MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GTC PAINT COMPANY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.04.1974 |
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Com. Reg. No.: |
20117, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture and marketing of commercial,
industrial and marine paints. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
GTC PAINT COMPANY LTD
Country of Origin :
Legal Form :
Limited Liability Company
Registration Date :
24th April 1974
Commercial Registration Number :
20117,
Trade Licence Number :
4255
Membership Number :
4066
Issued Capital :
KD 300,000
Paid up Capital :
KD 300,000
Total Workforce :
200
Line of Business :
Manufacture and marketing of paints.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
GTC PAINT COMPANY LTD
ADDRESS
Registered & Physical Address
Building :
Street : 4th
Ring Road
Area : Shuwaikh
Industrial Area, No. 3
PO Box : 24445
Town : Safat 13105
Country :
Telephone : (965) 4846550 /
4848285 / 4836988
Facsimile : (965) 4837138
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Safat.
KEY PRINCIPALS
Talal S. Al Sagar Managing
Director
Yousuf S. Al Sagar Director
Khaled A. Al Sagar Director
Sagar Yacoub Al Sagar Director
Abdul Rahman Husseini General
Manager
Nahid Makael Finance
Manager
Sayed Mahmoud Al Zaraky Marketing
Manager
Bashir Barakat Production
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 24th
April 1974
Legal Form : Limited Liability
Company
Commercial Reg. No. : 20117,
Trade Licence No. : 4255
Membership No. : 4066
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
Name of Shareholder
(s)
Talal S. Al Sagar
Yousuf S. Al Sagar
Khaled A. Al Sagar
Sagar Yacoub Al Sagar
AFFILIATED COMPANIES
Subject is a member of the A.H. Al Sager & Bros Group, which
comprises the following concerns:
Kuwait
National Bottling Co
Kuwait
Automotive Import Co
Honeywell
Al Bunyan Engineering Contracting Co
Al Andalus Trading Co
Al Sagar Transport Co
GTC Industrial Group
LINE OF BUSINESS
Operations : Engaged in the manufacture and marketing of commercial,
industrial and marine paints.
Import Countries :
International Suppliers :
Marpex Ltd
British Gypsum Ltd
Thor Chemical (
Dorham Chemical Ltd
BASF GmbH
Bayer AG
Dupont Inc
Operating Trend : Steady
Subject has a workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Kuwaiti Dinars (KD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue KD
3,975,000 KD
4,135,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
Al Ahli Bank of
PO Box : 1387
Safat 13033
Tel : (965) 2411101 / 4411102
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction December
2005
Credit amount 34,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
GTC Paint Company Ltd has been in business for over 30 years and is well
established in the local market.
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.
Maximum suggested credit figure: US$ 600,000
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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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%)