MIRA INFORM REPORT

 

 

Report Date :

16.08.2014

 

IDENTIFICATION DETAILS

 

Name :

ALI AL GHANIM & SONS TRADING & CONTRACTING GROUP WLL

 

 

Registered Office :

Commercial Area, P O Box 9113 & 21540, Ahmadi 61002

 

 

Country :

Kuwait

 

 

Date of Incorporation :

20.05.1997

 

 

Com. Reg. No.:

69341

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject is engaged as a holding company for a number of divisions and subsidiaries executing contracting works within Kuwait and the GCC countries. In addition to executing direct works, this company holds various agencies for international companies and assists them in obtaining specialized contracts within Kuwait           for projects requiring international technology and expertise.

 

 

No of Employees :

50

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

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.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                     : ALI AL GHANIM & SONS TRADING & CONTRACTING GROUP WLL

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 20th May 1997

Commercial Registration Number            : 69341

Chamber Membership Number                : 53007

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 50

Activities                                               : Holding company

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

ALI AL GHANIM & SONS TRADING & CONTRACTING GROUP WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Commercial Area

 

PO Box             : 9113 & 21540

 

Town                 : Ahmadi 61002

Country             : Kuwait

 

Telephone         : (965) 23970100 / 23970101 / 23970102

Facsimile          : (965) 23970111

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Ahmadi.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Khalid Ali Mohamed Al Ghanim                                                   Managing Director

 

Ali Mohamed Thuwainy Al Ghanim                                              Director

 

Fahd Ali Mohamed Thuwainy Al Ghanim                                      Director

 

Marzooq Ali Mohamed Thuwainy Al Ghanim                                 Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment              : 20th May 1997

 

Legal Form                              : With Limited Liability - WLL

 

Commercial Reg. No.              : 69341

 

Chamber Member No.             : 53007

 

Issued Capital                          : KD 500,000

 

Paid up Capital                        : KD 500,000

 

Name of Shareholder (s)

 

Khalid Ali Mohamed Al Ghanim

 

Ali Mohamed Thuwainy Al Ghanim

 

Fahd Ali Mohamed Thuwainy Al Ghanim

 

Marzooq Ali Mohamed Thuwainy Al Ghanim

 

 

AFFILIATED COMPANIES

 

·         Mechanical Engineering & Contracting Co WLL

PO Box: 9113

Ahmadi 61002

Tel: (965) 24822190 / 23983297 / 24822191 / 23982716

Fax: (965) 23984321 / 23984322

 

·         Ali Al Ghanim & Sons General Trading

 

·         Ali Al Ghanim & Sons Contracting Company

 

·         Ali Al Ghanim & Sons Investment Company

 

·         Ali Al Ghanim & Sons Real Estate

 

 

OPERATIONS

 

Activities: Engaged as a holding company for a number of divisions and subsidiaries executing contracting works

                 within Kuwait and the GCC countries. In addition to executing direct works, this company holds various

agencies for international companies and assists them in obtaining specialized contracts within Kuwait           for projects requiring international technology and expertise.

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

National Bank of Kuwait SAK

Ahmadi

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.05

UK Pound

1

Rs.101.84

Euro

1

Rs.81.55

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.