MIRA INFORM REPORT

 

 

Report Date :

28.03.2013

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT INSULATING MATERIAL MANUFACTURING CO KSC (C) KIMMCO

 

 

Registered Office :

Plot No. 3, Block No. 42 Street No. 4 Mina Abdullah Area P O Box 10042, Shuaiba 24609, Safat Shuaiba 65451

 

 

Country :

Kuwait

 

 

Date of Incorporation :

28.08.1977

 

 

Com. Reg. No.:

25470

 

 

Legal Form :

Kuwaiti Shareholding Closed Company – KSC (C)

 

 

Line of Business :

Manufacturers of customized reflective, acoustic and fire resistant insulation materials.

 

 

No. of Employees :

525

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

KUWAIT - ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.

 

Source : CIA

           

SUMMARY

 

Company Name                                     : KUWAIT INSULATING MATERIAL MANUFACTURING CO KSC (C)

                                                              KIMMCO

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Closed Company – KSC (C)

Registration Date                                   : 28th August 1977

Commercial Registration Number            : 25470

Chamber Membership Number                : 6409

Industrial Licence Number                       : 10632

Issued Capital                                        : KD 2,650,000

Paid up Capital                                      : KD 2,650,000

Total Workforce                                     : 525

Activities                                               : Manufacturers of customized reflective, acoustic and fire resistant insulation materials.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Nabil Shamsuddine, Sales Manager

 

 

 

COMPANY NAME

 

KUWAIT INSULATING MATERIAL MANUFACTURING CO KSC (C) KIMMCO

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Plot No. 3, Block No. 42

Street               : Street No. 4

Area                 : Mina Abdullah Area

PO Box             : 10042, Shuaiba

                          24609, Safat

Town                 : Shuaiba 65451

Country             : Kuwait

 

Telephone         : (965) 23262020 / 24734439 / 23260210 / 24734467 / 1881111

Facsimile          : (965) 23262027 / 23261251 / 24739789

Email                : kimmco@alghanim.com

 

Please note that subject’s previous address was, Fahaheel Street, Block 2, Mina Abdullah Area, Shuaiba.

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Shuaiba.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Nabil Marzouk Mohamed Marzouk                                                      Managing Director

 

·       Abdul Aziz A Al Shaya                                                                      Director

 

·       Ayman H Bojara                                                                                Director

 

·       Fawaz M Hassan                                                                              Director

 

·       Jasem M Razehan                                                                            Director

 

·       Mohamed S Salmeen                                                                        Director

 

·       Saud A Al Asfour                                                                              Director

 

·       Hennes Visagie                                                                                 General Manager

 

·       Gamal Abu Saleh                                                                              Marketing Manager

 

·       Sorabh Krishnan                                                                               Finance Manager

 

·       Nabil Shamsuddine                                                                           Sales Manager

 

·       Emad Malah                                                                                     Regional Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1977

 

Legal Form                  : Kuwaiti Shareholding Closed Company – KSC (C)

 

Commercial Reg. No.  : 25470

 

Chamber Member No. : 6409

 

Industrial Licence No.  : 10632

 

Issued Capital              : KD 2,650,000

 

Paid up Capital            : KD 2,650,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Al Ghanim Industries Group                                                   100%

PO Box: 223

Safat 13003

Tel: (965) 1881111

Fax: (965) 24832374

 

 

AFFILIATED COMPANIES

 

·       Kuwait Commercial Market Complex

PO Box: 23541

Safat 13096

Tel: (965) 22409550 / 22409552

Fax: (965) 22409553

 

·       Kuwait Investment Company SAK

PO Box: 1005

Safat 13011

Tel: (965) 22438111

Fax: (965) 22446173

 

·       Kuwait National Real Estate Services Co

PO Box: 26371

Safat 13124

Tel: (965) 22422185

Fax: (965) 22412727

 

·       Kuwait Real Estate Investment Consortium

PO Box: 23411

Safat 13095

Tel: (965) 22448260

Fax: (965) 22434454

 

·       Kuwait Supply Co

PO Box: 5932

Safat 13060

Tel: (965) 24832411

Fax: (965) 24812679

 

·       Kuwait Reinsurance Co

PO Box: 21929

Safat 13080

Tel: (965) 22432012

Fax: (965) 22427823

 

·       Al Rawadatain Water Bottling Co

PO Box: 26715

Safat 13128

Tel: (965) 22457340

Fax: (965) 22457766

 

·       Kuwait Catering Company KSC

PO Box: 1879

Salmiyah 22019

Tel: (965) 24337900 / 24337905 / 24337901 / 24337903

Fax: (965) 24337909 / 24337907

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of customized reflective, acoustic and fire resistant insulation materials.

 

Subject is ISO 9001:2000 accredited.

 

Subject has completed projects at Al Muhallab Complex, Scientific Center, Al Wazzan Warehouses,

Marina Hotel, Marina Mall, Marina Tower (Pavillion), Al Awadi Tower, Amwaj Residency Complex, Al Ahlia

Insurance Co and Communication Tower

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 525 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

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

·       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.

 

 

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.54.39

UK Pound

1

Rs.82.32

Euro

1

Rs.69.54

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.