MIRA INFORM REPORT

 

 

Report Date :

14.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ABDULAZIZ SAUD AL SEBAIE & SONS

 

 

Registered Office :

Al Dabbous Building, 1st Floor, Shop No. 16, Al Thakafi Street, Abumahjen, P O Box 47328, Fahaheel

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.08.1991

 

 

Com. Reg. No.:

43061

 

 

Legal Form :

Simple Partnership

 

 

Line of Business :

importer and distributor of fruit, vegetables and general foodstuffs.

 

 

No of Employees :

11

 

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

 

Concern Name                                      : ABDULAZIZ SAUD AL SEBAIE & SONS

Country of Origin                                   : Kuwait

Legal Form                                           : Simple Partnership

Registration Date                                  : 18th August 1991

Commercial Registration Number           : 43061

Trade Licence Number                           : 46/91

Chamber Membership Number               : 23637

Partners Capital                                     : KD 75,000

Total Workforce                                     : 11

Activities                                               : Distributors of fruit, vegetables and general foodstuffs

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

CONCERN NAME

 

ABDULAZIZ SAUD AL SEBAIE & SONS

 

 

concern ADDRESS

 

Registered & Physical Address

Building            : Al Dabbous Building, 1st Floor, Shop No. 16

Street               : Al Thakafi Street

Area                 : Abumahjen

PO Box            : 47328

Town                : Fahaheel

Country             : Kuwait

Telephone         : (965) 23929002 / 23915577

Facsimile          : (965) 23925522

Mobile              : (965) 99872111

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Abdulaziz Saud Kamel Al Sebaie                                                       Managing Partner

·       Ahmed Hassan Sulaiman Mohamed                                                   Partner

·       Jamal Hassan Sulaiman Mohamed                                                    Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th August 1991

 

Legal Form                  : Simple Partnership

 

Commercial Reg. No.   : 43061

 

Trade Licence No.        : 46/91

 

Chamber Member No.  : 23637

 

Partners Capital           : KD 75,000

 

Name of Partner (s)                                                     

·       Abdulaziz Saud Kamel Al Sebaie                                     

·       Ahmed Hassan Sulaiman Mohamed                                                         

·       Jamal Hassan Sulaiman Mohamed

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fruit, vegetables and general foodstuffs.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 11 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Revenue                           KD 1,355,000                            KD 1,420,000

 

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

     Fahaheel

     Tel: (965) 23922776

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.88

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.