MIRA INFORM REPORT

 

 

Report No. :

325335

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SAJA GENERAL TRADING AND CONTRACTING ESTABLISHMENT

 

 

Registered Office :

Building 1631 Al-Rai, Block 5 33059 Rawada 73451

 

 

Country :

Kuwait

 

 

Date of Incorporation :

17.12.1985

 

 

Com. Reg. No.:

14303

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the provision of services for the oil, gas, power, water and petrochemical engineering, public utilities and other industries.

 

 

No. of Employee :

30

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Kuwait

A2a

A1

 

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 - more than 6% of world reserves. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the tenuous political situation.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : SAJA GENERAL TRADING AND CONTRACTING ESTABLISHMENT

Trade Name                                          : SAJA PETROLEUM SERVICES ESTABLISHMENT

Country of Origin                                   : Kuwait

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 17th December 1985

Commercial Registration Number           : 14303

Chamber Membership Number               : 12978

Invested Capital                                    : KD 100,000

Total Workforce                                     : 30

Activities                                               : Provision of services for the oil, gas, power, water and petrochemical

                                                  engineering  and public utilities.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

 

COMPANY NAME

 

SAJA GENERAL TRADING AND CONTRACTING ESTABLISHMENT

 

 

TRADE NAME

 

SAJA PETROLEUM SERVICES ESTABLISHMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Building 1631

Area                 : Al-Rai, Block 5

 

PO Box            : 33059

 

Town                : Rawada 73451

Country             : Kuwait

 

Telephone         : (965) 22524436 / 22653152 / 22618701 / 24744768

Facsimile          : (965) 22623582 / 24744786

Email                : saja2000@qualitynet.net

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Suliman Ibrahim Suliman El Fasam                                        Proprietor

 

·       Ahmed Suliman Ibrahim Suliman El Fasam                             General Manager

 

·       Abu Baker Fazal                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th December 1985

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 14303

 

Chamber Member No.  : 12978

 

Invested Capital           : KD 100,000

 

Mr Suliman Ibrahim Suliman El Fasam is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the provision of services for the oil, gas, power, water and petrochemical engineering, public

     utilities and other industries.

 

Import Countries: Saudi Arabia, United States of America, Germany and India.

 

International Suppliers:

 

·         Control Flow Inc

·         TIW Corporation

·         Parveen Industries Private Limited

·         Al Hamrani Industrial Group

·         Uhde High Pressure Technologies

 

International Clients:

 

·       Saudi Arabian Chevron

 

Export Countries: Gulf countries and Saudi Arabia

 

Local Clients:

 

·         Kuwait National Petroleum Company (KNPC)

·         Kuwait Gulf Oil Company (KGOC)

·         Petrochemical Industries Company KSC

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                KD 2,400,000                            KD 2,525,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Rawdha

Tel: (965) 22514166 / 22546721

Fax: (965) 22522358

 

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

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.