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MIRA INFORM REPORT
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Report No. : |
496545 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WARBA PAPER PRODUCTION CO SPC |
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Registered Office : |
Al Sualibiah Area
Safat |
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Country : |
Kuwait |
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Date of Incorporation : |
04.07.2017 |
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Com. Reg. No.: |
375807 |
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Legal Form : |
Single Person Company |
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Line of Business : |
Subject is engaged in the manufacture of paper napkins and
tissues. |
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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 : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 : WARBA PAPER PRODUCTION CO SPC
Country of Origin : Kuwait
Legal Form : Single Person Company
Registration Date : 4th July 2017
Commercial Registration Number : 375807
Chamber Membership Number : 171585
Issued Capital : KD 1,000
Paid up Capital : KD 1,000
Total Workforce : 15
Activities : Manufacturers of paper napkins and tissues
Financial Condition : Undetermined
Payments : Unknown
Person Interviewed : Fadi Hameed, General Manager
COMPANY
NAME
WARBA PAPER PRODUCTION CO SPC
ADDRESS
Registered &
Physical Address
Location : Al Sualibiah Area
Town :
Safat
Country : Kuwait
Mobile : (965)
99481449 / 96913636
Email : fadimh7@gmail.com
Premises
Subject operates from a small suite of offices and a factory
that are rented and located in the Central Business Area of Safat.
KEY
PRINCIPALS
Name Position
·
Turki Dahman Awad Al Barazi Managing
Director
· Fadi Hameed General
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 4th
July 2017, however production began in January 2018
Legal
Form : Single
Person Company
Commercial
Reg. No. : 375807
Chamber
Member No. : 171585
Issued Capital : KD
1,000
Paid up Capital : KD
1,000
Name
of Shareholder (s) Percentage
· Turki Dahman Awad Al Barazi 100%
OPERATIONS
Activities: Engaged in the manufacture of paper napkins
and tissues.
Import Countries: Europe and the Far East
Subject has a workforce of 15 employees.
FINANCIAL
DATA
Subject is a newly formed business and as a result financial
information is not currently available.
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
Unknown
GENERAL
COMMENTS
Please note that the correct name of the subject is “Warba Paper Production Co SPC” and not “Warba Paper
Products Company”.
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.
In view of subject’s infancy, extensive payment and
financial records are not available, therefore dealings are recommended to be
on secured terms, and a close monitoring of subject’s business development is
advisable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.02 |
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1 |
INR 90.12 |
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Euro |
1 |
INR 80.09 |
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KWD |
1 |
INR 215.78 |
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 : |
TRU |
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
·
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.