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MIRA INFORM REPORT
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Report No. : |
488676 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DOLCISSIMO SWEETS EST |
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Registered Office : |
Building No. 1, Block No. 1, Plot No. 8 Street No. 1 Al
Shaab, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
16.01.2012 |
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Com. Reg. No.: |
340641 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of
sweets and chocolate. |
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No. of Employees : |
10 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 76% 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.
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Source
: CIA |
SUMMARY
Company Name : DOLCISSIMO SWEETS EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 16th January 2012
Commercial Registration Number : 340641
Trade Licence Number : 438/2011
Chamber Membership Number : 130917
Invested Capital : KD 20,000
Total Workforce : 10
Activities : Distributors of sweets and chocolate
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
DOLCISSIMO SWEETS EST
ADDRESS
Registered &
Physical Address
Building :
Building No. 1, Block No. 1, Plot No. 8
Street :
Street No. 1
Area :
Al Shaab
Town :
Safat
Country : Kuwait
Telephone :
(965) 22668281
Mobile :
(965) 99333696 / 67644440
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Safat.
KEY
PRINCIPALS
Name Position
· Fahd Tawfiq
Ibrahim Al Farih Proprietor
& General Manager
· Ali
Hobar Sales
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 16th
January 2012
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. :
340641
Trade
Licence No. :
438/2011
Chamber
Member No. :
130917
Invested Capital : KD
20,000
Mr Fahd Tawfiq Ibrahim Al Farih is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the import and distribution
of sweets and chocolate.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 10 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Kuwaiti Dinar (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD
760,000 KD
810,000
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
Please note that the correct name of the subject is
“Dolcissimo Sweets EST” and not “Dolcissimo EST”.
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 business 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 63.69 |
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1 |
INR 90.35 |
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Euro |
1 |
INR 79.21 |
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KWD |
1 |
INR 212.56 |
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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DIV |
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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
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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
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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.