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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
YOUSUF AHMED AL GHANIM AND SONS WLL |
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Registered Office : |
New Al Ghanim
Workshop, Al Ghanim Ind Building, Plot No. 101, Street No. 7, Airport Road,
Shuwaikh Industrial Area, P O Box :
223 & 24172, Safat 13003 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.01.1960 |
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Com. Reg. No.: |
5744, Safat |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject’s
operations are performed through the following divisions: · Reflection Division This division specialises in the wholesale and retail of bathroom
fittings, furniture and accessories, including tiles, showers, basin, baths
and taps. · Engineering Division Design engineering contractors for air conditioning, heating and
ventilating plants, as well as fire protection and sanitation works. · Cars Division Dealers of automobiles and related spare parts. · Electrical Division Suppliers of household electrical appliances and communications
equipment. · Travel & Shipping Division Operators of a travel agency as well as providing shipping and freight
forwarding services. |
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No. of Employees : |
8,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name : YOUSUF
AHMED AL GHANIM AND SONS WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Start Date :
1930
Registration Date : 20th January
1960
Commercial
Registration Number : 5744,
Safat
Trade Licence
Number : 143/72
Chamber Membership
Number : 268
Issued Capital : KD
2,500,000
Paid up Capital : KD
2,500,000
Total Workforce : 8,000
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
YOUSUF AHMED AL
GHANIM AND SONS WLL
Building : New Al Ghanim
Workshop, Al Ghanim Ind Building, Plot No. 101
Street : Street No. 7, Airport Road
Area : Shuwaikh Industrial Area
PO Box : 223 & 24172
Town : Safat 13003
Country : Kuwait
Telephone : (965) 24842988 / 24843988 / 24964602
/ 24927711 / 24969510 / 1881111
Facsimile : (965) 24847244 / 24846819
Email : info@alghanim.com / bader@alghanim.com / ratman@alghanim.com
Subject operates
from a large suite of offices that are owned and located in the Industrial Area
of Safat.
Branch Office
(s)
Subject has branches located in New York, London, Tokyo, Beirut and
Cairo.
Name Position
·
Bassam
Ahmed Yousef Al Ghanim Managing
Director
·
Kutayba
Ahmed Yousef Al Ghanim Director
·
Omar
Kutayba Al Ghanim General
Manager
·
Robert
Faro Treasury
Manager
·
Badr Al
Boubyan Legal
Manager
·
Ihab Al Khateeb Car
Division Manager
·
Sameer Fayeq Electrical
Division Manager
·
Ahmed Hamoud Engineering
Division Manager
Date of Establishment : Subject’s
operations date back to 1930, however it was incorporated on 20th January
1960
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 5744, Safat
Trade Licence No. : 143/72
Chamber Member No. : 268
Issued Capital : KD 2,500,000
Paid up Capital : KD 2,500,000
·
Al
Ghanim Industries
PO Box: 24172
Safat 13102
Tel: (965) 24832364
Fax: (965) 24832369
·
Bassam
Ahmed Yousef Al Ghanim
·
Kutayba
Ahmed Yousef Al Ghanim
Subject is a member of the Al Ghanim Group, which comprises of the
following concerns:
·
Al
Ghanim Sea Freight
PO Box: 223
Safat 13003
Tel: (965) 24745533
Fax: (965) 24736088
·
Al
Ghanim Insurance Office
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Al
Ghanim Sahara Trans Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Saudi
International Air Conditioning & Engineering Company
Riyadh
Saudi Arabia
·
Gulf
Trading & Refrigeration Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24843612
·
Radiators
Services Co WLL
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
International
Cars Rental Company
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Al Amana
Investment Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Al
Tawas’a Trading & Contracting Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Sanam
Motor Company
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Al
Taqadum Real Estate Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
National
Sunrise Construction Contracting Co
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24845530
·
Kirby
International Co WLL
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
·
Bassam
Al Ghanim Customs Clearance Office
PO Box: 223
Safat 13003
Tel: (965) 24842988
Fax: (965) 24847244
Activities: Subject’s operations are performed through
the following divisions:
· Reflection Division
This division specialises in the wholesale
and retail of bathroom fittings, furniture and accessories, including tiles,
showers, basin, baths and taps.
· Engineering Division
Design
engineering contractors for air conditioning, heating and ventilating plants,
as well as fire protection and sanitation works.
· Cars Division
Dealers of automobiles and
related spare parts.
· Electrical Division
Suppliers of household
electrical appliances and communications equipment.
· Travel & Shipping Division
Operators of a travel agency
as well as providing shipping and freight forwarding services.
Import
Countries: Subject imports
from around the world, particularly the United States of America, Europe and
the Far East.
Agencies Held:
·
General
Motors
·
Opel
·
Daewoo
·
Cadillac
·
Pontiac
·
Oldsmobile
·
Chevrolet
·
Bedford
·
Philips
·
Kenwood
·
AC
Delco
·
Whirlpool
·
Minolta
·
Toshiba
·
Alba
·
Wansa
·
Alaska
·
Electrolux
·
Frigidaire
·
Indesit
·
Xerox
·
Hitachi
·
Lucent
Technologies
·
British
Airways
·
Air
India
·
Gulf
Air
·
Qantas
·
Cathay
Pacific
·
American
Express
Operating Trend: Steady
Subject has a
workforce of approximately 8,000 employees.
Financial
highlights provided by local sources are given below:
Currency: United States
Dollars (US$)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales US$ 65,000,000 US$ 67,150,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
The
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
·
Commercial
Bank of Kuwait
Shuwaikh
Tel: (965) 24814643
Fax: (965) 24837952
·
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.
Credit amount 98,056 250,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Euros
Originally
established back in 1930, subject is a well-known organisation in the Middle
East, owned and managed by members of the Al Ghanim family.
Subject’s
operations are performed through its many divisions and it holds the agencies
of a large number of reputable international companies.
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.61.36 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.