MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Name :

ALGHANIM SONS GROUP

 

 

Registered Office :

Al Gharabally Building, 1st Floor South Farwaniya, Dajj Area PO Box 23662 Safat 13097

 

 

Country :

Kuwait

 

 

Date of Incorporation :

20.09.2004

 

 

Com. Reg. No.:

96141, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates several divisions like Automotive Division, Hospitality Division, Logistic Division, Services Division

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : ALGHANIM SONS GROUP

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 20th September 2004

Commercial Registration Number            : 96141, Safat

Trade Licence Number                            : 12083/2004

Chamber Membership Number                : 84267

Issued Capital                                        : KD 50,000

Paid up Capital                                      : KD 50,000

Total Workforce                                     : 150

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 300,000

 

 

COMPANY NAME

 

ALGHANIM SONS GROUP

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Gharabally Building, 1st Floor

Area                 : South Farwaniya, Dajj Area

 

PO Box             : 23662

 

Town                 : Safat 13097

Country             : Kuwait

 

Telephone         : (965) 24331709 / 24835615

Facsimile          : (965) 24312717

Mobile               : (965) 99600600 / 97244379 / 1884455

Email                : info@alghanimsons.com

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Adel Yacoub Jassim Al Ghanim                                                         Managing Director

 

·       Mazrooq Adel Yacoub Jassim Al Ghanim                                            Director

 

·       Naser Adel Yacoub Jassim Al Ghanim                                                Director

 

·       Derek Maefarlaine                                                                             Commercial Manager

 

·       George Kovalli                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th September 2004

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 96141, Safat

 

Trade Licence No.       : 12083/2004

 

Chamber Member No. : 84267

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)

 

·       Adel Yacoub Jassim Al Ghanim

 

·       Mazrooq Adel Yacoub Jassim Al Ghanim

 

·       Naser Adel Yacoub Jassim Al Ghanim

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Retail Division

 

     Retailers of readymade garments, footwear, furniture and household goods.

 

·       Automotive Division

 

       Distributors of automobiles and related accessories. The division represented brands are MG Cars, SHAC Trucks, Higer Buses and CIMC

 

·       Hospitality Division

 

     Operators of restaurants and cafes, including Dlush, Chesters, Paul, Columbus Cafe, and Butcher Shop & Grill

 

·       Logistic Division

 

Distributors, warehousing and transportation services. It provides a turnkey logistics solution for business, industry, government departments and the military.

 

 

·       Services Division

 

The services division of Alghanim Sons Group supplies high quality general construction services, civil engineering, installation and maintenance of technical equipment.  Expertise in marine services includes installation and maintenance of telecommunications, radar and navigation systems for maritime merchant vessels. The Group also operates facilities management services.

 

Import Countries: Europe and the United States of America

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Kuwait SAK

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

     Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

GENERAL COMMENTS

 

Established in 2004, subject is owned and managed by members of the Al Ghanim family and is involved in a number of activities performed through its divisions.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.