MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
THE KANOO GROUP |
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Registered Office : |
Kanoo Building, Khaled Bin Waleed Street Bur Dubai, 290 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1957 |
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Com. Reg. No.: |
43424, Dubai |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject operates several divisions (see
below for details). |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
THE KANOO GROUP |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
General Partnership |
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Registration Date |
1957 |
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Commercial Registration Number |
43424, Dubai |
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Trade Licence Number |
208769 |
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Membership Number |
9830 |
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Partners Capital |
UAE Dh 5,000,000 |
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Total Workforce |
2,000 |
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Line of Business |
Subject operates several divisions (see below for details). |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
THE KANOO GROUP
ADDRESS
Registered & Physical Address
Building : Kanoo Building
Street : Khaled Bin Waleed Street
Area : Bur Dubai
PO Box : 290
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3933633 / 3378400 / 3472234
Facsimile : (971-4) 3373660 / 3933636 / 3473344
Email : info@kanoogroup.com
Premises
Subject operates from a large suite of offices that are owned and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
PO Box: 245 Sales Office
Abu Dhabi
Tel: (971-2) 6774444
Fax: (971-2) 6722505
Jebel Ali Free Zone Sales Office & Warehouse
Dubai
Tel: (971-4) 8815050
Fax: (971-4) 8816095
PO Box: 153 Sales Office
Sharjah
Tel: (971-6) 5612002
Fax: (971-6) 5614694
PO Box: 151 Sales Office
Ras Al Khaimah
Tel: (971-7) 2228225
PO Box: 1779 Sales Office
Al Ain
Tel: (971-3) 324231
PO Box: 10399 Sales Office
Fujairah
Tel: (971-9) 225181
KEY PRINCIPALS
Basim Kanoo Managing Partner
Mashaal Kanoo Partner
Louloua Kanoo Partner
E. Johnson General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1957
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 43424, Dubai
Trade Licence No. : 208769
Membership No. : 9830
Partners Capital : UAE Dh 5,000,000
Name of Partner (s)
Basim Kanoo
Mashaal Kanoo
Louloua Kanoo
Members of the Kanoo family
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
AFFILIATED COMPANIES
Subject is a member of the well-known Kanoo Group, which includes the following concerns:
Associates & Subsidiaries
Yusuf Bin Ahmed Kanoo
Kanoo Tower
King Saud Street
PO Box : 37 & 1257
Dammam 31416
Saudi Arabia
Tel : (966-3) 8348880 / 8571265 / 8323011
Fax : (966-3) 8345369
Yusuf Bin Ahmed Kanoo & Co
PO Box : 1310
Muscat
Oman
Tel : (968) 772253
Family Investment Company
Manama
Bahrain
Tel : (973) 249290
Bahrain International Cargo Services
PO Box : 45
Manama
Bahrain
Tel : (973) 727881
Fax : (973) 727024
Dubai Express
Old Airport Road
PO Box : 5514
Dubai
United Arab Emirates
Tel : (971-4) 245141
Fax : (971-4) 245535
Kanoo Serck Services WLL
Kanoo Commercial Centre
PO Box : 26963
Adari
Bahrain
Tel : (973) 400503
Fax : (973) 400373
Kanoo Rapid Transport
PO Box : 290
Dubai
United Arab Emirates
Tel : (971-4) 521525
Shipping & Marine Services Co Ltd (SAMCO)
Kanoo Building
Madinah Road, Kilo-7
PO Box : 7961
Jeddah 21472
Saudi Arabia
Tel : (966-2) 6694088
Fax : (966-2) 6672281
Saudi Public Transport Company
Al Takhassosi Street
PO Box : 10667
Riyadh 11443
Saudi Arabia
Tel : (966-1) 4545000
Fax : (966-1) 4542100
Kanoo Terminal Service Ltd
Dhahran Airport Road
PO Box : 37
Dammam 31411
Saudi Arabia
Tel : (966-3) 8583575
Fax : (966-3) 8345369
Teams (Bahrain) Technical Engineering & Marketing Services
Mina Salman
PO Box : 568
Manama
Bahrain
Tel : (973) 243302
Fax : (973) 725584
Investcorp Bank EC
Investcorp House
PO Box : 5340
Manama
Bahrain
Tel : (973) 532000
Fax : (973) 530816
Bahrain Airport Services
Muharraq Airport
PO Box : 22285
Manama
Bahrain
Tel : (973) 320332
Fax : (973) 275785
Bahrain Gulf Trading Est
PO Box : 45
Manama
Bahrain
Bahrain Hotels Co BSC
PO Box : 580
Manama
Bahrain
Tel : (973) 233000
National Bank of Bahrain BSC
Government Avenue
PO Box : 106
Manama
Bahrain
Tel : (973) 258800
Fax : (973) 253620
The Bahrain Ship Repairing & Engineering Company BSC
Mina Salman Street
PO Box : 568
Manama
Bahrain
Tel : (973) 725300
Fax : (973) 725584
Kanoo Electrical Mechanical & Construction Co WLL
Manama Centre
PO Box : 463
Manama
Bahrain
Tel : (973) 254081
Fax : (973) 213119
Saudi Metal Industries Co Ltd
Dammam Industrial City
PO Box : 1150
Dammam 31431
Saudi Arabia
Tel : (966-3) 8572190
Fax : (966-3) 8572810
International Paint Saudi Arabia Ltd
Old Abkak Road
2nd Industrial City
PO Box : 37
Dammam 31411
Saudi Arabia
Tel : (966-3) 8428436
Fax : (966-3) 8424361
International Paints (Gulf) Ltd
Dubai – Abu Dhabi Road
PO Box : 290
Dubai
United Arab Emirates
Tel : (971-4) 480491
Fax : (971-4) 481339
Gulf Shipping & Commercial Agencies
Kanoo Building
PO Box : 136
Manama
Bahrain
