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Report No. : |
319811 |
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Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
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Name : |
AL ZAHEM INDUSTRIES CONTRACTING AND GENERAL TRANSPORT CO WLL |
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Registered Office : |
Block No. 1, Street No. 9, Al Rai Area No. 1683, PO Box No. 20636, Safat 13067 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.01.1993 |
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Com. Reg. No.: |
16344 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s
activities are performed through the following divisions: · Trading Division · Contracting Division · Manufacturing
Division |
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No. of Employees : |
130 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Kuwait |
A2 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4 million barrels per day by 2020. Petroleum accounts for over half of GDP, 94% of export revenues, and 89% of government income. For the last decade, high oil prices have generated budget surpluses despite increasing budget expenditures, particularly on wage hikes for public sector employees. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices by continuous saving of at least 10% of government revenue in the Fund for Future Generations. Kuwait has done little to diversify its economy, in part, due to a poor business climate and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. In 2010, Kuwait passed its first long-term economic development plan in almost twenty-five years. While the government planned to spend up $104 billion over four years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of the tenuous political situation.
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Source
: CIA |
Company Name :
AL ZAHEM INDUSTRIES CONTRACTING AND GENERAL
TRANSPORT CO WLL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 13th
January 1993
Commercial
Registration Number : 16344
Chamber Membership
Number : 1555
Issued Capital : KD
750,000
Paid up Capital : KD
750,000
Total Workforce : 130
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed
Khedir, Finance Manager
AL ZAHEM INDUSTRIES CONTRACTING AND GENERAL
TRANSPORT CO WLL
Location : Block No. 1
Street : Street No. 9
Area : Al Rai Area No. 1683
PO Box : 20636
Town : Safat 13067
Country : Kuwait
Telephone : (965) 24721480 / 24721481 / 24721482
/ 24717109
Facsimile : (965) 24763531
Mobile : (965) 97881256
Email : alzahemindustries@yahoo.com / info@alzahemindustries.com
Subject operates from
a large suite of offices and a warehouse that are rented and located in the
Industrial Area of Safat.
Name Position
·
Abdullah Abdulaziz Al Zahem Managing
Director
·
Abdullah Mohamed Al Zahem Director
·
Fareed Abdullah Al Zahem Director
·
Mohamed
Khedir Finance
Manager
·
Mohamed
Zaree Human
Resources Manager
·
Ali
Abdul Salam Administration
Manager
·
Fayez
Qassem Commercial
Manager
Date of Establishment : 13th
January 1993
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 16344
Chamber Member No. : 1555
Issued Capital : KD 750,000
Paid up Capital : KD 750,000
·
Abdullah Abdulaziz Al Zahem 54%
·
Fareed Abdullah Al Zahem 45%
·
Abdullah Mohamed Al Zahem 1%
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Golden Sword For Electrical & Refrigeration
Safat
·
Al Zahem Elevators
Safat
Activities: Subject’s activities are performed through
the following divisions:
· Trading Division
Engaged in the import and distribution of
air conditioning units and equipment, car oils and tyres, electrical appliances
and instruments, and refrigeration and cooling units.
· Contracting Division
Engaged as general contractors specialising
in electrical works as well as the installation and maintenance of
refrigeration and air conditioning equipment.
· Manufacturing Division
This division is engaged in the manufacture of tyres and retreated tyres
and related rubber products.
Import Countries
: Europe, China and the
United States of America.
International Suppliers:
·
Triangle China
·
Margoni Italy
Agencies Held:
·
Rema
Tip Top Germany
Operating Trend:
Steady
Subject has a workforce
of 130 employees.
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 4,915,000 KD 5,150,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Khedir, Finance Manager
·
Gulf
Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
No complaints
regarding subject’s payments have been reported.
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 |
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US Dollar |
1 |
Rs.63.58 |
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1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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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.