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MIRA INFORM REPORT
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Report No. : |
498394 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
B2B FOODSTUFF CO WLL |
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Registered Office : |
Showroom No. 3, Shuwaikh Industrial Area, Al Faham Roundabout,
Wholesale Market Block No. 172-173-174, PO Box 1979, Safat |
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Country : |
Kuwait |
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Date of Incorporation : |
02.04.2017 |
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Com. Reg. No.: |
373877 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject is engaged in the import and distribution of general
foodstuffs. |
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No. of Employees : |
12 |
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 :
B2B FOODSTUFF CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
2nd April 2017
Commercial Registration Number :
373877
Chamber Membership Number :
168722
Issued Capital :
KD 200,000
Paid up Capital :
KD 200,000
Total Workforce :
12
Activities :
Distributors of general foodstuffs
Financial Condition :
Undetermined
Payments :
Unknown
COMPANY
NAME
B2B FOODSTUFF CO WLL
ADDRESS
Registered &
Physical Address
Building : Showroom No.
3
Area : Shuwaikh
Industrial Area, Al Faham Roundabout, Wholesale Market Block No. 172-173-174
PO Box :
1979
Town : Safat
Country : Kuwait
Telephone : (965) 24913000
/ 24912000
Mobile : (965)
94062066 / 94062080
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Safat.
KEY
PRINCIPALS
Name Nationality Position
Fahd Matar Dawas Al Mutairi Kuwaiti Managing
Director
Ashya Matar Dawas Al Mutairi Kuwaiti Director
Mohamed Nasser Magdi Afghani Director
Mohamed Soroor Magdi Afghani Director
Islam Mohamed - Sales
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 2nd
April 2017
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 373877
Chamber Member No. : 168722
Issued Capital : KD 200,000
Paid up Capital : KD 200,000
Name of
Shareholder (s)
Fahd Matar Dawas Al Mutairi
Ashya Matar Dawas Al Mutairi
Mohamed Nasser Magdi
Mohamed Soroor Magdi
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuffs.
Import Countries: Europe and the Far East
Subject has a workforce of 12 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
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 65.04 |
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1 |
INR 90.55 |
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Euro |
1 |
INR 79.77 |
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KWD |
1 |
INR 217.25 |
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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VIV |
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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
·
Promoters
/ Management background
·
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.