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MIRA INFORM REPORT
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Report No. : |
507230 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AL SADIQ SHOPPING
CENTER WLL |
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Registered Office : |
Tunis Street, Dawar Al Sadiq, P O Box 6203, Hawalli 32037 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
19.12.1993 |
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Com. Reg. No.: |
54451, Safat |
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Legal Form : |
With Limited Liability
- WLL |
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Line of Business : |
Subject is
engaged as owners and operators of a supermarket. |
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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 : AL SADIQ
SHOPPING CENTER WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 19th
December 1993
Commercial
Registration Number : 54451,
Safat
Trade Licence
Number : 8221/93
Chamber Membership
Number : 3423
Issued Capital : KD 500,000
Paid up Capital : KD
500,000
Total Workforce :
18
Activities :
Owners and operators of a supermarket
Financial Condition : Fair
Payments :
No Complaints
Person Interviewed : Ahmed Ramadan,
Sales Executive
COMPANY
NAME
AL SADIQ SHOPPING
CENTER WLL
ADDRESS
Registered & Physical
Address
Street : Tunis Street
Area : Dawar Al Sadiq
PO Box : 6203
Town : Hawalli 32037
Country : Kuwait
Telephone : (965) 22626562 / 22633486 / 22641697
Facsimile : (965) 22641697
Mobile : (965) 97553502
Email : aisadiq@kems.net
Premises
Subject operates
from a medium sized suite of offices and a supermarket that are owned and
located in the Central Business Area of Hawalli.
KEY
PRINCIPALS
Name Nationality Position
·
Abdul
Rasool Mohamed Ali Al Kandari Kuwaiti Managing Director
·
Khaleel
Ahmed Rashad Ismael Kuwaiti Director
·
Tawfiq
Mohamed Tawfiq - Sales
Manager
·
Ahmed
Ramadan - Sales
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 19th
December 1993
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 54451, Safat
Trade
Licence No. : 8221/93
Chamber Member No. : 3423
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of
Shareholder (s)
· Abdul Rasool
Mohamed Ali Al Kandari
·
Khaleel
Ahmed Rashad Ismael
OPERATIONS
Activities: Engaged as owners and operators of a
supermarket.
Import
Countries: Europe and GCC
countries
Subject has a
workforce of 18 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/17:
Total Sales KD
1,100,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Ahmed Ramadan, Sales Executive
BANKERS
·
Commercial
Bank of Kuwait SAK
Main Branch
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.
According to local
sources, subject meets its payment obligations in a timely manner and the
company 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 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.08 |
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KWD |
1 |
INR 223.35 |
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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PRA |
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Report Prepared
by : |
NIT |
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
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Litigation
against the subject
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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.