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MIRA INFORM REPORT
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Report No. : |
505429 |
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Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
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Name : |
INDIAN COMMUNITY SCHOOL |
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Registered Office : |
Block 10, Essa Al Qatami Street, Jiddha 8, Salmiya, PO Box 5901, Safat |
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Country : |
Kuwait |
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Date of Incorporation : |
05.05.1959 |
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Legal Form : |
Non-Government Entity |
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Line of Business : |
Operators of Schools |
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No. of Employees : |
200 |
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 :
INDIAN COMMUNITY SCHOOL
Country of Origin :
Kuwait
Legal Form :
Non-Government Entity
Registration Date :
5th May 1959
Total Workforce :
200
Activities :
Operators of schools
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY
NAME
INDIAN COMMUNITY SCHOOL
ADDRESS
Registered &
Physical Address
Building : Block 10
Street :
Essa Al Qatami Street
Area :
Jiddha 8, Salmiya
PO Box :
5901
Town : Safat
Country : Kuwait
Telephone : (965) 25629583
/ 25659126 / 25613260 / 25633570
Facsimile :
(965) 25652308
Email :
contact@icsk-kw.com
Premises
Subject operates from a large suite of offices and a school that are
owned and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
Khaitan Building 900018, Block 9 School
Abraq Khaitan Street No. 23
Safat
Street 3, Block 12 School
Salmiya
KEY
PRINCIPALS
Name Position
Abdul Rahiman Honorary
Chairman
Vinukumar Nair Honorary
Vice Chairman
Azharuddine Amer Mohamed Director
Agnello Antonio Sebastio Fernandes Director
Sunkara Nooka Raju Director
Dr Binumon Principal
LEGAL
FORM & OWNERS
Date of Establishment : 5th
May 1959
Legal Form : Non-Government Entity
Name of Shareholder (s)
Abdul Rahiman
Vinukumar Nair
Azharuddine Amer Mohamed
Agnello Antonio Sebastio Fernandes
Sunkara Nooka Raju
OPERATIONS
Activities: Engaged in the operation of schools with approximately 7,000 students.
Subject has a workforce of 200 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
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
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.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.83 |
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1 |
INR 93.17 |
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Euro |
1 |
INR 81.37 |
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KWD |
1 |
INR 222.34 |
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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NIS |
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Report Prepared
by : |
TPT |
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
·
Promoters
/ Management background
·
Payment
record
·
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.