MIRA INFORM REPORT

 

 

Report No. :

350122

Report Date :

20.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SAHEBCO INTEGRATED CO WLL

 

 

Registered Office :

Shrouq Center, 4th Floor, Office No. 5 Beirut Street 4355 Hawalli 32074

 

 

Country :

Kuwait

 

 

Date of Incorporation :

20.01.2009

 

 

Com. Reg. No.:

329992

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of recycled ferrous and non-ferrous metals.

 

 

No. of Employee :

14

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 uncertain political situation.

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : SAHEBCO INTEGRATED CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 20th January 2009

Commercial Registration Number           : 329992

Trade Licence Number                           : 5344/2008

Chamber Membership Number               : 117697

Issued Capital                                       : KD 500,000

Paid up Capital                                     : KD 500,000

Total Workforce                         : 14

Activities                                               : Distributors of recycled ferrous and non-ferrous metals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Razaq Salman Sahab, Managing Director

 

 

COMPANY NAME

 

SAHEBCO INTEGRATED CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Shrouq Center, 4th Floor, Office No. 5

Street               : Beirut Street

 

PO Box            : 4355

 

Town                : Hawalli 32074

Country : Kuwait

 

Telephone         : (965) 22636608 / 22636609 / 22635643

Facsimile          : (965) 22636607

Mobile              : (965) 99144408 / 99780391 / 97978344 / 94443040

Email                : sahebuni@qualitynet.net / info@sahebco.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Amghara Area                                                                                  Yard premises

Tel: (965) 99144408 / 99780391

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Razaq Salman Sahab                                                                        Managing Director

·       Hayat Salman Sahab                                                                        Director

·       Hamid Salman Sahab                                                                       Sales Manager

·       Amer Salman Sahab                                                                         Purchasing Manager

·       Keiran Raj                                                                                        Financial Controller

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th January 2009

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 329992

 

Trade Licence No.        : 5344/2008

 

Chamber Member No.  : 117697

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)

 

·       Razaq Salman Sahab

 

·       Hayat Salman Sahab

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of recycled ferrous and non-ferrous metals.

 

Import Countries: Europe and the Far East

 

Local Suppliers:

 

·       Kuwait Aluminium

·       Al Ahleia Switchgear

 

Operating Trend: Steady

 

Subject has a workforce of 14 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 4,280,000                            KD 4,600,000

 

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

PO Box: 2861

Hawalli

Tel: (965) 22645964

Fax: (965) 22616451

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk..

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.11

UK Pound

1

Rs.101.03

Euro

1

Rs.70.71

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

 

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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.