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MIRA INFORM REPORT
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Report No. : |
507055 |
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Report Date : |
02.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AKEED UNITED GENERAL TRADING & CONTRACTING CO |
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Registered Office : |
Nafesi Building, Block 217, IBN Khaldoun Street, Hawalli, PO Box 2530
6598, Hawalli 32040, Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
09.01.2008 |
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Com. Reg. No.: |
325051 |
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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 gypsum products, wood
cladding and partitions. Subject also provides general contracting services. |
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No. of Employees : |
150 |
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 :
AKEED UNITED GENERAL TRADING & CONTRACTING CO
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
9th January 2008
Commercial Registration Number :
325051
Chamber Membership Number :
112452
Issued Capital :
KD 250,000
Paid up Capital :
KD 250,000
Total Workforce :
150
Activities :
Distributors of gypsum products, wood cladding and partitions, as well
as
providing general contracting services
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Ms Gomana Elias Gorshan, Administration Manager
COMPANY
NAME
AKEED UNITED GENERAL TRADING & CONTRACTING CO
ADDRESS
Registered &
Physical Address
Building : Nafesi Building,
Block 217
Street : Ibn Khaldoun
Street
Area : Hawalli
PO Box :
2530
6598, Hawalli 32040
Town : Safat
Country : Kuwait 40176
Telephone :
(965) 22612183
Facsimile :
(965) 22612183
Mobile :
(965) 55660680 / 99289920 / 99724585 / 99144386
Email :
roopa@akeedunited.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Safat.
KEY
PRINCIPALS
Name Nationality
Position
Nabil Elias Gorshan Syrian Managing Director
Feras Elias Gorshan Syrian Director
Abdul Qader Abdullah Abdullatif Al Omar Kuwaiti Director
Ms Gomana Elias Gorshan Syrian Administration
Manager
Roopa Nair - Executive
Secretary
LEGAL
FORM & OWNERS
Date of Establishment : 9th
January 2008
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 325051
Chamber Member No. : 112452
Issued Capital : KD 250,000
Paid up Capital : KD 250,000
Name of Shareholder (s)
Nabil Elias Gorshan
Feras Elias Gorshan
Abdul Qader Abdullah Abdullatif Al Omar
OPERATIONS
Activities: Engaged in the import and distribution of gypsum products, wood
cladding and partitions. Subject also provides general contracting services.
Import Countries: Europe and GCC countries
Operating Trend: Steady
Subject has a workforce of 150 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
3,710,000 KD
4,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the subject’s commercial registration number is 325051.
3205051 is incorrect.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.78 |
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1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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KWD |
1 |
INR 221.29 |
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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NIS |
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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
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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.