MIRA INFORM REPORT

 

 

Report Date :

15.01.2014

 

IDENTIFICATION DETAILS

 

Name :

AL FANOON GENERAL TRADING & CONTRACTING EST

 

 

Registered Office :

Shuwaikh Industrial Area 24879, Safat 13019

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.01.1990

 

 

Com. Reg. No.:

98267, Safat

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products, including rice, spices and pickles, household items and cutlery

 

 

No of Employees :

12

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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

 

SUMMARY

 

Company Name                                     : AL FANOON GENERAL TRADING & CONTRACTING EST

Country of Origin                                    : Kuwait

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 10th January 1990

Commercial Registration Number            : 98267, Safat

Trade Licence Number                            : 40/90

Chamber Membership Number                : 19620

Invested Capital                                     : KD 80,000

Total Workforce                                     : 12

Activities                                               : Distributors of general foodstuff products, household items and cutlery.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

AL FANOON GENERAL TRADING & CONTRACTING EST

 

 

COMPANY ADDRESS

 

Registered & Physical Address

 

Location            : Shuwaikh Industrial Area

 

PO Box             : 24879

 

Town                 : Safat 13019

Country             : Kuwait

 

Telephone         : (965) 24913363 / 24882928 / 22452160

Facsimile          : (965) 24826980 / 22452161

Mobile               : (965) 99422305 / 99135486 / 99050480 / 66034374

Email                : alhussaini38@yahoo.com / hussain@alfanoon.com / alfanoon@outlook.com

 

Please note that subject’s previous address was, Al Kazemi Building, Khalid Ibn Al Walid Street, Al Sharq Area, Safat.

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Jameela Abdul Karim Juma Al Sairafi                                                  Proprietor

 

·       Ali Salem Ali Al Shamari                                                                    General Manager

 

·       Hussain Salem Ali Al Shamari                                                            Assistant General Manager

 

·       Hussain Akbar Ali                                                                             Sales Manager

 

·       Hassan Ali                                                                                        Accountant

 

·       Ali Asghar                                                                                        Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th January 1990

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 98267, Safat

 

Trade Licence No.       : 40/90

 

Chamber Member No. : 19620

 

Invested Capital           : KD 80,000

 

Mrs Jameela Abdul Karim Juma Al Sairafi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Salem Al Shamari Foodstuff Co

Safat

 

·       Um Al Jasr Foodstuff Co

Safat

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including rice, spices and pickles,

     household items and cutlery.

 

Import Countries: India and Sri Lanka

 

International Suppliers:

 

·         Ashraf Export                      India

·         Sai Export                           India

·         Kaatka International             India

 

Brand Names: BICANO, PACHRANGA, ANJALI, SHAAHI and NONA

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                              KD 1,650,000                             KD 1,745,000

 

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

 

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

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

     Fax: (965) 22455135

     Acc No. 101010034501

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.52

UK Pound

1

Rs. 101.47

Euro

1

Rs. 84.11

 

 

INFORMATION DETAILS

 

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

 

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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