al Safat, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

27.01.2003

 

 

Com. Reg. No.:

92522

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Wholesalers and retailers of textiles

 

 

No. of Employees :

8

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

SUMMARY

 

Company Name                                    : FUTURE AL KAUSAR GENERAL TRADING AND CONTRACTING CO

                                                            WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 27th January 2003

Commercial Registration Number           : 92522, Safat

Trade Licence Number                           : 64/2003

Chamber Membership Number               : 81002

Issued Capital                                       : KD 50,000

Paid up Capital                                     : KD 50,000

Total Workforce                         : 8

Activities                                               : Wholesalers and retailers of textiles

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

FUTURE AL KAUSAR GENERAL TRADING AND CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Shop No. 3138

Area                 : Souq Al Safat

Town                : Safat

Country : Kuwait

 

Telephone         : (965) 22455683

Facsimile          : (965) 22422456

Mobile              : (965) 99765848 / 7460646

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                   Description

 

Commercial Area No. 9                                                              Office premises

Murgab

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Saleh Mubarak Saleh Al Sinian                                                   Managing Director

 

Essa Ahmed Abdullah Al Shatti                                                  Director

 

Omimah Essa Ahmed Al Shatti                                                  Director

 

Abdul Rahman Ali Fortan                                                           General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th January 2003

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 92522, Safat

 

Trade Licence No.        : 64/2003

 

Chamber Member No.  : 81002

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

Saleh Mubarak Saleh Al Sinian                                                  

 

Essa Ahmed Abdullah Al Shatti                                                 

 

Omimah Essa Ahmed Al Shatti

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of textiles.

 

Import Countries:         Europe and the Far East.

 

Operating Trend:          Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

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 1,200,000                            KD 1,310,000

 

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

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

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%)

 

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