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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AL GHANIM SPECIALITIES CO WLL |
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Registered Office : |
Panasonic Tower,
19th & 20th Floors, Fahd Al Salem Street, Plot
No 16, Block 14, Al Qibla Area, P O Box 23595 & 192, Safat 13096 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1959 |
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Com. Reg. No.: |
113791, Safat |
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Legal Form : |
With Limited Liability |
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Line of Business : |
distributors of general merchandise, specialising in marine equipment, water sports equipment, telecommunications equipment, building construction materials, water proofing materials, heat insulation materials, fire extinguishers, safety and light industrial tools. Subject also provides commercial contracting services, specialising in the installation and maintenance of roof waterproofing systems and fire fighting equipment. |
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No. of Employees |
80 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 - 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.
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Source : CIA |
Company Name : AL GHANIM SPECIALITIES CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability – WLL
Start Date : 1959
Registration Date : 6th January 2007
Commercial Registration Number : 113791, Safat
Trade Licence Number : 2350/2006
Chamber Membership Number : 105506
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Total Workforce : 80
Activities : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ali, Showroom Manager
AL GHANIM
SPECIALITIES CO WLL
Registered &
Physical Address
Location : Panasonic Tower, 19th
& 20th Floors
Street : Fahd Al Salem Street
Area : Plot No 16, Block 14, Al Qibla Area
PO Box : 23595 & 192
Town : Safat 13096
Country : Kuwait
Telephone : (965) 1802550 / 1802440
Facsimile : (965) 22279358
Email : admin@specialitieskuwait.com / admin@spec-kw.com
Please note that
subject’s previous address was, Street No. 12, Plot No. 2, Block No. 99,
Shuwaikh Industrial Area, Safat.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Safat.
Branch Offices
Location Description
·
Canada
Dry Street Showroom
premises
Shuwaikh Industrial Area
Safat
Tel: (965) 99525415
Name Position
·
Abdulaziz
Yousef Abdulkarim Al Saqr Chairman
·
Ebrahim AlAbdulrazzaq
Abdulrahman AlAbdulrazzaq General
Manager
·
Anil
Kumar Sales
Manager
·
Abdulaziz
Al Ahmed Finance
Manager
·
Shareef
Mohamed Mostafa Chief
Financial Officer
·
Lina
Natour Administration
Executive
·
Mohamed
Ali Showroom
Manager
·
Hebba
Dabbous Company
Secretary
·
Nasser
Esbatia Administration
Manager
Date of Establishment : Subject’s
operations began in 1959, however it was incorporated on 6th January
2007.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 113791,
Safat
Trade Licence No. :
2350/2006
Chamber Member No. : 105506
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of Shareholder
(s) Percentage
·
Specialities
Group Holding Co KSCC 100%
PO Box: 192
Safat 13002
Tel: (965) 180255 / 1802440 / 24812145
Fax: (965) 24812897
·
Yousuf
Ibrahim Al Ghanim & Co (YIACO)
Street No. 12
Shuwaikh Industrial Area No. 9
PO Box: 435
Safat
Tel: (965) 24832601 / 24832602 / 24832603
Fax: (965) 24844954
·
Equipment
Company of Kuwait WLL
Street No. 12
Shuwaikh Industrial Area No. 9
PO Box: 192
Safat 13002
Tel: (965) 24812400 / 24810312
Fax: (965) 24819562
·
Balsam
Pharmaceutical Trading & Contracting Co WLL
PO Box: 1235
Safat
Tel: (965) 24433671
Commercial Reg. No. 14105
·
Hygiene
Products Industries Company WLL
PO Box: 21388
Safat
Tel: (965) 24715961
Commercial Reg. No. 16124
· Financial Activities Company WLL
PO Box: 2512
Safat
Commercial Reg. No. 30345
·
Real
Estate Activities WLL
PO Box: 2512
Safat
Tel: (965) 24412254
·
Electronic
and Electrical Maintenance Co WLL
PO Box: 64095
Shuwaikh
Tel: (965) 24412254
Activities: Engaged as distributors of general merchandise, specialising in marine equipment, water sports equipment, telecommunications equipment, building construction materials, water proofing materials, heat insulation materials, fire extinguishers, safety and light industrial tools.
Subject also provides commercial contracting services, specialising in the installation and maintenance of roof waterproofing systems and fire fighting equipment.
Import Countries: United Kingdom, Italy, Denmark, and the
United States of America.
International
Suppliers:
·
Carlisle
Syntec Systems United
States of America
·
Gundle
Lining Systems United
States of America
·
Marina
Ventures Ltd United
States of America
·
Imper Italia
SpA Italy
·
Lomac
SpA Italy
·
Burleigh
Marine United
Kingdom
·
Fibertex
A/S Denmark
·
Liebherr Container Cranes Ltd Ireland
·
Marina Ventures Ltd United States of America
·
Somitomo Rubber Industries Japan
·
Yokahama Rubber Co Ltd Japan
·
Imper Italy
·
Elkem Materials Norway
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Fibertex Denmark
·
Greenstreak United States of America
·
Perstorp Sweden
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Hohmann & Barnard United States of America
·
Petro Plastic Qatar
·
Jolly Board India
·
Monmouth Rubber United States of America
·
Pacific Polymer United States of America
·
LCL Bridge Technologies Canada
·
Corkribas Portugal
·
Amorin Portugal
·
Arnon Saudi
Arabia
·
Bostick Findley United
Kingdom
Operating Trend: Steady
Subject has a
workforce of 80 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 3,275,000 KD 3,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Kuwait
Main Branch
Shuwaikh
Tel: (965) 24813266 / 24818350
Fax: (965) 24844126
·
Bank of
Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
No complaints
regarding subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.87 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.