3decades

MIRA INFORM REPORT

Report No. :	495542
Report Date :	08.03.2018

IDENTIFICATION DETAILS

Name :	CENTURY SCIENTIFIC & EQUIPMENT CO WLL

Registered Office :	Saleh Mohamed Abdul Aziz Al Bairaq Building No. 3, Floor No. 3, Office No. 5, Shuhada Street, Sharq, P O Box: 26965, Safat

Country :	Kuwait

Financials (as on) :	31.12.2017

Date of Incorporation :	08.10.2009

Com. Reg. No.:	332459

Legal Form :	With Limited Liability - WLL

Line of Business :	Import, distribution and maintenance of medical equipment and disposables.

No. of Employees :	25

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Maximum Credit Limit :	US$ 100,000

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

(30.09.2017)

Current Rating

(31.12.2017)

Kuwait

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, 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.

Source : CIA

SUMMARY

Company Name : CENTURY SCIENTIFIC & EQUIPMENT CO WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 8^th October 2009

Commercial Registration Number : 332459

Chamber Membership Number : 120946

Issued Capital : KD 100,000

Paid up Capital : KD 100,000

Total Workforce : 25

Activities : Distribution and maintenance of medical equipment and disposables

Financial Condition : Fair

Payments : No Complaints

Operating Trend : Steady

Recommended Credit Limit : US$ 100,000

COMPANY NAME

CENTURY SCIENTIFIC & EQUIPMENT CO WLL

ADDRESS

Registered & Physical Address

Building : Saleh Mohamed Abdul Aziz Al Bairaq Building No. 3, Floor No. 3, Office No. 5

Street : Shuhada Street

Area : Sharq

PO Box : 26965

Town : Safat

Country : Kuwait

Telephone : (965) 22467471

Facsimile : (965) 22464154

Mobile : (965) 99638547

Email : info@centuryq8.com

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

· Mohamed A Mohamed Managing Director

· Feeni M Eso Director

· Jabr F Al Mutairi Director

LEGAL FORM & OWNERS

Date of Establishment : 8^th October 2009

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 332459

Chamber Member No. : 120946

Issued Capital : KD 100,000

Paid up Capital : KD 100,000

Name of Shareholder (s)

· Mohamed A Mohamed

· Feeni M Eso

· Jabr F Al Mutairi

OPERATIONS

Activities: Engaged in the import, distribution and maintenance of medical equipment and disposables.

Import Countries: Europe and the Far East

Clients:

· Ministry of Health

· Ministry of Defence

· Kuwait Oil Company

· Private Hospitals

· Private Clinics

· Kuwait University

· Kuwait Institute for Scientific Research

· Ministry of Education

· Ministry of Interior

Operating Trend: Steady

Subject has a workforce of 25 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 1,875,000 KD 2,060,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

CREDIT RATING

Recommended credit limit: US$ 100,000

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

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.96
UK Pound	1	INR 90.34
Euro	1	INR 80.75
KWD	1	INR 216.62

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

INFORMATION DETAILS

Analysis Done by :	PRA

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.