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MIRA
INFORM REPORT
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Report No. : |
507667 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AL SANEA CHEMICAL
PRODUCTS WLL |
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Registered Office : |
Sabhan Industrial
Area, Street No. 84, Block No. 8, Plot No. 171, PO Box-5629, Safat 13057 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
21.11.1978 |
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Com. Reg. No.: |
35425 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject 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 |
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No. of Employees : |
100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Kuwait |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 production to 4 million barrels of oil equivalent per day by 2020. Petroleum accounts for over half of GDP, 92% of export revenues, and 90% of government income.
In 2015, Kuwait, for the first time in 15 years, realized a budget deficit after decades of high oil prices; in 2016, the deficit grew to 16.5% of GDP. Kuwaiti authorities announced cuts to fuel subsidies in August 2016, provoking outrage among the public and National Assembly, and the Amir dissolved the government for the seventh time in ten years. In 2017 the deficit was reduced to 7.2% of GDP, and the government raised $8 billion by issuing international bonds. Despite Kuwait’s dependence on oil, the government has cushioned itself against the impact of lower oil prices, by saving annually at least 10% of government revenue in the Fund for Future Generations.
Kuwait has failed to diversify its economy or bolster the private sector, because of a poor business climate, a large public sector that employs about 74% of citizens, and an acrimonious relationship between the National Assembly and the executive branch that has stymied most economic reforms. The Kuwaiti Government has made little progress on its long-term economic development plan first passed in 2010. While the government planned to spend up to $104 billion over four years to diversify the economy, attract more investment, and boost private sector participation in the economy, many of the projects did not materialize because of an uncertain political situation or delays in awarding contracts. To increase non-oil revenues, the Kuwaiti Government in August 2017 approved draft bills supporting a Gulf Cooperation Council-wide value added tax scheduled to take effect in 2018
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Source
: CIA |
SUMMARY
Company Name :
AL SANEA CHEMICAL PRODUCTS WLL
Country of Origin :
Kuwait
Legal Form :
With Limited Liability – WLL
Registration Date :
21st November 1978
Commercial Registration Number :
35425, Safat
Industrial Licence Number :
10521
Chamber Membership Number :
7587
Issued Capital :
KD 950,000
Paid up :
KD 950,000
Total Workforce :
100
Activities :
Production, marketing and export of chemicals
Financial Condition :
Fair
Payments :
No Complaints
COMPANY NAME
AL SANEA CHEMICAL PRODUCTS WLL
ADDRESS
Registered & Physical Address
Location : Sabhan Industrial Area, Street No.
84, 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 / accounts@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 Managing
Director
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Abdullah
Khalid Nasser Abdulaziz Al Sanea Director
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Mohamed
Al Maghrabi Finance
Manager
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Sayed
Mowafi Export
Manager
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Sajo Varghese Sales
Manager
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Ibrabi
Sheikh Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
November 1978
History : Subject began in 1978 as a Sole
Proprietorship under CR No. 20420. However during 2015 it changed legal form
and became a With Limited Liability company.
Legal Form :
With Limited Liability –
WLL
Commercial Reg. No. : 35425, Safat
Industrial Lic. No. : 10521
Chamber Member No. : 7587
Issued Capital : KD 950,000
Paid up : KD 950,000
Name of Shareholder (s) Percentage
·
Al Behar Eastern Industries Co 99%
Safat
· Khalid Nasser
Abdulaziz Al Sanea 1%
AFFILIATED COMPANIES
· Khalid N Al
Sanea Import Export & Commission Agents Est
PO Box: 5629
Safat 13057
Tel: (965) 24747623
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Al
Sanea Cleaning Services & Contracting Est
PO Box: 5629
Safat 13057
Tel: (965) 22408342
Fax: (965) 22408343
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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:
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Bayar Germany
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Safra Saudi Arabia
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National
Packaging Co Oman
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Drom Fragrance France
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IVECO Italy
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Sasol Germany
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Univar Germany
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Al Hamarani Industries Saudi Arabia
Brand Names: AL SANEA
Operating Trend: Steady
Subject has a
workforce of 100 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinar (KD)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales KD 5,300,000 KD 5,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mohamed Al Maghrabi, Finance Manager
BANKERS
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National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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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
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.01 |
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KWD |
1 |
INR 223.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.