Tel : (973) 249336
Fax : (973) 246093
United Commercial Agencies Ltd
Madinah Road
PO Box : 5019
Jeddah
Saudi Arabia
Tel : (966-2) 6518220
Fax : (966-2) 6511936
Kanoo Travel Agency
Kanoo Centre
Madinah Street, Kilo 7
PO Box : 812
Jeddah
Saudi Arabia
Tel : (966-2) 6695240
Fax : (966-2) 6695801
Commercial Registration No. : 34215
Aeradio Technical Services (Bahrain)
Main Salman Industrial Area
PO Box : 26803
Manama
Bahrain
Tel : (973) 727790
Fax : (973) 727811
Technical Engineering & Maintenance Services (Saudi Arabia) Ltd
Saudi Korea Stevedoring Co Ltd
Saudi Arabia Logistics & Construction Co Ltd
Filter Services International
Trans-Arabia Transport
Technical Industrial & Marine Contracting Co Ltd
Joint Ventures
Aviation Services, Saudi Arabia Limited
PO Box : 812
Jeddah
Saudi Arabia
Baroid Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
Cable and Wireless Saudi Arabia Limited
PO Box : 6196
Riyadh
Saudi Arabia
Decca Survey Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
Elbar Turbines Saudi Arabia Limited
Saudi Arabia
Foster Wheeler Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
Greyhound Services Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
Greyhound Taseco Saudi Arabia Limited
PO Box : 1246
Al Khobar
Saudi Arabia
King Wilkinson Saudi Arabia Limited
PO Box : 1110
Al Khobar
Saudi Arabia
Maersk Drilling Saudi Arabia Limited
PO Box : 37
Ras Tanura
Saudi Arabia
Norwich Winterthur Insurance (Arabia) Limited
PO Box : 37
Dammam
Saudi Arabia
Oil Transport Company
PO Box : 4584
Riyadh
Saudi Arabia
Otis Saudi Limited
PO Box : 2049, Dhahran Airport
Dammam
Saudi Arabia
Pollution Control Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
Saudi Arabian Moran Brown Olds Ltd
Saudi Airports Operations and Maintenance Limited
Saudi Arabian Ocean Inchcape Ltd
Saudi Computer Information ad Maintenance Company Limited
Saudi Arabian Logistics and Industrial Company Limited
Saudi Arabian Lube Additives Company Limited
Saudi Enterprises and Port Services Limited
PO Box : 106
Dammam
Saudi Arabia
Todd Saudi Arabia Limited
PO Box : 753
Riyadh
Saudi Arabia
Watson Gray Saudi Arabia Limited
PO Box : 71
Ras Tanura
Saudi Arabia
LINE OF BUSINESS
Operations: Subject’s activities are performed through the following divisions:
Kanoo Machinery
Engaged in the import and distribution of construction equipment and machinery, such as mobile cranes and forklift trucks. The division also offers repair and maintenance and maintenance services covering the rebuilding of engines, as well as offering rental of lifting equipment. It was accredited with ISO 9001-2000 in 2001.
Kanoo Power & Industrial Projects
The Power & Industrial Projects division (PIP) provides solutions and value-added services to utility companies and to the multitude of industries throughout the Gulf and Arabian Peninsular. Services offered include:
- Power plant engineering
- Energy audits and assessments
- Repair/Retrofit/Reconditioning
- Reverse engineering
- Corrosion control & NDT
Kanoo Oil & Gas
Oil & Gas division supplies specialist products and services for the Oil, Gas and Petrochemical Industries and serves such well-known organisations as Saudi Aramco, SABIC, ADNOC, BAPCO and PDO Oman.
The division imports and distributes a wide range of oil field supplies including; flow control products, instrumentation & controls, process equipment, environmental & pollution control, pipeline inspection services, and specialty chemicals.
Kanoo Cargo Services
This division offers freight forwarding and cargo services, project-forwarding services and packing services, bunker supplies, and customs clearance, as well as representing container lines such as Blue Star Line Ltd, CMB Transport BV, Hual, Maersk Line, and Nedlloyd.
Communications Division
This division specialises in the distribution of radio and communication equipment, marine instruments, navigational aids, and a complete range of marine electronic equipment.
Travel Division
Travel agents and tour operators – IATA members.
Insurance Division
Engaged in the provision of insurance policies and related financial services.
Property Division
Real estate agents and property developers.
Import Countries: Subject imports from worldwide locations.
Subject has a workforce of approximately 2,000 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
Emirates Bank International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
National Bank of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
The Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction April 1999
Credit amount 50,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters of Credit
Paying record No Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
The Kanoo Group is an old and well-established concern, which enjoys an excellent reputation for the quality of its goods and services.
Subject is a member of the Kanoo Group, which has operations throughout the region.
According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear and we are of the opinion that the business is trustworthy for respecting its financial transactions.
Maximum suggested credit figure: US$ 3,000,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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