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Report No. : |
310944 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
AL SAFAT GULF
FOODSTUFFS COMPANY WLL |
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Registered Office : |
Building No. 95,
96, 97 & 98, Chapra Street, Street No. 67, Shuwaikh Industrial Area No.
3, P O Box 26309, Safat 13124 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.05.1990 |
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Com. Reg. No.: |
41338, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Engaged in the import and distribution of General Foodstuff Products, including
Poultry, Fruit, Vegetables, Dairy Products, Edible Oils, Sugar and Canned
Foods. |
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No of Employees : |
110 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Kuwait |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Company Name : AL SAFAT GULF FOODSTUFFS COMPANY WLL
Also Known As : AL SAFAT GULF CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 30th May 1990
Commercial Registration Number : 41338, Safat
Trade Licence Number : 322/90
Chamber Membership Number : 22350
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Total Workforce : 110
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Ibrahim Elias Khal, General Manager
AL SAFAT GULF FOODSTUFFS COMPANY WLL
AL SAFAT GULF CO WLL
Registered &
Physical Address
Building : Building No. 95, 96, 97 & 98
Street : Chapra Street, Street No. 67
Area : Shuwaikh Industrial Area No.
3
PO Box : 26309
Town : Safat 13124
Country : Kuwait
Telephone : (965) 24833516 / 24813868
Facsimile : (965) 24849789
Email : safatglf@qualitynet.net / info@safatgulf.com / Ibrahim@safatgulf.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Industrial Area of Safat.
Branch Office (s)
Location Description
·
Shuwaikh
Office
premises
Tel: (965) 24822924
·
Wara Showroom
premises
·
Fahaheel Office
premises
Tel: (965) 3914434
·
Al
Massila Showroom
premises
Name Nationality Position
·
Fahd
Mohamed Nazal Al Kreebati Kuwaiti Managing
Director
·
Ayman
Elias Khal Syrian Director
·
Ibrahim
Elias Khal Syrian General
Manager
Date of Establishment : 30th
May 1990
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 41338, Safat
Trade Licence No. : 322/90
Chamber Member No. : 22350
Issued Capital : KD 100,000
Paid up Capital : KD 100,000
Name of
Shareholder (s)
·
Fahd
Mohamed Nazal Al Kreebati
·
Ayman
Elias Khal
·
Al
Massila International Foodstuff Co
Safat
CR No. 88701
·
United
Meat Co WLL
Safat
·
Rania
Foodstuff Manufacturing Co WLL
Safat
Activities: Engaged in the import and distribution of
general foodstuff products, including poultry, fruit, vegetables, dairy
products, edible oils, sugar and canned foods.
Import
Countries: Europe, Brazil,
New Zealand, Netherlands, Belgium, India, United States of America, South
Africa, Denmark and Australia.
International
Suppliers:
·
Frango
Sol Brazil
·
Fresh
Lead Spain
·
Heler
Preston New Zealand
·
Telly
Chicken France
·
Steiger Australia
·
BRF Brazil
·
GBS Brazil
·
Pilgrims
Seeds United States of America
·
Eurial France
·
Allana
Meat India
·
Tyson
Food United States of America
·
Pilgrim United States of America
·
LTOSA Belgium
·
Keizer Netherlands
·
Beef
Master South Africa
·
Nawaco Denmark
Operating Trend: Steady
Subject has a
workforce of 110 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 Revenue KD 17,255,000 KD 18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Ibrahim Elias Khal, General Manager
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax:
(965) 22450150
No complaints
regarding subject’s payments have been reported.
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.62.62 |
|
UK Pound |
1 |
Rs.94.39 |
|
Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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.