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Report No. : |
303594 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Dabbous Building, 1st Floor, Shop No. 16, Al Thakafi Street, Abumahjen, 47328, Fahaheel 64024 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
18.08.1991 |
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Legal Form : |
Simple Partnership |
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Line of Business : |
Engaged in the import and distribution of fruit, vegetables and general foodstuffs. |
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No. of Employee : |
11 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 - 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.
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Source
: CIA |
Company Name : ABDULAZIZ SAUD AL SEBAIE & SONS CO
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
ABDULAZIZ SAUD AL
SEBAIE & SONS CO
Building : Al Dabbous Building, 1st
Floor, Shop No. 16
Street : Al Thakafi Street
Area : Abumahjen
PO Box : 47328
Town : Fahaheel 64024
Country : Kuwait
Telephone : (965) 23929002 / 23915577 / 23732778
Facsimile : (965) 23925522 / 23720193
Mobile : (965) 99872111 / 99583957
Email : samcointl@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Fahaheel.
Name Position
·
Abdulaziz
Saud Kamel Al Sebaie Managing
Partner
·
Ahmed
Hassan Sulaiman Mohamed Partner
·
Jamal
Hassan Sulaiman Mohamed Partner
·
A.
Usman Jaber Sadiq Commercial
Manager
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
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
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales KD 1,420,000 KD 1,555,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Kuwait SAK
Fahaheel
Tel: (965) 23922776
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Abdulaziz Saud Al Sebaie & Sons” and
not “Abdul Aziz Al Sebaie”.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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|
1 |
Rs.93.41 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.