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Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AL ZAHEM INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL |
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Registered Office : |
Free Trade Zone, Plot F11,, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.10.1991 |
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Com. Reg. No.: |
44648 |
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Legal Form : |
With Limited
Liability |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Contracting Division ·
Trading Division |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 - 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.
|
Source
: CIA |
Company Name : AL ZAHEM
INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date :
1st October 1991
Commercial Registration Number :
44648, Safat
Trade Licence Number :
130/91
Chamber Membership Number :
24576
Issued Capital :
KD 4,000,000
Paid up Capital :
KD 4,000,000
Total Workforce :
180
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Khalid Al Barno, Finance Manager
AL ZAHEM INTERNATIONAL GROUP TRADING & CONTRACTING CO WLL
Registered &
Physical Address
Location : Free Trade
Zone, Plot F-11
Area : Shuwaikh
Port Area
PO Box : 26212 &
22063
Town : Safat 13123
Country : Kuwait
Telephone : (965) 24829160
/ 24829161 / 24829162
Facsimile : (965) 24829166
/ 24829167
Mobile : (965)
94066074
Email : info@alzahemgroup.com
/ khaledalborno@alzahemgroup.com
Premises
Subject operates from a large suite of offices and a workshop that are
rented and located in the Free Trade Zone Area of Safat.
Branch Office (s)
Location Description
Mina Abdullah Warehouse
premises
Safat
Name Position
Faisal Abdulaziz Al Zahem Managing
Director
Abdulaziz Faisal Abdulaziz Al Zahem Director
Telal Faisal Abdulaziz Al Zahem Director
Nasser Faisal Abdulaziz Al Zahem Director
Fahd Faisal Abdulaziz Al Zahem Director
Reem Faisal Abdulaziz Al Zahem Director
Khalid Al Barno Finance
Manager
Khurshid Marakayer Sales Manager
M B Alex Commercial
Manager
Lifson George Procurement
Manager
Date of Establishment : 1st
October 1991
Legal Form :
With
Limited Liability - WLL
Commercial Reg. No. : 44648, Safat
Trade Licence No. : 130/91
Chamber Member No. : 24576
Issued Capital : KD 4,000,000
Paid up Capital : KD 4,000,000
Name of
Shareholder (s)
Faisal Abdulaziz Al Zahem
Abdulaziz Faisal Abdulaziz Al Zahem
Telal Faisal Abdulaziz Al Zahem
Nasser Faisal Abdulaziz Al Zahem
Fahd Faisal Abdulaziz Al Zahem
Reem Faisal Abdulaziz Al Zahem
Al Zahem & Malhotra
Safat
Toifor & Al Zahem
Safat
International House Institute
Safat
Activities: Subject’s operations are performed through the following divisions:
Contracting Division
Engaged as general construction and building
work contractors. Activities include:
·
Electro-Mechanical and Civil works for Oil & Gas field projects
·
EPC project handlers (Oil & Gas sector)
·
Fabrication of Piping Spools and Manifolds
·
Engineering Services for Fired Heaters and Boilers
·
Reciprocating Compressor overhaul and refurbishment
·
Pipelines and Piping Installation
·
Plant & Equipment installation
·
Storage Tanks
·
Shut Down activities
·
Structural Steel installations
·
Road & Infrastructure work
·
Civil construction & maintenance jobs
·
RO Water Treatment plants
·
Drinking water plants
·
Waste Water Treatment plants
·
Power Generation units
·
Pumps, Water Supply & Drainage system
·
HVAC units.
Trading Division
Engaged in the import and distribution of gas and oilfield equipment,
pipes, valves and flanges.
·
Tubular Goods - Line
Pipes & OCTG
·
API Valves, MOV's &
ESD Valves
·
API Ball & Plug
Valves
·
Valve Actuation
·
Pipe Fittings & Flanges
·
Induction Bends
·
Gaskets & Stud Bolts
·
Heater & Finned
Tubes
·
Heat Exchangers &
Air Coolers
·
Well Head Equipment
·
Oil Drilling Equipment
& Tools
·
Compression Technology
·
Packaged Process System
for Oil & Gas
·
API Centrifugal Pumps
·
Axial Piston Pumps
·
Filtration Packages
·
Separation
(Oil/Gas/Water)
·
Gas Conditioning Systems
·
Gas Dehydration Units
·
Safety Relief Valves
·
Strainers & Steam
Traps
·
Expansion Joints
·
Wet Cooling Systems
·
Air Pollution Control
Systems
·
Quick Opening Closures
·
Casing Insulators &
End Seals
·
Valve Interlock Systems
·
Wire Mesh & Demister
Pads
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 180 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
15,300,000 KD
40,100,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Khalid Al Barno, Finance Manager
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints regarding subject’s payments have been reported.
Date of transaction May
2013 July
2014
Credit amount 150,000 2,939,879
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Euros
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.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.