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MIRA INFORM REPORT
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Report No. : |
488052 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SEA HAWK MARINE
PAINT FACTORY |
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Registered Office : |
Block E4, Area 5, Shuaiba Industrial Area (West), Mina Abdullah, Safat
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Country : |
Kuwait |
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Date of Incorporation : |
17.09.2006 |
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Com. Reg. No.: |
81223 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the manufacture and blending of marine paint and
spirits. |
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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 : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 :
SEA HAWK MARINE PAINT
FACTORY
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
17th September 2006
Commercial Registration Number :
81223
Trade Licence Number :
30021
Chamber Membership Number :
104084
Invested Capital :
KD 25,000
Total Workforce :
40
Activities :
Manufacture and blending of marine paint and spirits
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
SEA HAWK MARINE
PAINT FACTORY
ADDRESS
Registered &
Physical Address
Location : Block E4, Area
5, Shuaiba Industrial Area (West), Mina Abdullah
Town : Safat
Country : Kuwait
Telephone : (965) 99025448
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Safat.
KEY
PRINCIPALS
Name Nationality Position
Hussain Abdul Rahman
Hassan Al Qabandi Kuwaiti Proprietor
LEGAL
FORM & OWNERS
Date of Establishment : 17th
September 2006
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 81223
Trade Licence No. : 30021
Chamber Member No. : 104084
Invested Capital : KD 25,000
Mr Hussain Abdul Rahman Hassan Al Qabandi is the sole proprietor
of the business.
OPERATIONS
Activities: Engaged in the manufacture and blending of marine paint and spirits.
Import Countries: Europe and the Far East
Subject has a workforce of 40 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
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 “Sea Hawk Marine Paint Factory” and not “Seahawk Paints And White Spirit”. We were unable to make direct contact
with the subject during the course of this investigation.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.75 |
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KWD |
1 |
INR 212.08 |
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 : |
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
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Promoters
/ Management background
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Payment
record
·
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.