MIRA INFORM REPORT

 

 

Report No. :

323117

Report Date :

27.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL SAFFAR GROUP COMPANY

 

 

Registered Office :

Al Othman Street, PO Box: 4800 & 42031, Hawalli 32079 Shuwaikh 70651

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

16.03.1992

 

 

Com. Reg. No.:

42195, Hawalli

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Distributors of building tools, sanitary ware, marble and tiles

 

 

No. of Employee :

15

 

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

A1

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                                    : AL SAFFAR GROUP COMPANY

Country of Origin                                   : Kuwait

Legal Form                                           : General Partnership

Registration Date                                  : 16th March 1992

Commercial Registration Number           : 42195, Hawalli

Chamber Membership Number   : 39471

Partners Capital                         : KD 100,000

Total Workforce                         : 15

Activities                                               : Distributors of building tools, sanitary ware, marble and tiles

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

AL SAFFAR GROUP COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Othman Street

PO Box                        : 4800 & 42031, Hawalli 32079

Town                : Shuwaikh 70651

Country : Kuwait

 

Telephone         : (965) 22641019 / 22633349 / 24831766 / 24840388 / 24840566

Facsimile          : (965) 22641992 / 24839623 / 22653191

Mobile              : (965) 90062489

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

Shuwaikh Industrial Area                                                                        Office premises

Tel: (965) 24830507 / 24830508

Fax: (965) 24830509

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mansour Jawad  Abdullah Al Saffar                                            Managing Partner

 

Faisal Jawad  Abdullah Al Saffar                                                Partner

 

Mahmood Jawad  Abdullah Al Saffar                                         Partner

 

Mohamed Jawad  Abdullah Al Saffar                                          Partner

 

Adel Hussain                                                                             Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th March 1992

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 42195, Hawalli

 

Chamber Member No.  : 39471

 

Partners Capital           : KD100,000

 

Name of Partner (s)                                                     

 

Mansour Jawad Abdullah Al Saffar                                                        

 

Faisal Jawad Abdullah Al Saffar                                                

 

Mahmood Jawad Abdullah Al Saffar                                                     

 

Mohamed Jawad Abdullah Al Saffar

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of building tools, sanitary ware, marble and tiles.

 

Import Countries:         United Kingdom and Germany

 

Operating Trend:          Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

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 1,100,000                            KD 1,180,000

 

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

Main Branch

Hawalli

Tel: (965) 22653303 / 22645964

Fax: (965) 22611366

 

 

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.63.84

UK Pound

1

Rs.98.37

Euro

1

Rs.69.64

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

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.