MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GTC PAINT COMPANY LTD |
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Registered Office : |
GTC Building, 4th Ring Road, Shuwaikh Industrial Area, No.
3, PO Box 24445, Safat 13105 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.04.1974 |
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Com. Reg. No.: |
20117, Kuwait City |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacture and Marketing of Commercial, Industrial and
Marine Paints. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GTC PAINT COMPANY LTD
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 24th April 1974
Commercial Registration Number : 20117, Kuwait City
Trade Licence Number : 4255
Chamber Membership Number : 4066
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
Total Workforce : 200
Activities : Manufacture and marketing of commercial, industrial and marine paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
COMPANY NAME
GTC PAINT COMPANY LTD
ADDRESS
Registered & Physical Address
Building : GTC Building
Street : 4th
Ring Road
Area : Shuwaikh
Industrial Area, No. 3
PO Box : 24445
Town : Safat 13105
Country : Kuwait
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
Name Position
· 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
· Ali Al Netsha Finance
Manager
· Sayed Mahmoud Al
Zaraky Marketing
Manager
· Bashir Barakat Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th April 1974
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 20117, Kuwait City
Trade Licence No. : 4255
Chamber Member 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 Kuwait KSC
·
Al Bunyan Engineering Contracting
Co
·
Al Andalus Trading Co
·
Al Sagar Transport Co
· GTC
Industrial Group
OPERATIONS
Activities: Engaged in the manufacture and marketing of commercial, industrial and
marine paints.
Import Countries: United Kingdom, Germany and the United States of
America.
International Suppliers:
· Marpex Ltd United Kingdom
· British Gypsum Ltd United Kingdom
· Thor Chemical (UK)
Ltd United Kingdom
· Dorham Chemical
Ltd United Kingdom
· BASF GmbH Germany
· Bayer AG Germany
· Dupont Inc United States of
America
Operating Trend: Steady
Subject has a workforce of approximately 200 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales KD
4,135,000 KD
6,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
·
Al Ahli Bank of Kuwait KSC
Mubarak Al Kabir Street
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
Opinion on the credit figure of US$ 150,000:
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.
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. |
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%)