MIRA INFORM REPORT

 

 

Report Date :

29.03.2014

 

IDENTIFICATION DETAILS

 

Name :

GULF CATERING GENERAL TRADING & CONTRACTING COMPANY

 

 

Registered Office :

Al Khorafi Tower, 9th Floor, Osama Bin Munkez Street, Al Qibla Sector 6 and 7

P O Box 4583, Safat 13046

 

 

Country :

Kuwait

 

 

Year of Establishments:

1986

 

 

Com. Reg. No.:

107884, Safat

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in designing, installation and operation of life support camps, specialising in the provision of industrial catering services.

 

 

No. of Employees

250 (approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 - about 7% 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. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. 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.

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                    : GULF CATERING GENERAL TRADING & CONTRACTING COMPANY

                                                              WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Start Date                                             : 1986

Registration Date                                  : 12th September 2005

Commercial Registration Number           : 107884, Safat

Trade Licence Number                           : 2702/05

Chamber Membership Number               : 97469

Issued Capital                                       : KD 250,000

Paid up Capital                                     : KD 250,000

Total Workforce                         : 250

Activities                                               : Design, installation and operation of life support camps, specialising in

the provision of industrial catering services.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

GULF CATERING GENERAL TRADING & CONTRACTING COMPANY WLL

 

 

company ADDRESS

 

Registered & Physical Address

Building                        : Al Khorafi Tower, 9th Floor

Street               : Osama Bin Munkez Street

Area                 : Al Qibla Sector 6 and 7

PO Box            : 4583

Town                : Safat 13046

Country : Kuwait

Telephone         : (965) 22323350 / 22323352 / 22323351 / 22323353

Facsimile          : (965) 22323354

Email                : info@gcckwt.com / sadik@gccservices.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Ibrahim Abdullah Manjem                                                                  Managing Director

·       Tareeq Abdulaziz Sultan Essa                                                           Director

·       Ghada Hamza Merza                                                             Director

·       Rashad Sinokarat                                                                             General Manager

·       Philip Bourguignon                                                                           Operations Manager

·       Amendra Savi                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1986, however it was registered on 12th September 2005

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 107884, Safat

 

Trade Licence No.        : 2702/05

 

Chamber Member No.  : 97469

Issued Capital              : KD 250,000

 

Paid up Capital            : KD 250,000

 

Name of Shareholder (s)

·       Ibrahim Abdullah Manjem

·       Tareeq Abdulaziz Sultan Essa

·       Ghada Hamza Merza

 

 

AFFILIATED COMPANIES

 

·       Agility D GS Logistic Co

Safat

Tel: (965) 1809222

 

 

OPERATIONS

 

Activities: Subject’s services include the design, installation and operation of life support camps, specialising in the provision of industrial catering services. The company serves over 6.8 million meals per month.

 

Import Countries: United States of America, Europe and Asia.

 

Subject has a workforce of approximately 250 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

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

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.60.09

UK Pound

1

Rs.99.85

Euro

1

Rs.82.58

                

INFORMATION DETAILS

 

Report Prepared by :

MNL

               

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.