MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GTC PAINT COMPANY LTD

 

 

Registered Office :

GTC Building, Sabhan Industrial Area, South Entrance No. 3, P O Box 24445, Safat 13105

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.04.1974

 

 

Com. Reg. No.:

20117, Kuwait City

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Manufacture and marketing of commercial, industrial and marine paints

 

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

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : 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 1,000,000

Paid up Capital                                      : KD 1,000,000

Total Workforce                                     : 220

Activities                                               : Manufacture and marketing of commercial, industrial and marine paints.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Bashir Barakat, Production Manager

 

COMPANY NAME

 

GTC PAINT COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Building             : GTC Building

Area                 : Sabhan Industrial Area, South Entrance No. 3

PO Box             : 24445

Town                 : Safat 13105

Country             : Kuwait

Telephone         : (965) 24710120 / 24710170 / 24836988 / 24846550

Facsimile          : (965) 24761261

Email                : purchase@gtcpaints.com

 

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

 

·       Khalid Abdullah Al Hamd Al Saqr                                                        Managing Director

 

·       Saqr Yacoub Yousef Al Saqr                                                              Director

 

·       Telal Yacoub Yousef Al Saqr                                                              Director

 

·       Yousef Yacoub Yousef Al Saqr                                                           Director

 

·       Mahmoud Al Zuraiqi                                                                           General Manager

 

·       Bashir Barakat                                                                                  Production Manager

 

·       Ali Al Natsha                                                                                                Purchasing Manager

 

·       Ahmed Hussain                                                                                Finance 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 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

·       Khalid Abdullah Al Hamd Al Saqr

 

·       Saqr Yacoub Yousef Al Saqr

 

·       Telal Yacoub Yousef Al Saqr

 

·       Yousef Yacoub Yousef Al Saqr

 

 

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

 

Brand Names: GTC

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 6,450,000                            KD 6,895,000

 

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) 23981188 / 23981189

Fax: (965) 23985643

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 24411102

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2005                        April 2008

Credit amount                                        34,000                                      150,000

Amount overdue                         0                                              0

Payment terms                                      30 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Pounds Sterling                         US Dollars

 

 

GENERAL COMMENTS

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.