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MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
KUWAIT AUTOMOTIVE IMPORTS CO WLL (KAICO) |
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Registered Office : |
4th Ring Road, Al Rai Area, 48, Safat 13001 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
Subject’s operations date back to 1928, however it was registered on 20th April 1960. |
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Com. Reg. No.: |
363, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Import and distribution of automobiles and spare parts |
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$ 2,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : KUWAIT AUTOMOTIVE IMPORTS CO WLL (KAICO)
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Start Date : 1928
Registration Date : 20th April 1960
Commercial Registration Number : 363, Safat
Trade Licence Number : 309/88
Chamber Membership Number : 1319
Issued Capital : KD 5,000,000
Paid up Capital : KD 5,000,000
Total Workforce : 500
Activities : Import and distribution of automobiles and spare parts.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
COMPANY NAME
KUWAIT AUTOMOTIVE IMPORTS CO WLL (KAICO)
ADDRESS
Registered & Physical Address
Street : 4th Ring
Road
Area : Al Rai Area
PO Box : 48
Town : Safat 13001
Country : Kuwait
Telephone : (965) 4733334 /
4717572 / 4760623 / 4760627
Facsimile : (965) 4722226
/ 4762534
Email : mail@kaico.net
Premises
Subject operates from a large suite of offices and a showroom that are
owned and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
· Bank Street Service
station and warehouse
Shuwaikh
Tel:
(965) 4810600 / 4830147
Fax:
(965) 4812169 / 4815691
· Darwaza Rented
showroom premises
Kuwait City
Tel: (965) 2421276
· Canada Dry Street Rented
office & showroom premises
Shuwaikh
Safat
Tel:
(965) 4849775
· Al Sharq Rented
office & showroom premises
Safat
Tel: (965) 2413042
KEY PRINCIPALS
Name Position
· Khalid
Abdullah Al Saqr Managing
Director
· Abdullah
Abdullatif Al Shaya Director
· Yousef
Abdullatif Al Shaya Director
· Mohamed
Samer Al Laham Director
· Fumio
Tone General
Manager
· Ahmed Al Anzi Administration
Manager
· Attallah
Tanveer Mohamed Finance Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject’s
operations date back to 1928, however it was registered on 20th
April 1960.
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 363, Safat
Trade Licence No. : 309/88
Chamber Member No. : 1319
Issued Capital : KD 5,000,000
Paid up Capital : KD 5,000,000
Name of Shareholder (s)
· Khalid
Abdullah Al Saqr
· Abdullah
Abdullatif Al Shaya
· Yousef
Abdullatif Al Shaya
· Mohamed
Samer Al Laham
· Saleh A. Al Shaya
· Abdulaziz A. Al
Shaya
· Abdulaziz H. Al
Sagar
· Jassim H. Al Sagar
· Khalid H. Al Sagar
AFFILIATED COMPANIES
· Mohamed Humoud Al
Shaya Company WLL
Al Shaya
Building
Street
No. 2
PO Box:
181
Safat
13002
Tel:
(965) 4848400 / 4811434 / 4815805
Fax: (965)
4814842 / 4848051
Email: info@alshaya.com
· Al Shaya
International General Trading Co
PO Box : 181
Safat 13002
Tel : (965)
4848400
Fax : (965)
4814842
· Al Shaya Holding
Co
PO Box : 181
Safat 13002
Tel : (965) 4848400
Fax : (965)
4814842
· Saud A. M. Al
Shaya Trading & Contracting Est
PO Box : 181
Safat 13002
Tel :
(965) 4841964
Fax :
(965) 4814842
· Dareen
International Holding Co
PO Box : 181
Safat 13002
Tel : (965)
4848400
Fax : (965)
4814842
· Al Injaz Contracting
Co KSC
PO Box : 25215
Safat
Tel : (965)
4832615
Fax : (965)
4843953
· Al Shaya &
Juma Al Majid Trading Co
PO Box : 64432
Safat
Tel : (965)
4848411 / 4848400
Fax : (965)
4848425
· Pan Arab Computer
Company (PACC)
Safat
Tel :
(965) 4848500
· Abha Contracting
Company
Abha
Saudi
Arabia
Tel :
(966-4) 8363254
OPERATIONS
Activities:
Engaged in the import and distribution of automobiles (passenger and
commercial vehicles) and spare parts, tyres and lubricants.
The company also leases vehicles to Ministries, Establishments and
Individuals on short and long term basis.
It also operates a service station and car workshop that offers repair
and maintenance services, as well as stocking over 65,000 lines of genuine
parts and products.
Import Countries
United States of America, France and Japan.
Agencies
· Mazda Motor
Corporation Japan
· Peugeot France
· Michelin & Cie France
· Royal Enfield United Kingdom
· Exxon Mobil United States of
America
Operating Trend
Steady
Subject has a workforce of approximately 500 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:
Total Sale KD
23,100,000 KD 28,500,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
With operations commencing in 1928, Kuwait Automotive Imports Co WLL
(KAICO) is very well established in the local market. The company are importers
and distributors of automobiles as well as offering many related automobile
services, such as repairs and maintenance and car leasing.
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 and
the above credit figure is deemed to be within subject’s financial means.
The financial data contained in this report was verified by Mr Attallah Tanveer Mohamed, Finance Manager.
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%)