MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
THE KANOO GROUP |
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Registered Office : |
Kanoo Building,
Khaled Bin Waleed Street, Bur Dubai, P O Box 290, Dubai |
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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 : |
Import and distribution of construction equipment and machinery Provides solutions and value-added services to utility companies Supplies specialist products and services for the Oil, Gas and Petrochemical Industries Engaged in the provision of insurance policies and related financial services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
Company Name : THE KANOO GROUP
Country of Origin : Dubai, United Arab Emirates
Legal Form : General Partnership
Registration Date : 1957
Commercial Registration Number : 43424, Dubai
Trade Licence Number : 208769
Membership Number : 9830
Partners Capital : UAE Dh 5,000,000
Total Workforce : 2,000
Line of Business : Subject operates several divisions (see below for details).
Financial Condition : Undetermined
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
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Bahrain Gulf
Trading Est
PO Box : 45
Manama
Bahrain
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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
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Technical
Engineering & Maintenance Services (Saudi Arabia) Ltd
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Saudi Korea
Stevedoring Co Ltd
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Saudi Arabia
Logistics & Construction Co Ltd
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Filter
Services International
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Trans-Arabia
Transport
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Technical
Industrial & Marine Contracting Co Ltd
Joint Ventures
·
Aviation
Services, Saudi Arabia Limited
PO Box : 812
Jeddah
Saudi Arabia
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Baroid Saudi
Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
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Cable and
Wireless Saudi Arabia Limited
PO Box : 6196
Riyadh
Saudi Arabia
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Decca Survey
Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
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Elbar Turbines
Saudi Arabia Limited
Saudi Arabia
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Foster Wheeler
Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
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Greyhound
Services Saudi Arabia Limited
PO Box : 37
Dammam
Saudi Arabia
·
Greyhound
Taseco Saudi Arabia Limited
PO Box : 1246
Al Khobar
Saudi Arabia
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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
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Saudi Airports
Operations and Maintenance Limited
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Saudi Arabian
Ocean Inchcape Ltd
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Saudi Computer
Information ad Maintenance Company Limited
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Saudi Arabian
Logistics and Industrial Company Limited
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Saudi Arabian
Lube Additives Company Limited
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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
·
Royal Bank of
Canada
PO Box 3614
Dubai
Tel: (971-4) 3313196
Fax: (971-4) 3313960
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
Opinion on the
credit figure of US$ 150,000
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 |
|
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 |
|
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 |
|
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 |
|
<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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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)