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MIRA INFORM REPORT
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Report No. : |
507255 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BLUE RIVER TRADING EST |
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Registered Office : |
Sahban Industrial Area, Plot No. 10, Block
11,
PO Box : 41458, Al Shuyoukh 85855,
Safat |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
08.08.1991 |
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Com. Reg. No.: |
39042 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is
engaged in the import and distribution of household
utensils, cold boxes, iceboxes, disposable paper cups, paper plates,
disposable plastic cutlery and containers |
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No. of Employees : |
18 |
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 : BLUE RIVER TRADING EST
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 8th August 1991
Commercial Registration Number : 39042
Chamber Membership Number : 23467
Invested Capital : KD 10,000
Total Workforce : 18
Activities : Distributors of household utensils, cold boxes, iceboxes,
disposable paper cups, paper plates, disposable plastic cutlery
and containers
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
COMPANY
NAME
BLUE RIVER TRADING EST
ADDRESS
Registered & Physical
Address
Location : Sahban Industrial Area, Plot No. 10, Block 11
PO Box :
41458, Al Shuyoukh 85855
Town : Safat
Country : Kuwait
Telephone : (965) 24713009
/ 24315038 / 24314970 / 24315049
Facsimile : (965) 24713007
/ 24338014 / 24315036
Email :
bblueriver@hotmail.com / musriver@hotmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Safat.
KEY
PRINCIPALS
Name Position
· Sanad Hamedi Multaq Al Sanad General
Manager
· Musaad Hamedi Multaq Al Sanad Assistant General
Manager
·
Faisal Hamedi Multaq Al
Sanad Administration
Manager
·
Amr Shareef Sales
Executive
LEGAL
FORM & OWNERS
Date of
Establishment : 8th
August 1991
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 39042
Chamber Member No. : 23467
Invested Capital : KD 10,000
Heirs of Hamedi Multaq Al Sanad are the sole
proprietors of the business.
OPERATIONS
Activities: Engaged in the
import and distribution of household utensils, cold
boxes, iceboxes, disposable paper cups, paper plates, disposable plastic
cutlery and containers.
Import Countries: United Arab Emirates, Saudi Arabia and China
International Suppliers:
·
Cosmoplat United Arab Emirates
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GulfMed Saudi Arabia
·
Happy Time China
Operating Trend: Steady
Subject has a workforce of 18 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
1,385,000 KD
1,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
· Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 22411102
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.
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 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 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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KWD |
1 |
INR 222.49 |
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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DIV |
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Report Prepared
by : |
SYL |
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
·
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.