MIRA INFORM REPORT

 

 

Report Date :

22.07.2014

 

IDENTIFICATION DETAILS

 

Name :

FAST TELECOMMUNICATIONS COMPANY WLL

 

 

Registered Office :

Al Salehiya Complex, Gate No 8, Fahd Al Salem Street, P O Box 287, Dasman 15453

 

 

Country :

Kuwait

 

 

Date of Incorporation :

22.04.2001

 

 

Com. Reg. No.:

82586

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the provision of communication services, internet roaming services, IDSL services, internet services, data communication and centre services and turnkey solutions.

 

 

No of Employees :

150

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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. 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.

 

 

 

 

Source : CIA

 

 

SUMMARY

 

Company Name                         : FAST TELECOMMUNICATIONS COMPANY WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 22nd April 2001

Commercial Registration Number            : 82586

Trade Licence Number                            : 1704/2000

Chamber Membership Number                : 69886

Issued Capital                                        : KD 10,000,000

Paid up Capital                                      : KD 10,000,000

Total Workforce                                     : 150

Activities                                               : Providers of communications services

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

\
COMPANY NAME

 

FAST TELECOMMUNICATIONS COMPANY WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Salehiya Complex, Gate No 8

Street               : Fahd Al Salem Street

PO Box             : 287

Town                 : Dasman 15453

Country             : Kuwait

Telephone         : (965) 22256666 / 22427291 / 1886666

Facsimile          : (965) 22427290

Email                : hr@fastteco.net

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dasman.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Ahmed Al Jaber Street                                                                       Showroom premises

Sharq

Tel: (965) 1886666

 

·       Ibn Khaldoun Street                                                                           Showroom premises

Hawalli

Tel: (965) 1886666

 

·       Habib Al Munawar Street                                                                   Showroom premises

Farwaniya

Tel: (965) 1886666

 

·       Fahaheel                                                                                          Showroom premises                                           Tel: (965) 1886666

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Ahmed Hamd Ahmed Al Hamd                                                           Managing Director

 

·       Sheikh Dari Fahd Al Ahmed Al Sabah                                                 Director

 

·       Sara Hamd Ahmed Al Hamd                                                              Director

 

·       Lyla Hamd Ahmed Al Hamd                                                               Director

 

·       Saud Abdulaziz Al Shawias                                                               Director

 

·       Abdul Wahab Ahmed Al Sayed Abdul Wahab                                      Director

 

·       Abdul Wahab Al Naqeeb                                                                    Chief Executive Officer

 

·       Abdulaziz Al Babtain                                                                         General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd April 2001

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 82586

 

Trade Licence No.       : 1704/2000

 

Chamber Member No. : 69886

 

Issued Capital              : KD 10,000,000

 

Paid up Capital            : KD 10,000,000

 

Name of Shareholder (s)

 

·       Ahmed Hamd Ahmed Al Hamd

 

·       Sheikh Dari Fahd Al Ahmed Al Sabah

 

·       Sara Hamd Ahmed Al Hamd

 

·       Lyla Hamd Ahmed Al Hamd

 

·       Saud Abdulaziz Al Shawias

 

·       Abdul Wahab Ahmed Al Sayed Abdul Wahab

 

 

OPERATIONS

 

Activities: Engaged in the provision of communication services, internet roaming services, IDSL services, internet services, data communication and centre services and turnkey solutions.

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Dasman

Tel: (965) 22531697

Fax: (965) 22526485

    

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.19

UK Pound

1

Rs.102.87

Euro

1

Rs.81.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

 

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%)

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.