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MIRA INFORM REPORT
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Report No. : |
497436 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AL FAWARSIA EST GENERAL TRADING & CONTRACTING |
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Registered Office : |
Hamood J Dabbous Building, 3rd Floor, Office No. 11 Macca Street PO Box 307 Fahaheel 51004 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
20.03.1988 |
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Com. Reg. No.: |
53759 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the provision of general contracting
services, rental of equipment for construction and provision of man power. |
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No. of Employees : |
20 |
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 FAWARSIA EST GENERAL TRADING & CONTRACTING
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 20th March 1988
Commercial Registration Number : 53759
Chamber Membership Number : 18898
Invested Capital : KD 35,000
Total Workforce : 20
Activities : Providers of general contracting services, rental of equipment for
construction and provision of man power
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
AL FAWARSIA EST GENERAL TRADING & CONTRACTING
ADDRESS
Registered &
Physical Address
Building :
Hamood J Dabbous Building, 3rd Floor, Office No. 11
Street :
Macca Street
PO Box :
307
Town :
Fahaheel 51004
Country : Kuwait
Telephone :
(965) 23918265 / 23928406
Facsimile : (965) 23928406
Mobile :
(965) 99583033
Email :
info@aftckwt.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Fahaheel.
KEY
PRINCIPALS
Name Position
·
Mrs Sarah Assaf
Mana Al Doussary Proprietor
· Mana
Abdullah Mana Moushkis General
Manager
· Abdullah
Mana Abdullah Mana Moushkis Assistant
General Manager
· Shabir
Ali Accountant
LEGAL
FORM & OWNERS
Date
of Establishment : 20th
March 1988
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. : 53759
Chamber
Member No. : 18898
Invested Capital : KD
35,000
Mrs Sarah Assaf Mana Al Doussary is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the provision of general
contracting services, rental of equipment for construction and
provision of man power.
Operating Trend: Steady
Subject has a workforce of 20 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
1,325,000 KD
1,450,000
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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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 “Al
Fawarsia Est General Trading & Contracting” and not “Alfawarsia General Tr & Contraction”.
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.
According to local sources, subject meets its payment
obligations in a timely manner and the business 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 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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KWD |
1 |
INR 216.73 |
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 : |
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.