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Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ZAYANI TRADING COMPANY WLL |
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Registered Office : |
Al Zayani Building 4th Ring Road Al Rai Area PO Box 41
Safat 13001 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1952 |
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Com. Reg. No.: |
4092, Safat |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject operates several divisions like Automobile Division, Furniture Division, Equipment Division |
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No. of Employees : |
470 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
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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 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
Company Name : AL ZAYANI TRADING COMPANY WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability – WLL
Start Date : 1952
Registration Date : 5th June 1977
Commercial Registration Number : 4092, Safat
Trade Licence Number : 878/77
Chamber Membership Number : 84845
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Total Workforce : 470
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saleem Ahmed, Chief Financial Officer
AL ZAYANI TRADING COMPANY WLL
Building : Al Zayani
Building
Street : 4th
Ring Road
Area : Al Rai Area
PO Box : 41
Town : Safat 13001
Country : Kuwait
Telephone : (965) 24721414
/ 24720242 / 24712975 / 24720286 / 24735199 / 1808010
Facsimile : (965) 24765638
/ 24724980 / 24744631
Email : admin@al-zayani.com
Subject operates from a large suite of offices and a showroom that are
owned and located in the Industrial Area of Safat.
Branch Office (s)
Location Description
· Al Rai Area Warehouse,
workshop and garage
Safat
Tel:
(965) 24746444 / 24712975 / 24712968
Fax:
(965) 24737766
Name Position
· Mohamed Jasim
Abdul Rahman Al Zayani Chairman
· Nail Jasim Abdul
Rahman Al Zayani Managing
Director
· Mathew Joseph Finance
Manager
· Saleem Ahmed Chief
Financial Officer
· Ahmed Issa Chief
Accountant
· Mohamed Dawala Commercial
Manager
· Satish Lobo Human
Resources Manager
· Ahmed Naghi Marketing
Manager (Jaguar and Bentley)
· Amer Al Shareef Marketing
Manager (Ferrari and Maserati)
Date of
Establishment : Subject’s operations
date back to 1952, however it was registered on 5th June 1977
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 4092, Safat
Trade Licence No. : 878/77
Chamber Member No. : 84845
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
· Mohamed Jasim
Abdul Rahman Al Zayani 50%
· Nail Jasim Abdul
Rahman Al Zayani 50%
· Kuwait Automobile
and Trading Co
Safat
Activities: Subject’s operations are performed through the following divisions:
·
Automobile Division
Dealers for automobiles and commercial
vehicles, as well as auto spare parts, such as lubricants and greases. Subject
also offers care hire services. The company are authorised dealers for:
- Jaguar United
Kingdom
- Rolls-Royce & Bentley United Kingdom
- Maserati Italy
- Ferrari Italy
- M.A.N. Germany
- Daihatsu Japan
- Tata India
This
division also deals in used cars.
·
Furniture Division
The furniture division is engaged in the
import and distribution of a wide range and variety of products for special
fields such as the medical profession, laboratories, theatres, cinemas, public
waiting areas indoors and outdoors.
It also supplies the basic requirements for
offices such as filing cabinets and desks for different managerial levels,
reception counters and storage systems.
The division stocks the following brand
names: GODREJ, METALCOOP, OFFITAL, CAZZARO, LUPARENSE, RIGHINI and FIRE KING.
·
Equipment Division
This division specialises in supplying car
maintenance workshops with operating equipment and garage supplies,
as well as related heavy-duty equipment.
Clients include: Kuwait Airways Corporation, Arabian Motor Group (Ford),
Kuwait Armed Forces, National Guard and
Kuwait Public Transport Co.
Import Countries: Europe, United States of America, Japan and India.
Operating Trend: Steady
Subject has a workforce of approximately 470 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales KD
11,750,000 KD
12,500,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Saleem Ahmed, Chief Financial
Officer
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Commercial Bank of Kuwait
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
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.
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.