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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
YOUSUF AHMED AL GHANIM AND SONS WLL |
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Registered Office : |
New Al Ghanim Workshop, Al Ghanim Ind Building, Plot No. 101 Street
No. 7, Airport Road Shuwaikh Industrial Area PO Box 223 & 24172 Safat
13003 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1930 |
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Com. Reg. No.: |
5744, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject operates several divisions like Reflection Division, Engineering Division, Cars Division, Electrical Division, Travel &
Shipping Division |
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No. of Employees : |
8,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open
economy with crude oil reserves of about 102 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 and 2012 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 historically 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
Company Name : YOUSUF AHMED AL GHANIM AND SONS WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Start Date : 1930
Registration Date : 20th January 1960
Commercial Registration Number : 5744, Safat
Trade Licence Number : 143/72
Chamber Membership Number : 268
Issued Capital : KD 2,500,000
Paid up Capital : KD 2,500,000
Total Workforce : 8,000
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
YOUSUF AHMED AL GHANIM AND SONS WLL
Building : New Al Ghanim
Workshop, Al Ghanim Ind Building, Plot No. 101
Street : Street No.
7, Airport Road
Area : Shuwaikh
Industrial Area
PO Box : 223 & 24172
Town : Safat 13003
Country : Kuwait
Telephone : (965) 24842988
/ 24843988 / 24964602 / 24927711 / 24969510 / 1881111
Facsimile : (965) 24847244
/ 24846819
Email : info@alghanim.com
Subject operates from a large suite of offices that are owned and
located in the Industrial Area of Safat.
Branch Office (s)
Subject has branches located in New York, London,
Tokyo, Beirut and Cairo.
Name Position
· Bassam Ahmed
Yousef Al Ghanim Managing
Director
· Kutayba Ahmed
Yousef Al Ghanim Director
· Omar Kutayba Al
Ghanim General
Manager
· Ihab Al Khateeb Car
Division Manager
· Sameer Fayeq Electrical
Division Manager
· Ahmed Hamoud Engineering
Division Manager
Date of
Establishment : Subject’s
operations date back to 1930, however it was incorporated on 20th January
1960
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 5744, Safat
Trade Licence No. : 143/72
Chamber Member No. : 268
Issued Capital : KD 2,500,000
Paid up Capital : KD 2,500,000
· Al Ghanim
Industries
PO Box: 24172
Safat 13102
Tel: (965)
24832364
Fax: (965)
24832369
· Bassam Ahmed
Yousef Al Ghanim
· Kutayba Ahmed
Yousef Al Ghanim
Subject is a member of the Al Ghanim Group, which
comprises of the following concerns:
· Al Ghanim Sea
Freight
PO Box: 223
Safat 13003
Tel: (965)
24745533
Fax: (965)
24736088
· Al Ghanim
Insurance Office
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Al Ghanim Sahara
Trans Co
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Saudi
International Air Conditioning & Engineering Company
Riyadh
Saudi
Arabia
· Gulf Trading &
Refrigeration Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965)
24843612
· Radiators Services
Co WLL
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· International Cars
Rental Company
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Al Amana
Investment Co
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Al Tawas’a Trading
& Contracting Co
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Sanam Motor
Company
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Al Taqadum Real Estate
Co
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· National Sunrise
Construction Contracting Co
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24845530
· Kirby
International Co WLL
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
· Bassam Al Ghanim
Customs Clearance Office
PO Box: 223
Safat 13003
Tel: (965)
24842988
Fax: (965)
24847244
Activities: Subject’s operations are performed through the following divisions:
·
Reflection Division
This division
specialises in the wholesale and retail of bathroom fittings, furniture and
accessories, including tiles, showers, basin, baths and taps.
·
Engineering Division
Design engineering contractors for air
conditioning, heating and ventilating plants, as well as fire protection and
sanitation works.
·
Cars Division
Dealers
of automobiles and related spare parts.
·
Electrical Division
Suppliers
of household electrical appliances and communications equipment.
·
Travel & Shipping Division
Operators
of a travel agency as well as providing shipping and freight forwarding
services.
Import Countries: Subject imports from around the world,
particularly the United States of America, Europe and the Far East.
Agencies Held:
· General Motors
· Opel
· Daewoo
· Cadillac
· Pontiac
· Oldsmobile
· Chevrolet
· Bedford
· Philips
· Kenwood
· AC Delco
· Whirlpool
· Minolta
· Toshiba
· Alba
· Wansa
· Alaska
· Electrolux
· Frigidaire
· Indesit
· Xerox
· Hitachi
· Lucent
Technologies
· British Airways
· Air India
· Gulf Air
· Qantas
· Cathay Pacific
· American Express
Operating Trend: Steady
Subject has a workforce of approximately 8,000 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales US$
63,750,000 US$ 65,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
The Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
·
Commercial Bank of Kuwait
Shuwaikh
Tel:
(965) 24814643
Fax:
(965) 24837952
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
No complaints regarding subject’s payments have been reported.
Credit amount 98,056
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
Originally established back in 1930, subject is a well-known
organisation in the Middle East, owned and managed by members of the Al Ghanim
family.
Subject’s operations are performed through its many divisions and it
holds the agencies of a large number of reputable international companies.
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.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.