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MIRA INFORM REPORT
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Report No. : |
496100 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
UNITED FOR MANUFACTURE WHITE SPIRIT |
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Registered Office : |
Al Ray Avenues Street, Block 4/5, PO Box 709, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
18.09.2012 |
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Com. Reg. No.: |
339883 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of thinners and
paint solvents. |
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No. of Employees : |
14 |
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 :
UNITED FOR MANUFACTURE WHITE SPIRIT
Country of Origin :
Kuwait
Legal Form :
Sole Proprietorship
Registration Date :
18th September 2012
Commercial Registration Number :
339883
Chamber Membership Number :
134541
Invested Capital :
KD 25,000
Total Workforce :
14
Activities :
Distributors of thinners and paint solvents
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Ghaith Hassan Ahmed Al Ghaith, Assistant General
Manager
COMPANY
NAME
UNITED FOR MANUFACTURE WHITE SPIRIT
ADDRESS
Registered &
Physical Address
Location : Al Ray Avenues
Street, Block 4/5
PO Box : 709
Town : Safat
Country : Kuwait
Mobile : (965) 50157750
/ 66032272 / 99575747 / 97310001
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
Hassan Ghaith Al Ghaith Proprietor
& General Manager
Ghaith Hassan Ahmed Al Ghaith Assistant
General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18th
September 2012
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 339883
Chamber Member No. : 134541
Invested Capital : KD 25,000
Mr Hassan Ghaith Al Ghaith is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of thinners and paint solvents.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 14 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD
825,000 KD
880,000
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
Please note that the correct name of the subject is “United For Manufacture White Spirit” and not “United For Manf White
Spirit”.
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 64.95 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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KWD |
1 |
INR 215.82 |
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 : |
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
·
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.