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MIRA INFORM REPORT
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Report No. : |
493314 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AL MASOUD SANITARY WARE CONTRACTING CO WLL |
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Registered Office : |
Nidaa Nasser Al Mutairi, Block No. 3, Building 43, Passport Street,
Shuwaikh Industrial Area, PO Box : 1709,
Salmiya 22018, 327, Safat 13004, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
04.03.1996 |
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Com. Reg. No.: |
70897, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
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Subject is engaged in the import, distribution
and retail of sanitary ware products, bathroom sets, tiles and ceramics ·
Subject also offers installation services |
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No. of Employees : |
35 |
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 : AL MASOUD SANITARY WARE CONTRACTING CO WLL
Trading As : AL MASOUD SANITARY WARE CO
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 4th March 1996
Commercial Registration Number : 70897, Safat
Trade Licence Number : 368/2004
Chamber Membership Number : 48907
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Total Workforce : 35
Activities : Distributors and retailers of sanitary ware products, bathroom sets,
tiles and ceramics
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
Person Interviewed : Hani Hefzi, Commercial Manager
COMPANY
NAME
AL MASOUD SANITARY WARE CONTRACTING CO WLL
TRADING AS: AL MASOUD SANITARY WARE CO
ADDRESS
Registered & Physical
Address
Building : Nidaa Nasser
Al Mutairi, Block No. 3, Building 43
Street : Passport
Street
Area : Shuwaikh
Industrial Area
PO Box :
1709, Salmiya 22018
327, Safat 13004
Town : Safat
Country : Kuwait
Telephone : (965) 24813055
/ 24814194 / 24811390 / 24311400 / 24841258 / 24924511 / 24849026
Facsimile : (965) 24814194
/ 22669301 / 24849026
Mobile : (965)
90020985
Email : info@almasoudkw.com
Premises
Subject operates from a medium sized suite of offices, a showroom and a warehouse
that are rented and located in the Industrial Area of Salmiya.
KEY
PRINCIPALS
Name Position
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Nasser Mohamed Al Masoud Managing
Director
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Bader Nasser Mohamed Al Masoud Director
· Mubarak Nasser Mohamed Al Masoud Director
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Khaled Nasser Mohamed Al Masoud Director
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Faisal Nasser Mohamed Al Masoud Director
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Abdulaziz Nasser Mohamed Al Masoud Director
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Abeer Al Masoud Director
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Hani Hefzi Commercial
Manager
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Thamer Mohamed Sulaiman Finance
Manager
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Ahmed Abdul Hamid Financial
Controller
LEGAL
FORM & OWNERS
Date of
Establishment : 4th
March 1996
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 70897, Safat
Trade Licence No. : 368/2004
Chamber Member No. : 48907
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of Shareholder (s)
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Nasser Mohamed Al Masoud
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Bader Nasser Mohamed Al Masoud
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Mubarak Nasser Mohamed Al Masoud
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Khaled Nasser Mohamed Al Masoud
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Faisal Nasser Mohamed Al Masoud
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Abdulaziz Nasser Mohamed Al Masoud
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Abeer Al Masoud
OPERATIONS
Activities: Engaged in the import, distribution and retail of sanitary ware
products, bathroom sets, tiles and ceramics.
Subject also offers installation services.
Import Countries: Italy, Spain, United Kingdom and the United States
of America
International Suppliers:
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ATB Italy
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Marami Italy
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Industrial Matau Spain
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Halcyon Spain
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Laventina Spain
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ESCO USA
Operating Trend: Steady
Subject has a workforce of 35 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
3,560,000 KD
3,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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National Bank of Kuwait SAK
Salmiya
Tel: (965) 25711850
Fax: (965) 25743681
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Commercial Bank of Kuwait
Salmiya
Tel:
(965) 25715989
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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
Al Masoud Sanitary Ware Contracting Co WLL was established in 1996 and
is engaged in the import, distribution and retail of sanitary ware products.
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 company 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 65.10 |
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1 |
INR 90.44 |
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Euro |
1 |
INR 79.59 |
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KWD |
1 |
INR 216.95 |
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 : |
SYL |
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
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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.