MIRA INFORM REPORT

 

 

Report No. :

338978

Report Date :

07.09.2015

 

IDENTIFICATION DETAILS

 

Name :

FOUR STAR CO WLL

 

 

Registered Office :

Canada Dry Street, Al Zina Street, Shuwaikh Industrial Area, P O Box: 29874 & 1052, Safat 13159

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

12.08.1984

 

 

Com. Reg. No.:

38736

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Wholesalers and Retailers of Automotive Accessories and General Foodstuff Products.

 

 

No. of Employees :

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                                    : FOUR STAR CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 12th August 1984

Commercial Registration Number           : 38736

Trade Licence Number                           : 2942/88

Chamber Membership Number               : 6631

Issued Capital                                       : KD 30,000

Paid up Capital                                     : KD 30,000

Total Workforce                         : 14

Activities                                               : Wholesalers and retailers of automotive accessories and general

                                                              foodstuff products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Murtada Ali Mamji, Commercial Manager

 

COMPANY NAME

 

FOUR STAR CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Canada Dry Street, Al Zina Street

Area                 : Shuwaikh Industrial Area

 

PO Box            : 29874 & 1052

 

Town                : Safat 13159

Country : Kuwait

 

Telephone         : (965) 24822311 / 25646832 / 24915228

Facsimile          : (965) 25646832 / 24915228

Mobile              : (965) 99455394 / 66613872 / 97596401

Email                : askmenew1@gmail.com / fourstarkw@gmail.com / mamjiprint@gmail.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abbass Abdul Karim Al Saffar                                                          Managing Director

 

·       Abeer Abdullah Mahmoud Ghulloom                                                  Director

 

·       Murtada Ali Mamji                                                                             Commercial Manager

 

·       Burhan Eddine Pati                                                                           Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th August 1984

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 38736

 

Trade Licence No.        : 2942/88

 

Chamber Member No.  : 6631

 

Issued Capital              : KD 30,000

 

Paid up Capital            : KD 30,000

 

Name of Shareholder (s)

 

·       Abbass Abdul Karim Al Saffar

·       Abeer Abdullah Mahmoud Ghulloom

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of automotive accessories and general foodstuff products.

 

Import Countries: Europe and India.

 

International Suppliers:

 

·         Joosub Per Mohamed Co Ltd          India

·         Kampilal and Sons                          India

·         Neon Centre                                    Kuwait

·         Super Sign                                      Kuwait

·         Al Jawahr Signs                              Kuwait

 

Brand Names: HORSE

 

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 1,730,000                            KD 2,000,000

 

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 SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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.