MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	TARIQ AL GHANIM COMPANY
Registered Office :	Monzer Complex, 7^th Floor, Al Soor Street, Kuwait City, 595, Safat 15256 & 13067
Country :	Kuwait
Date of Incorporation :	15.10.2003
Com. Reg. No.:	94249
Legal Form :	Kuwaiti Shareholding Company Closed - KSCC
Line of Business :	Engaged in the provision of holding company services with investment interest in different services.
No of Employees :	60

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 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
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 - 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 : TARIQ AL GHANIM COMPANY

Also Known As : TAG HOLDING

Country of Origin : Kuwait

Legal Form : Kuwaiti Shareholding Company Closed - KSCC

Registration Date : 15^th October 2003

Commercial Registration Number : 94249

Trade Licence Number : 790/2003

Chamber Membership Number : 84798

Issued Capital : KD 1,000,000

Paid up Capital : KD 1,000,000

Total Workforce : 60

Activities : Providers of holding company services.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

TARIQ AL GHANIM COMPANY

ALSO KNOWN AS: TAG HOLDING

ADDRESS

Registered & Physical Address

Building : Monzer Complex, 7^th Floor

Street : Al Soor Street

Area : Kuwait City

PO Box : 595

Town : Safat 15256 & 13067

Country : Kuwait

Telephone : (965) 1880000 / 24845942 / 24880034/5/6 / 2880000

Facsimile : (965) 22241516

Email : info@tagholding.net

Premises

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

KEY PRINCIPALS

Name Position

· Tariq Abdullatif Mohamed Al Ghanim Managing Director

· Khalid Tariq Abdullatif Mohamed Al Ghanim Director

· Mohamed Tariq Abdullatif Mohamed Al Ghanim Director

· Dina Tariq Abdullatif Mohamed Al Ghanim Director

· Ahmed Zuhair Audi General Manager

· Sameh Nossair Accounts Manager

LEGAL FORM & OWNERS

Date of Establishment : 15^th October 2003

Legal Form : Kuwaiti Shareholding Company Closed - KSCC

Commercial Reg. No. : 94249

Trade Licence No. : 790/2003

Chamber Member No. : 84798

Issued Capital : KD 1,000,000

Paid up Capital : KD 1,000,000

Name of Shareholder (s)

· Tariq Abdullatif Mohamed Al Ghanim

· Khalid Tariq Abdullatif Mohamed Al Ghanim

· Mohamed Tariq Abdullatif Mohamed Al Ghanim

· Dina Tariq Abdullatif Mohamed Al Ghanim

AFFILIATED COMPANIES

· Tariq Al Ghanim Trading WLL

Safat

· Al Ghanim Trading WLL

Safat

· Al Ghanim Fencing Industrial Co

Safat

· Al Seef Real Estate Co WLL

Safat

· Al Jawad General Trading & Contracting

Safat

· Al Jadi General Trading & Contracting

Safat

· Al Ghanim Catering Co

Safat

OPERATIONS

Activities: Engaged in the provision of holding company services with investment interest in different services.

Subject has a workforce of 60 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

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

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%)

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