|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
IBN AL KHALEEJ GENERAL TRADING CO |
|
|
|
|
Registered Office : |
Lulu Complex, Office No. 123, 2nd Floor, A Wing Khalid Ibn
Walid Street PO Box 2794 Hawalli 32028 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.03.1980 |
|
|
|
|
Com. Reg. No.: |
28760 |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Subjects operations are performed through the following divisions:
|
|
|
|
|
No. of Employees : |
08 |
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 – 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 |
|
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 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 : IBN AL KHALEEJ GENERAL TRADING CO
Country of Origin : Kuwait
Legal Form : General Partnership
Start Date : 4th March 1980
Registration Date : 1994
Commercial Registration Number : 28760
Trade Licence Number : 3598/1970
Chamber Membership Number : 20012
Partners Capital : KD 100,000
Total Workforce : 8
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
IBN AL KHALEEJ GENERAL TRADING CO
Building : Lulu Complex,
Office No. 123, 2nd Floor, A Wing
Street : Khalid Ibn
Walid Street
PO Box : 2794
Town : Hawalli 32028
Country : Kuwait
Telephone : (965) 22659447
Facsimile : (965) 22659448
Mobile : (965) 9428450 / 97647723
Email : iakgt@ibnalkhaleej.com
/ iakgt@kems.net
Please note that subject’s previous address was, Walaa Complex, Ibn
Khaldoun Street, Hawalli.
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area Hawalli.
Name Nationality Position
· Mouzamil Khourshid
Ahmed Indian Managing Partner
· Miram Ghoulam Ali
Ismail Al Jazaff Kuwaiti Partner
· Iman Ghoulam Ali
Ismail Al Jazaff Kuwaiti Partner
· Hani Ghoulam Ali
Ismail Al Jazaff Kuwaiti Partner
· Hasan G Al Jazaff - Internal
Authority
Date of
Establishment : Subject was
established on 4th March 1980, however it was registered in 1994
Legal Form : General Partnership
Commercial Reg.
No. : 28760
Trade Licence No. : 3598/1970
Chamber Member No. : 20012
Partners Capital : KD 100,000
Name of Partner (s) Percentage
· Miram Ghoulam Ali
Ismail Al Jazaff ]
]
· Iman Ghoulam Ali
Ismail Al Jazaff ] 51%
]
· Hani Ghoulam Ali
Ismail Al Jazaff ]
· Mouzamil Khourshid
Ahmed 49%
· Forklift Arabia
FZE
Saif Zone
Sharjah
Activities: Subjects operations are performed through the following divisions:
Engaged in the import and distribution of
heavy machinery spare parts, forklift supplies and related
accessories. This includes supply and maintenance
of material handling equipments, warehousing services,
design and consultation.
In 2004 the subject established another
division of steel fabrication in Shuwaikh Industrial area. This facility covers an area of over 1000 sq. meters. This
division is manufacturing a lot of types of steel structures like, poles, fuel tanks, water tanks etc. It is
also involve in civil, electric and plumbing services. This division was
involved in some government projects, all over Kuwait as a sub contractor for
the maintenance of Gardens in different areas which includes electrical and
civil works.
Subject has
started marketing the products of an Italian company RelaxSan. They are
specialized in different helping aids in the field of Orthopedics, child care,
maternity and diabetic. This division also provides the services of maintenance
for the medical equipments. Subject also supplies Daray, UK products socialized
in examination and operating lights, syringe pumps, vital sign monitors, pulse
oxymeters, dental equipments, microscopes etc. Supplying IVF disposables from
Sperm Processor, India. Infusion sets, IV cannulas and blood bags from Medikit,
India.
Import Countries: Spain, Germany, Denmark, Germany, Japan, and the
United States of America.
International Suppliers:
· Lindi Germany
· Caterpillar United States of America
· Mitsubishi Japan
Brand Names: TUDOR
Operating Trend: Steady
Subject has a workforce of 8 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
2,200,000 KD
2,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Kuwait
Hawalli
Tel: (965) 22653303 / 22645964
Fax: (965)
22611366
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.