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MIRA INFORM REPORT
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Report No. : |
501938 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL OULA STEEL MANUFACTURING COMPANY KSCC |
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Registered Office : |
Plot 73, Block No. 4 MA-10 Road Shuaiba Industrial Area PO
Box 47218 Fahaheel 6023 |
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Country : |
Kuwait |
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Date of Incorporation : |
08.05.2001 |
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Com. Reg. No.: |
83692 |
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Legal Form : |
Kuwaiti Shareholding Company Closed - KSCC |
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Line of Business : |
Subject is engaged in the manufacture of steel billets,
ferrous alloys, hot briquetted iron, pig iron, sponge iron and graphite
products. |
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No. of Employees : |
375 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Kuwait |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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Source
: CIA |
SUMMARY
Company Name : AL OULA STEEL MANUFACTURING COMPANY KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 8th May 2001
Commercial Registration Number : 83692
Trade Licence Number : 11270
Chamber Membership Number : 70322
Issued Capital : KD 4,025,000
Paid up Capital : KD 4,025,000
Total Workforce : 375
Activities : Manufacture of steel billets, ferrous alloys, hot briquetted iron, pig iron,
sponge iron and graphite products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY
NAME
AL OULA STEEL MANUFACTURING COMPANY KSCC
ADDRESS
Registered &
Physical Address
Location :
Plot 73, Block No. 4
Street :
MA-10 Road
Area :
Shuaiba Industrial Area
PO Box :
47218
Town :
Fahaheel 6023
Country : Kuwait
Telephone :
(965) 23263780 / 23263791 /
23263706 / 23263786
Facsimile :
(965) 23263781
Email : info@oulasteel.com
/ info@al-oula.net / sales@al-oula.net
Premises
Subject operates from a large suite of offices and a factory
that are rented and located in the Industrial Area of Fahaheel.
Branch
Offices
Location Description
· Plot
95, Block 6, West Office
premises
Shuaiba
Industrial Area
Fahaheel
Tel:
(965) 23260267 / 23260268
Fax: (965) 23260269
KEY
PRINCIPALS
Name Position
· Fahd
Yacoob Yousef Al Johan Managing
Director
· Hussain
Ali Hussain Al Kharafi Director
· Ahmed
Hussain Ali Al Kharafi Director
· Latifa
Hussain Ali Al Kharafi Director
· Anas
Fahd Al Bahr Marketing
Manager
· Saleh
Shady Finance
Manager
· Bemena
Mateen Administration
Manager
· Mohamed Shazad Sales
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 8th
May 2001 (Production started in 2003)
Legal
Form : Kuwaiti
Shareholding Company Closed - KSCC
Commercial
Reg. No. : 83692
Trade
Licence No. : 11270
Chamber
Member No. : 70322
Issued Capital : KD
4,025,000
Paid up Capital : KD
4,025,000
Name of Shareholder (s)
· Fahd
Yacoob Yousef Al Johan
· Hussain
Ali Hussain Al Kharafi
· Ahmed
Hussain Ali Al Kharafi
· Latifa
Hussain Ali Al Kharafi
· Adan
Holding
AFFILIATED
COMPANIES
· Kuwait
Ferro Chrome General Trading & Contracting
Safat
OPERATIONS
Activities: Engaged in the manufacture of steel billets,
ferrous alloys, hot briquetted iron, pig iron, sponge iron and graphite products.
Production
Capacity: 150,000 metric tonnes per annum
Import Countries: Europe and GCC countries.
Subject has a workforce of approximately 375 employees.
FINANCIAL
DATA
Companies registered in Kuwait are not legally required to
make their accounts public and no financial information was released by the
company or submitted by outside sources.
BANKERS
·
Industrial Bank of Kuwait
Block
No. 5
Street
No. 4
Sabhan
Tel:
(965) 24728742
Fax:
(965) 24731839
Acc
No. 100000000368
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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SAR |
1 |
INR 17.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.