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Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
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Name : |
GTC PAINT COMPANY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.04.1974 |
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Com. Reg. No.: |
20117 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the manufacture and marketing of commercial, industrial and marine paints. |
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No of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
KUWAIT ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.
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Source
: CIA |
Company Name : GTC PAINT COMPANY LTD
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 24th April 1974
Commercial Registration Number : 20117, Kuwait City
Trade Licence Number : 4255
Chamber Membership Number : 4066
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
Total Workforce : 220
Activities : Manufacture and marketing of commercial, industrial and marine paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Hussain, Finance Manager
GTC PAINT COMPANY
LTD
Building : GTC Building
Street : Canada Dry Street
Area : Sabhan Industrial
Area, South Entrance No. 3
PO Box : 24445
Town : Safat 13105
Country : Kuwait
Telephone : (965) 24710120 / 24710170 / 24836988
/ 24846550
Facsimile : (965) 24761261 / 24837138
Email : purchase@gtcpaints.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Safat.
Name Position
·
Khalid Abdullah Al Hamd Al Saqr Managing
Director
·
Saqr Yacoub Yousef Al Saqr Director
·
Telal Yacoub Yousef Al Saqr Director
·
Yousef Yacoub Yousef Al Saqr Director
·
Mahmoud Al Zuraiqi General
Manager
·
Bashir Barakat Production
Manager
·
Ali Al
Natsha Purchasing
Manager
·
Ahmed Hussain Finance
Manager
Date of Establishment : 24th
April 1974
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 20117, Kuwait
City
Trade Licence No. : 4255
Chamber Member No. : 4066
Issued Capital : KD 300,000
Paid up Capital : KD 300,000
·
Khalid Abdullah Al Hamd Al Saqr
·
Saqr Yacoub Yousef Al Saqr
·
Telal Yacoub Yousef Al Saqr
·
Yousef Yacoub Yousef Al Saqr
Subject is a member of the A H Al Sager & Bros Group, which
comprises the following concerns:
· Kuwait
National Bottling Co
·
Kuwait Automotive Import
Co
·
Honeywell Kuwait KSC
·
Al Bunyan Engineering
Contracting Co
·
Al Andalus Trading Co
·
Al Sagar Transport Co
· GTC
Industrial Group
Activities: Engaged in the manufacture and marketing of
commercial, industrial and marine paints.
Import
Countries: United Kingdom,
Germany and the United States of America.
International
Suppliers:
·
Marpex
Ltd United
Kingdom
·
British
Gypsum Ltd United Kingdom
·
Thor
Chemical (UK) Ltd United Kingdom
·
Dorham
Chemical Ltd United Kingdom
·
BASF
GmbH Germany
·
Bayer
AG Germany
·
Dupont
Inc United
States of America
·
Ashland United States of
America
Brand Names: GTC
Operating Trend: Steady
Subject has a
workforce of approximately 220 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales KD 7,450,000 KD 7,825,000
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
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Al Ahli
Bank of Kuwait KSC
Mubarak Al Kabir Street
PO Box: 1387
Safat 13033
Tel: (965) 22411101 / 24411102
No complaints
regarding subject’s payments have been reported.
Credit amount 34,000 150,000 26,000
Amount overdue 0 0 0
Payment terms 30
days 60
days 30
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints No
Complaints
Currency Pounds
Sterling US
Dollars Euros
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 60.24 |
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|
1 |
Rs. 101.92 |
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Euro |
1 |
Rs. 80.69 |
INFORMATION DETAILS
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Analysis Done by
: |
SMT |
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Report Prepared by
: |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.