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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

499348

Report Date :

30.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

MASTOURAH & QASSEM GENERAL TRADING CO WLL

 

 

Registered Office :

Rehal Complex, IBN Khaldoun Street, PO Box 9873, Hawalli 22099

 

 

Country :

Kuwait

 

 

Date of Incorporation :

11.01.2000

 

 

Com. Reg. No.:

87626

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Subject is engaged in the wholesale and retail of readymade garments.

 

 

No. of Employees :

350

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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                                    : MASTOURAH & QASSEM GENERAL TRADING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 11th January 2000

Commercial Registration Number           : 87626

Trade Licence Number                           : 247/2002

Chamber Membership Number               : 60927

Issued Capital                                       : KD 750,000

Paid up Capital                                     : KD 750,000

Total Workforce                                                : 350

Activities                                               : Wholesale and retail of readymade garments

Financial Condition                                : Undetermined

Payments                                             : No Complaints

 

 

 

COMPANY NAME

 

MASTOURAH & QASSEM GENERAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Rehal Complex

Street               : Ibn Khaldoun Street

PO Box                        : 9873

Town                : Hawalli 22099

Country : Kuwait

Telephone         : (965) 22662983 / 22662985 / 22445504 / 22662984 / 22453660 / 22453670

Facsimile          : (965) 25714163

Mobile              : (965) 66666968 / 66911989 / 66888089

Email                : mastrouah40@hotmail.com / customercare@mastourah.com

 

Premises

 

Subject operates from a large suite of offices, a warehouse and a showroom that are rented and located in the Central Business Area of Hawalli.

 

Branch Office (s)

 

Location                                                                                               Description

 

Norah Complex                                                                                     Showroom premises

Sharhabeel Street

Al Farwaniya

Hawalli

Tel: (965) 24757010 / 24757020

 

Block 9, Saleem Mubarak Street                                                                        Showroom premises

Salmiya

Tel: (965) 25714161/2

 

Al Mubarakiya                                                                                       Showroom premises

Tel: (965) 22662983

 

Block 4                                                                                                 Showroom premises

Jahra

Tel: (965) 22662983

 

Hussein Bin Ali Al Roumi Street                                                              Showroom premises

Al Rai

Tel: (965) 22662984

 

Block 11, Homoud Abdelaziz Al Senan Street                                         Showroom premises

Fahaheel

Tel: (965) 22662983

 

Block 4, Habeeb Munawer Street                                                            Showroom premises

Farwaniya

Tel: (965) 22622983

 

Tunis Street                                                                                           Showroom premises

Hawalli

            Tel: (965) 22662983

 

Block 10, Sharhabil Bin Hasanah Street                                                  Showroom premises

Hawalli

Tel: (965) 22662983

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Qassem Mohamed Abdul Qader                                                            Managing Director

 

Tawfiq Mohamed Abdul Qader                                                   Director

 

Mastourah Abdo Marzouq Rashed Al Walan                               Director

 

Kamal Mohamed Abdul Qader                                                   Director

 

Ahmed Mahmoud                                                                      Marketing Manager

 

Ahmed Hafiz                                                                             Financial Manager

 

Mohamed Fouad                                                                       Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th January 2000

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 87626

 

Trade Licence No.        : 247/2002

 

Chamber Member No.  : 60927

 

Issued Capital              : KD 750,000

 

Paid up Capital            : KD 750,000

 

Name of Shareholder (s)                                              

 

Qassem Mohamed Abdul Qader                                                           

 

Tawfiq Mohamed Abdul Qader                                                  

 

Mastourah Abdo Marzouq Rashed Al Walan

 

Kamal Mohamed Abdul Qader

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments.

 

Import Countries: Europe and the Far East

 

Brand Names: LETS FINE, DREAM, SUCCESS and EVERYDAY

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

Hawalli

Tel: (965) 22645964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

KWD

1

INR 217.22

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.