MIRA INFORM REPORT

 

 

Report No. :

342620

Report Date :

29.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AL SANEA CHEMICAL PRODUCTS

 

 

Registered Office :

Sabhan Industrial Area, Street No. 103, Block No. 8, Plot No. 171, P O Box: 5629, Safat 13057

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

21.11.1978

 

 

Com. Reg. No.:

20420, Safat

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the production, marketing and export of chemicals, specialising in laundry products, swimming pool maintenance chemicals, white spirit and thinners, water treatment chemicals, oil field maintenance,    automobile, disinfectants, personal hygiene products, and cleaning detergents.

 

 

No. of Employees :

100

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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 uncertain political situation.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL SANEA CHEMICAL PRODUCTS

Country of Origin                                   : Kuwait

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 21st November 1978

Commercial Registration Number           : 20420, Safat

Industrial Licence Number                      : 10521

Chamber Membership Number               : 7587

Invested Capital                                                : KD 100,000

Total Workforce                         : 100

Activities                                               : Production, marketing and export of chemicals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Al Maghrabi , Finance Manager

COMPANY NAME

 

AL SANEA CHEMICAL PRODUCTS

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Sabhan Industrial Area, Street No. 103, Block No. 8, Plot No. 171

 

PO Box            : 5629

 

Town                : Safat 13057

Country : Kuwait

 

Telephone         : (965) 24736740 / 24734991 / 24734952 / 24747623

Facsimile          : (965) 24760678

Email                : alsanea@ncc.moc.kw / sales@alsanea.com / sales1@alsanea.com

 

Premises

 

Subject operates from a medium sized suite of offices, a factory and a warehouse that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Khalid Nasser Abdulaziz Al Sanea                                                     Proprietor & General Manager

 

·       Abdullah Khalid Nasser Abdulaziz Al Sanea                                       Deputy General Manager

 

·       Mohamed Al Maghrabi                                                                      Finance Manager

 

·       Sayed Mowafi                                                                                  Export Manager

 

·       Sajo Varghese                                                                                  Sales Manager

 

·       Ibrabi Sheikh                                                                                    Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st November 1978

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 20420, Safat

 

Industrial Lic. No.        : 10521

 

Chamber Member No.  : 7587

 

Invested Capital           : KD 100,000

 

Mr Khalid Nasser Abdulaziz Al Sanea is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Khalid N. Al Sanea Import Export & Commission Agents Est

PO Box: 5629

Safat 13057

Tel: (965) 24747623

 

·       Al Sanea Cleaning Services & Contracting Est

PO Box: 5629

Safat 13057

Tel: (965) 22408342

Fax: (965) 22408343

 

·       Gulf Powder Coating

     Safat

 

 

OPERATIONS

 

Activities: Engaged in the production, marketing and export of chemicals, specialising in laundry products, swimming pool maintenance chemicals, white spirit and thinners, water treatment chemicals, oil field maintenance, automobile, disinfectants, personal hygiene products, and cleaning detergents.

 

Subject is ISO 9001-2008 certified,

 

Import Countries: Germany, Saudi Arabia, Oman, France, Italy and the United States of America.

 

International Suppliers:

 

·       Bayar                                   Germany

·       Safra                                   Saudi Arabia

·       National Packaging Co          Oman

·       Drom Fragrance                   France

·       IVECO                                 Italy

 

Brand Names: AL SANEA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinar (KD)

 

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

 

Total Sales                    KD 4,395,000                            KD 4,755,000

 

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

 

The above figures were provided by Mr Sajo Varghese, Sales Manager

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

·       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.

 

Date of transaction                   December 2006 April 2013                     May 2014

Credit amount                           16,000                          250,000             106,000

Amount overdue                        0                                  0                                  0

Payment terms                          180 days                       180 days                       180 days

Payment Method                       Letters of Credit                        Letters of Credit                        Letters of Credit

Paying record                           No Complaints              No Complaints              No Complaints

Currency                                   Pounds Sterling                        Euros                           Euros

 

 

GENERAL COMMENTS

 

Al Sanea Chemical Products has operations dating back to 1978 and it is well established in the local business market, enjoying a good reputation for the quality of its products.

 

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.66.08

UK Pound

1

Rs.100.32

Euro

1

Rs.73.81

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.