MIRA INFORM REPORT

 

 

Report No. :

309836

Report Date :

26.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AL SHARHAN INDUSTRIES CO WLL

 

 

Registered Office :

Shuaiba Industrial Area, PO Box 424, Safat 13005

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.01.1960

 

 

Com. Reg. No.:

55917

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the manufacture of insecticides, personal care products, fabric care products, air fresheners, industrial products and home care products.

 

 

No. of Employees :

165

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Kuwait

A2

A1

 

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 SHARHAN INDUSTRIES CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 30th January 1960

Commercial Registration Number           : 55917

Trade Licence Number                           : 10548

Chamber Membership Number               : 356

Issued Capital                                       : KD 1,000,000

Paid up Capital                                     : KD 1,000,000

Total Workforce                         : 165

Activities                                               : Manufacturers of insecticides, personal care products, fabric care

  products, air fresheners, industrial products and home care products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Suzan Mostafa, Accountant

 

 

COMPANY NAME

 

AL SHARHAN INDUSTRIES CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Shuaiba Industrial Area

PO Box            : 424

Town                : Safat 13005

Country : Kuwait

Telephone         : (965) 23263000 / 23261812 / 23261813 / 23261814 / 23261816

Facsimile          : (965) 23261794 / 23261790

Email                : info@alsharhanind.com / purchase@alsharhanind.com

 

Please note that the correct PO Box is 424 and not 4254.

 

Premises

 

Subject operates from a suite of offices and a factory covering 20,000 square metres that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Basim Ahmed Al Sharhan                                                          Managing Director

 

Ahmed Abdullatif Mohamed Al Dossary                                     Director

 

Abdul Hameed Ahmed Al Sharhan                                              General Manager

 

Nasser Ahmed Al Sharan                                                           Assistant General Manager

 

Ahmed Abdul Karim                                                                  Planning Manager

 

John Molina                                                                              Factory Manager

 

Hesham Jamal                                                                          Assistant Human Resources Officer

 

Suzan Mostafa                                                                          Accountant

 

Sasi Maskaranes                                                                       Purchasing Officer

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th January 1960

 

Legal Form      : With Limited Liability - WLL

 

Commercial Reg. No.   : 55917

 

Trade Licence No.        : 10548

 

Chamber Member No.  : 356

 

Issued Capital              : KD 1,000,000

 

Paid up Capital            : KD 1,000,000

 

Name of Shareholder (s)

 

Basim Ahmed Al Sharhan

 

Ahmed Abdullatif Mohamed Al Dossary

 

Ayan Ajara Holding Co

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of insecticides, personal care products, fabric care products, air fresheners, industrial products and home care products.

 

Subject is ISO 9001:2000 accredited.

 

Import Countries: China, Saudi Arabia and the United Arab Emirates.

 

International Suppliers:

 

Shenzhen Huate Packing Ltd                  China

Ansol Gulf                                            United Arab Emirates

SABIC                                                  Saudi Arabia

Clariant Gulf                                          Saudi Arabia

Plastic Co Ltd                                       Kuwait

 

Brand Names: KWIK, LULU and AC DELCO

 

Operating Trend: Steady

 

Subject has a workforce of 165 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                KD 5,120,000                            KD 6,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

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

 

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.62.05

UK Pound

1

Rs.96.03

Euro

1

Rs.70.43

 

 

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.