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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489122

Report Date :

06.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

AL MASHOUTI GEN TRADING CO

 

 

Registered Office :

Al Hajeri Building, Commercial Area No. 9, 26902, Safat 13130, 22184, Safat 13082, Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

13.01.1965

 

 

Com. Reg. No.:

13110

 

 

Legal Form :

Simple Partnership

 

 

Line of Business :

Import and distribution of general merchandise, including readymade garments, foodstuffs and electrical household appliances.

 

 

No. of Employees :

12

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Kuwait

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : AL MASHOUTI GEN TRADING CO

Country of Origin                                   : Kuwait

Legal Form                                           : Simple Partnership

Registration Date                                  : 13th January 1965

Commercial Registration Number           : 13110

Trade Licence Number                           : 17771

Chamber Membership Number               : 2259

Partners Capital                         : KD 100,000

Total Workforce                                                : 12

Activities                                               : Distributors of general merchandise

Financial Condition                                : Fair

Payments                                             : No Complaint

Operating Trend                                    : Steady

COMPANY NAME

 

AL MASHOUTI GEN TRADING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Hajeri Building

Area                 : Commercial Area No. 9

 

PO Box                        : 26902, Safat 13130

  22184, Safat 13082

 

Town                : Safat

Country : Kuwait

 

Telephone         : (965) 22448222 / 22466860

Facsimile          : (965) 22405022

Mobile              : (965) 99407066

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                    Position

 

·       Abdulaziz Ahmed Abdulaziz Al Mashouti                    Kuwaiti                          Managing Partner

 

·       Khoulod Ahmed Abdulaziz Al Mashouti                      Kuwaiti                          Partner

 

·       Amel Ahmed Abdulaziz Al Mashouti                           Kuwaiti                          Partner

 

·       Munirah Ahmed Abdulaziz Al Mashouti                       Kuwaiti                          Partner

 

·       Loulah Ahmed Abdulaziz Al Mashouti                        Kuwaiti                          Partner

 

·       Zeinab Abdulrahman Mohamed Al Kuaij                     Kuwaiti                          Partner

 

·       Omar Abu Saad                                                             -                              Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th January 1965

 

Legal Form                  : Simple Partnership

 

Commercial Reg. No.   : 13110

 

Trade Licence No.        : 17771

 

Chamber Member No.  : 2259

 

Partners Capital           : KD 100,000

 

Name of Partner (s)                                                     

 

·       Abdulaziz Ahmed Abdulaziz Al Mashouti                   

 

·       Khoulod Ahmed Abdulaziz Al Mashouti                     

 

·       Amel Ahmed Abdulaziz Al Mashouti                          

 

·       Munirah Ahmed Abdulaziz Al Mashouti                      

 

·       Loulah Ahmed Abdulaziz Al Mashouti                       

 

·       Zeinab Abdulrahman Mohamed Al Kuaij                    

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general merchandise, including readymade garments, foodstuffs and electrical household appliances.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                    Year Ending 31/12/16:              Year Ending 31/12/17:

 

Total Sales                    KD 1,200,000                            KD 1,385,000

 

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 “Al Mashouti General Trading Co” and not “Al Mashouti Gen Trdg Co”.

 

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. The financial position is satisfactory and the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.03

UK Pound

1

INR 90.40

Euro

1

INR 79.73

KWD

1

INR 214.52

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.