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MIRA INFORM REPORT
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Report No. : |
495301 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MESSILAH FISHERIES COMPANY WLL |
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Registered Office : |
Building 24, Floor 20, Office 2, Sharq, Plot B7, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
10.07.2011 |
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Com. Reg. No.: |
339256 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject is engaged in the import and distribution of frozen and fresh fish and seafood products. |
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No. of Employees : |
15 |
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 :
MESSILAH FISHERIES COMPANY WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
10th July 2011
Commercial Registration Number :
339256
Chamber Membership Number :
128797
Issued Capital :
KD 1,250,000
Paid up Capital :
KD 1,250,000
Total Workforce :
15
Activities :
Distributors of frozen and fresh fish and seafood products
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
MESSILAH FISHERIES COMPANY WLL
ADDRESS
Registered &
Physical Address
Location : Building 24,
Floor 20, Office 2, Sharq, Plot B7
Town : Safat
Country : Kuwait
Telephone : (965) 24892525
Facsimile : (965) 24892525
Mobile : (965) 97333433
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
Ahmed Abdulaziz Sulaiman Al Farih Managing
Director
Tariq Yousef Yacoub Mandani Director
LEGAL
FORM & OWNERS
Date of Establishment : 10th
July 2011
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 339256
Chamber Member No. : 128797
Issued Capital : KD 1,250,000
Paid up Capital : KD 1,250,000
Name of
Shareholder (s)
Ahmed Abdulaziz Sulaiman Al Farih
Tariq Yousef Yacoub Mandani
OPERATIONS
Activities: Engaged in the import and distribution of frozen and fresh fish and seafood products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 15 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
2,060,000 KD
2,110,000
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.
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 65.05 |
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1 |
INR 89.70 |
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Euro |
1 |
INR 80.03 |
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KWD |
1 |
INR 216.68 |
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
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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.