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MIRA INFORM REPORT
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Report No. : |
509237 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AL KAMAR AL KUWAITI GENERAL TRADING AND CONTRACTING ESTABLISHMENT |
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Registered Office : |
Building No. 29, 4th Floor, Plot No. 65 Macca
Street PO Box 46106 Fahaheel 64012 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.07.1983 |
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Com. Reg. No.: |
35561 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of
general foodstuff products, specialising in fish, seafood, crab, dried food,
frozen food, mango and pomegranates. |
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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 : |
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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Maximum Credit Limit : |
US$ 200,000 |
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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.
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 $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018.
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Source
: CIA |
SUMMARY
Company Name : AL KAMAR AL KUWAITI GENERAL TRADING AND CONTRACTING
ESTABLISHMENT
Country of Origin : Kuwait
Legal Form : Sole Proprietorship
Registration Date : 7th July 1983
Commercial Registration Number : 35561
Trade Licence Number : 1577/83
Chamber Membership Number : 13940
Invested Capital : KD 50,000
Total Workforce : 12
Activities : Distributors of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 200,000
Person Interviewed : Sam Nilamal, Assistant General Manager
COMPANY
NAME
AL KAMAR AL KUWAITI GENERAL TRADING AND CONTRACTING
ESTABLISHMENT
ADDRESS
Registered &
Physical Address
Building :
Building No. 29, 4th Floor, Plot No. 65
Street :
Macca Street
PO Box :
46106
Town :
Fahaheel 64012
Country :
Kuwait
Telephone :
(965) 24339493 / 23924184
Facsimile :
(965) 24343162
Mobile :
(965) 97602625 / 99747907
Email : info@nilamelkwt.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Fahaheel.
Branch
Offices
Location Description
· Al Dowaish Complex, 3rd Floor, Office No.
38 Office
premises
Jaleeb Al Sheioukh
Tel:
(965) 24343162
Mob: (965) 97993217
KEY
PRINCIPALS
Name Position
·
Lafi Saoud Mohamed
Al Mutairi Proprietor
& General Manager
· Sam
Nilamal Assistant
General Manager
· Tiby Mathew Finance
Manager
· Abdul Rashid Thalavankkad Sales
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 7th
July 1983
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. : 35561
Trade
Licence No. :
1577/83
Chamber
Member No. : 13940
Invested Capital : KD
50,000
Mr Lafi Saoud Mohamed Al Mutairi is the sole proprietor of
the business.
AFFILIATED
COMPANIES
· Foodex International Co WLL
Safat
OPERATIONS
Activities: Engaged in the import and distribution
of general foodstuff products, specialising in fish, seafood, crab,
dried food, frozen food, mango and
pomegranates.
Import Countries: India, Bangladesh, Sri Lanka,
Philippines, Thailand and Vietnam
International
Suppliers:
· Tran Agro Ltd Bangladesh
· Consolidated Business System (CBS) Sri Lanka
· Nilamal Export India
· Q Field Philippines
· Philippine Grocer Philippines
· Food Blessing Thailand
· Rita Vietnam
Subject has a workforce of 12 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Kuwaiti Dinar (KD)
Year
Ending 31/12/17:
Total Sales KD
1,800,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Sam Nilamal, Assistant General
Manager
BANKERS
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax:
(965) 22455135
Acc
No. 011010192574
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 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 67.83 |
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1 |
INR 91.68 |
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Euro |
1 |
INR 80.29 |
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KWD |
1 |
INR 224.40 |
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 : |
TRU |
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.