MIRA INFORM REPORT

 

 

Report Date :

06.09.2011

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL INTERNATIONAL GENERAL TRADING & CONTRACTING CO WLL

 

 

Registered Office :

Shop No. 39, 40, 41 & 42 Ahmadi Industrial Area, Opposite to Toyota Showroom P.O.Box No.55887 Kuwait 54569 Subahiya

 

 

Country :

Kuwait

 

 

Date of Incorporation :

11.05.1993

 

 

Com. Reg. No.:

91050

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers and wholesalers of pipes and fittings, valves, flanges and instrumentation fittings, electrical cables and fittings, hardware and tools, industrial safety and protection equipment.

 

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 :

KD 150,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Kuwait 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

Global International General Trading & Contracting Co WLL(Requested)

GLOBAL INTERNATIONAL (Requested)

 

 

ADDRESS

 

Building             : Shop No. 39, 40, 41 & 42

 

Area                 : Ahmadi Industrial Area, Opposite to Toyota Showroom

 

P.O.Box No.      : 55887 Kuwait 54569

Town                  : Subahiya

Country              : Kuwait

 

Telephone         : (965) 2398 7280 / 2398 7256 / 2398 4081

Fax                   : (965) 2398 7121

E-Mail               : global@globalintl.com / gopakumar@globalintl.com

Website             : www.globalintl.com

 

Also Known As : Global Intl. Gen. Trad. & Cont. Co. WLL.

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. Jose Erinjeri Raphael              Managing Director

 

2. Anthony Raphael Erinjeri         Director

 

3. Gopa Kumar                          Financial Manager

 

Total Employees                        : 48

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Opinion on maximum credit : KD 150,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 1,500,000 :

 

The above figure is higher than normally seen in one amount, however could prove admissible in a short series of transactions provided the total indebtedness is strictly monitored.

 

 

PRINCIPAL BANKERS

 

NAME                : BURGAN BANK SAK

 

Branch              : Ahmed Al Jaber Street

PO Box              : 5389

Town                 : Safat 13054

 

Telephone         : (965) 2243 9000

Fax                   : (965) 2246 1148

 

The bank also has an account with the following banks:

 

1. National Bank of Kuwait (NBK)

   Abdullah Al Salem Street

   PO Box 95

   Safat 13001

   Telephone: (965) 2242 2011

   Fax      : (965) 2246 4156

 

2. Gulf Bank

   Al Mubarak Al Kabir Street

   PO Box  3200

   Safat 13032

   Telephone: (962) 2244 9501

   Fax      : (962) 2243 9216

 

3. Al Ahli Bank Of Kuwait Ksc

   Ahmed Al Jaber Street

   PO Box 1387

   Safat 13014

   Telephone: (965) 2240 0900

   Fax      : (965) 2242 4557

 

 

FINANCIAL INFORMATION

 

Private companies in Kuwait are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover               : KD   750,000 - 2001 - exact

                                    : KD 1,220,000 - 2002 - exact

                                    : KD 3,960,000 - 2003 - exact

                                    : KD 3,810,000 - 2004 - exact

                                    : KD 5,000,000 - 2005 - exact

                                    : KD 6,000,000 - 2006 – exact

                                    : KD 7,600,000 – 2007 - exact

                                    : KD 9,000,000 - 2008 - exact

                                    : KD 6,100,000 - 2009 – exact *

                                    : KD 7,500,000 - 2010 – exact

                                    : KD 5,500,000 – 2011 – exact ***

                                    : KD 9,000,000 – 2011 – projected **

 

Net Profit                       : KD 1,000,000 – 2009 – exact

                                    : KD 1,000,000 – 2010 – exact

 

* Decrease in sales turnover in 2009 was due to the global economic

downturn and unfavourable market conditions.

 

** Projected increase in sales turnover in 2011 is due to favourable market conditions.

 

*** 8 months results (January - August).

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 11 May 1993

 

C.R. No. : 91050

 

KCCI Membership No.: 35639 (expiry date: 01/06/2012)

 

Authorised Capital : KD 1,000,000

 

Paid-Up Capital : KD 1,000,000

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. Jose Erinjeri Raphael                                      34%

   (Indian national)

 

2. Anthony Raphael Erinjeri                                 15%

   (brother of the above)

 

3. Hussain Abdullah Ahmad Jawhar *                    51%

   (Kuwaiti national)

 

* The local sponsor, according to Kuwaiti laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of pipes and fittings,

valves, flanges and instrumentation fittings, electrical cables and fittings, hardware and tools, industrial safety and protection equipment.

 

Subject has a contracting division, which under takes electro-mechanical and civil contracts.

 

NACE Code : 4674 / 4752 / 4200 / 4299

 

Subject's main clients include the following :

 

- Kuwait Oil Company

- Kuwait National Petroleum Company

- Petrochemical Industries Company

- Equate Petrochemical Company

 

Imports worldwide, mainly from USA, Sweden, UK, Germany, South Korea, India, Japan, UAE and Oman.

 

Exports to UAE (Dubai) and India.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented offices premises located at the heading address as well as 15,000 sq.m. warehousing facilities located elsewhere in Mina Abdullah and 3 small showrooms located elsewhere in Kuwait.

 

 

SPECIAL NOTE

 

You enquired on: GLOBAL INTERNATIONAL. Please note that the correct name is as per heading.  

 

The address given by you: Opp Toyota Showroomshop is misspelt. Please note that the correct spelling is as per heading.

 

Interviewed: Gopa Kumar (Financial Manager).

                  


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.12

UK Pound

1

Rs.74.18

Euro

1

Rs.64.87

 

 

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.