MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL AHLEIA SWITCHGEAR CO KSCC

 

 

Registered Office :

Plot No. 109, Block 3, Street No. 92, Sabhan Industrial Area, PO Box 25876, Safat 13119

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

14.09.1982

 

 

Com. Reg. No.:

33118

 

 

Legal Form :

Kuwaiti Shareholding Company Closed

 

 

Line of Business :

Engaged in the manufacture of switchgear, ring main units, starter panels, current transformers, earth switches, isolators and package substations.

 

 

No of Employees :

2,000

 

 

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 :

Good

Payment Behaviour :

Regular

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                         : AL AHLEIA SWITCHGEAR CO KSCC

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed – KSCC

Registration Date                                   : 14th September 1982

Commercial Registration Number            : 33118, Safat

Trade Licence Number                            : 10614

Chamber Membership Number                : 12486

Issued Capital                                        : KD 20,000,000

Paid up Capital                                      : KD 20,000,000

Total Workforce                                     : 2,000

Activities                                               : Manufacture of switchgear, ring main units, starter panels, current

                                                              transformers, earth switches, isolators and package substations.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Bilal Al Soussi, Accounts Manager

 

 

COMPANY NAME

 

AL AHLEIA SWITCHGEAR CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Plot No. 109, Block 3

Street               : Street No. 92

Area                 : Sabhan Industrial Area

PO Box             : 25876

Town                 : Safat 13119

Country             : Kuwait

Telephone         : (965) 24762330 / 24762331 / 24742821 / 24765853 / 24742340 / 1822600

Facsimile          : (965) 24761963 / 24767341

Email                : ahleia@ahleiasg.com

 

Please note that subject’s previous address was, Plot No. 119, Block 3, Street No. 101, Sabhan Industrial Area, Safat.

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Safat.

 

Branch Office (s)

 

Location                                                                                  Description

 

Sabhan Industrial Area, Block 3                                                  Factory premises

Street 101, Plot 119

Safat

 

Sabhan Industrial Area, Block 6                                                  Factory premises

Street 62, Plot 81/82

Safat

 

Sabhan Industrial Area, Block 9                                                  Factory premises

Street 92, Plot 148

Safat

 

Sabhan Industrial Area, Block 8                                                  Factory premises

Street 84, Plot 181, 182 & 184

Safat

 

Amghara Area, Block 3                                                              Factory premises

Plot No. 63, 65 & 67

Safat

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdul Jalil Qassim Hassan Boland                                              Managing Director

 

Masood Ellahi Rana                                                                   General Manager

 

G E M Pillai                                                                               Assistant General Manager

 

Mamoum Mohamed Marbook                                                      Finance Manager

 

D P Rao                                                                                    Production Manager

 

Salah A Marafi                                                                           Sales Manager

 

S W Cho                                                                                   Business Development Manager

 

Bilal Al Soussi                                                                           Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th September 1982

 

Legal Form      : Kuwaiti Shareholding Company Closed – KSCC

 

Commercial Reg. No.  : 33118, Safat

 

Trade Licence No.       : 10614

 

Chamber Member No. : 12486

 

Issued Capital              : KD 20,000,000

 

Paid up Capital            : KD 20,000,000

 

Name of Shareholder (s)

 

Fouad Sayed Hameed Behbahani

 

Nasserallah Sayed Hameed Behbahani

 

Abdul Jalil Qassim Hassan Boland

OPERATIONS

 

 

Activities: Engaged in the manufacture of switchgear, ring main units, starter panels, current transformers, earth  switches, isolators and package substations.

 

Subject also provides contracting services specialising in the supply, installation, commissioning and maintenance of sub-stations and the refurbishment of electrical equipment and-systems.

 

The company is currently involved in projects for the Kuwait National Petroleum Co, Kuwait Oil Company and the Ministry of Electricity & Water.

 

Subject was awarded the ISO 9001 certificate for the quality of its products in 1995.

 

Import Countries: Europe, the Far East and the United States of America

 

International Suppliers:

 

Stromwandler                Germany

EDMO Distributors Inc    United States of America

 

Brand Names: AL AHLEIA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 2,000 employees.

 

 

FINANCIAL DATA

 

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 90,000,000                           KD 93,350,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Bilal Al Soussi, Accounts Manager

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

 

National Bank of Kuwait SAK

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 / 22411102

 

The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1982, subject is involved in the manufacture of switchgear, ring main units, starter panels, current transformers, earth switches, isolators and package substations.

 

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.61.88

UK Pound

1

Rs.96.90

Euro

1

Rs.76.29

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.