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MIRA INFORM REPORT
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Report No. : |
489980 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ASKAR
INTERNATIONAL GPT CO WLL |
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Registered Office : |
Waves Business Centre,
Building 6, Ground Floor, Kuwait Free Trade Zone, Shuwaikh |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
13.11.2007 |
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Com. Reg. No.: |
324037 |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Subject is
engaged in Engaged in the provision of
civil, electromechanical, mechanical, maintenance, blasting and painting
services and the supplying of manpower and materials |
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No. of Employees : |
40 |
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 : ASKAR
INTERNATIONAL GPT CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 13th
November 2007
Commercial
Registration Number : 324037
Chamber Membership
Number : 111768
Issued Capital : KD
250,000
Paid up Capital : KD
250,000
Total Workforce :
40
Activities :
Providers of civil, electromechanical, mechanical, maintenance, blasting and
painting services and the supplying of
manpower and materials
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
COMPANY
NAME
ASKAR INTERNATIONAL GPT CO WLL
ADDRESS
Registered & Physical
Address
Building : Waves Business Centre, Building 6,
Ground Floor
Area : Kuwait Free Trade Zone
Town : Shuwaikh
Country : Kuwait
Telephone : (965) 24610082 / 66786647
Facsimile : (965) 24610081
Mobile : (965) 99898586
Email : info@askarintl.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Shuwaikh.
KEY
PRINCIPALS
Name Position
· Mishari Dhahwi
Z Al Zafeeri Managing
Director
·
Nasser
Turki M Al Zafeeri Director
·
Turki N
Al Zafeeri Director
LEGAL
FORM & OWNERS
Date of Establishment : 13th
November 2007
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 324037
Chamber Member
No. : 111768
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of
Shareholder (s)
·
Mishari
Dhahwi Z Al Zafeeri
·
Nasser
Turki M Al Zafeeri
·
Turki N
Al Zafeeri
AFFILIATED
COMPANIES
·
Gevin
·
Behera
Company
·
AIC
Angels Infracon
·
Velohar
Infra Private Ltd
OPERATIONS
Activities: Engaged in the provision of civil,
electromechanical, mechanical, maintenance, blasting and painting
services and the supplying of
manpower and materials.
Import
Countries: Europe and the
Far East
Clients:
·
KNPC
·
Chevron
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Kuwait
Oil Company
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Equate
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Schlumberger
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Ministry
of Defence
Operating Trend: Steady
Subject has a
workforce of 40 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 1,800,000 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
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 company is deemed 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 64.72 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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KWD |
1 |
INR 213.92 |
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 : |
KET |
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
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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.