MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497559

Report Date :

15.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

UNITED FISHERIES OF KUWAIT KSCC

 

 

Registered Office :

Danat Al Safat Tower, 10th Floor Beirut Street Hawalli PO Box 22044 & 22049

Safat 13081

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

01.05.1972

 

 

Com. Reg. No.:

105419

 

 

Legal Form :

Kuwaiti Shareholding Closed Company - KSCC

 

 

Line of Business :

Subject is engaged in the trawling for shrimps, processing, import and export of fresh and frozen fish products.

 

 

No. of Employees :

330

 

 

 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

A1

A1

 

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                                    : UNITED FISHERIES OF KUWAIT KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Closed Company - KSCC

Registration Date                                  : 1st May 1972

Commercial Registration Number           : 105419

Chamber Membership Number               : 97771

Issued Capital                                       : KD 5,000,000

Paid up Capital                                     : KD 5,000,000

Total Workforce                                                : 330

Activities                                               : Shrimp trawling

Financial Condition                                : Fair

Payments                                             : Regular

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

 UNITED FISHERIES OF KUWAIT KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Danat Al Safat Tower, 10th Floor

Street               : Beirut Street

Area                 : Hawalli

 

PO Box                        : 22044 & 22049

 

Town                : Safat 13081

Country : Kuwait

 

Telephone         : (965) 1802224 / 18284866 / 22675363 / 22675355 / 22909845

Facsimile          : (965) 24345004 / 24816974 / 24843701 / 24849612 / 22909878

Email                : info@ufkonline.com

 

Please note that subject’s previous address was, Faisal Centre, Dajeej Area, Safat

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hamad Al Turkait                                                                              Chairman

 

·       Abdullatif Abdul Wahab Al Tamar                                                      Managing Director

 

·       Saud Abdulaziz Al Owasi                                                                  Director

 

·       Hameed Mohamed Ali Abdullah                                                         Director

 

·       Ahmed Walid Al Sharhan                                                                   Director

 

·       Mishaal Al Jurki                                                                                Chief Executive Officer

 

·       Abdul Karim Sobhi                                                                           General Manager

 

·       Bassam Al Wahidi                                                                            Deputy General Manager

 

·       Abdul Hameed Ahmed                                                                      Finance Manager

 

·       Philip Samuel                                                                                   Accounting Manager

 

·       Ahmed Al Kharoob                                                                           Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st May 1972

 

Legal Form                  : Kuwaiti Shareholding Closed Company - KSCC

 

Commercial Reg. No.   : 105419

 

Chamber Member No.  : 97771

 

Issued Capital              : KD 5,000,000

 

Paid up Capital            : KD 5,000,000

 

Name of Shareholder (s)                                Percentage

 

·       Danah Al Safat Foodstuff Co            KSC                             100%

     Safat

 

 

AFFILIATED COMPANIES

 

·       United Dana Fisheries Company

Hawalli

 

·       Dana Bahar Al Arab Fisheries Co

Oman

 

·       Dana Saheil

Iran

 

 

 

OPERATIONS

 

Activities: Engaged in the trawling for shrimps, processing, import and export of fresh and frozen fish products.

 

     It has a fleet comprising 20 shrimp trawlers.

 

     Subject also operates a chain of 26 Danah retail fish shops.

 

     Subject is HACCP and ISO 9001:2000 accredited.

 

Import Countries: India and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of approximately 330 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 6,500,0000                          KD 6,775,000

 

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

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

Regular

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

KWD

1

INR 216.57

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

                                                


 

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.