MIRA INFORM REPORT

 

 

Report No. :

311543

Report Date :

14.03.2015

 

IDENTIFICATION DETAILS

 

Name :

GULF INTERNATIONAL CONTRACTING CO WLL (GIC)

 

 

Registered Office :

Al Khalijah Building, 13th Floor, Al Sharq Area, P O Box: 33475, Rawdha 73452

 

 

Country :

Kuwait

 

 

Date of Incorporation :

24.05.1992

 

 

Com. Reg. No.:

46301

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subjects operations are performed through the following divisions:

 

·         Contracting Division

Engaged as civil work contractors.

 

·         Electrical Division

Engaged in the import and distribution of electrical products.

 

 

No. of Employees :

1,500

 

 

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

A1

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                                    : GULF INTERNATIONAL CONTRACTING CO WLL (GIC)

You Requested                                     : GULF INTERNATIONAL CONTG CO (SESCO)

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 24th May 1992

Commercial Registration Number           : 46301

Chamber Membership Number               : 29902

Issued Capital                                       : KD 580,000

Paid up Capital                                     : KD 580,000

Total Workforce                                     : 1,500

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

GULF INTERNATIONAL CONTRACTING CO WLL (GIC)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Khalijah Building, 13th Floor

Area                 : Al Sharq Area

 

PO Box                        : 33475

 

Town                : Rawdha 73452

Country : Kuwait

 

Telephone         : (965) 22406144 / 22406155

Facsimile          : (965) 22403319

Email                : gic_dam@qualitynet.net

 

Please note that subject’s previous address was, Plot No. 86, PO Box 961, Fintas 51010.

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Wahab Nabil Abdul Jalill                                                          Managing Director

 

·       Basel Abdul Wahab Nabil Abdul Jalill                                                Director

 

·       Nabeel Abdul Wahab Nabil Abdul Jalill                                              Director

 

·       Rakan Abdul Wahab Nabil Abdul Jalill                                                Director

 

·       Nawal Abdul Wahab Nabil Abdul Jalill                                                Director

 

·       Arma Abdul Wahab Nabil Abdul Jalill                                     Director

 

·       Mohamed Dakrooni                                                                          Financial Manager

 

·       D’Souza Jovito                                                                                 Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th May 1992

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 46301

 

Chamber Member No.  : 29902

 

Issued Capital              : KD 580,000

 

Paid up Capital            : KD 580,000

 

Name of Shareholder (s)

 

·       Abdul Wahab Nabil Abdul Jalill                                             

 

·       Basel Abdul Wahab Nabil Abdul Jalill                                               

 

·       Nabeel Abdul Wahab Nabil Abdul Jalill                                 

 

·       Rakan Abdul Wahab Nabil Abdul Jalill                                   

 

·       Nawal Abdul Wahab Nabil Abdul Jalill                                   

 

·       Arma Abdul Wahab Nabil Abdul Jalill

 

 

OPERATIONS

 

Activities: Subjects operations are performed through the following divisions:

 

·         Contracting Division

Engaged as civil work contractors.

 

·         Electrical Division

Engaged in the import and distribution of electrical products.

 

Import Countries: Saudi Arabia

 

Agencies Held:

 

·       SESCO        Saudi Arabia

 

Subject has a workforce of approximately 1,500 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

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

    

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Gulf International Contracting Co WLL (GIC)” and not “Gulf International Contg Co (SESCO)”.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.67

UK Pound

1

Rs.93.16

Euro

1

Rs.66.42

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.