MIRA
INFORM REPORT
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Report Date : |
30th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
KUWAIT DRILLING FLUIDS & OIL SERVICES
SAK |
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Registered Office : |
Shuwaikh Industrial Area 4544, Safat 13046 Kuwait |
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Country : |
Kuwait |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
2nd February 1966 |
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Legal Form : |
Kuwaiti Joint Stock Company |
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Line of Business : |
Engage in import and
distribution of oil well drilling mud products, drilling bits, production of
chemicals and equipment, coring equipment and services. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 300,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
KUWAIT DRILLING FLUIDS & OIL SERVICES SAK |
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Country of Origin |
Kuwait |
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Legal Form |
Kuwaiti Joint Stock Company |
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Registration Date |
2nd February 1966 |
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Membership Number |
2618 |
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Issued Capita |
lKD 1,008,000 |
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Paid up Capita |
lKD 1,008,000 |
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Total Workforce |
75 |
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Line of Business |
Import and distribution of oil well drilling mud
products, drilling bits, production of chemicals and equipment, coring
equipment and services. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
KUWAIT DRILLING FLUIDS & OIL SERVICES SAK
ADDRESS
Registered & Physical Address
Location : Shuwaikh Industrial Area
PO Box : 4544
Town : Safat 13046
Country : Kuwait
Telephone : (965) 3260068 / 3260847 / 3262455
Facsimile : (965) 3262269
Email : info@kdf.com.kw
Premises
Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Safat.
KEY PRINCIPALS
Abdulaziz Al Aradi Managing Director
Nouf A. Al Aradi Director
Ehab M. Al Aradi Director
Majed Al Kassem General Manager
Gary Cole Operations Manager
Joaquim D'Cruz Finance Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd February 1966
Legal Form : Societe Anonyme Kuwaiti (Kuwaiti Joint Stock Company)
Membership No. : 2618
Issued Capital : KD 1,008,000
Paid up Capital : KD 1,008,000
Name of Shareholder (s)
Abdulaziz Al Aradi
Nouf A. Al Aradi
Ehab M. Al Aradi
LINE OF BUSINESS
Operations :
Engaged
in the import and distribution of oil well drilling mud products, drilling
bits, production of chemicals and equipment, coring equipment and services.
Import Countries : United Kingdom, United States of America and Japan.
Operating Trend : Steady
Subject has a workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Kuwaiti Dinars (KD)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue KD 3,050,000 KD 3,400,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Kuwait Drilling Fluids & Oil Services
SAK is very well established in the Kuwaiti market with operations dating back
40 years. The company is engaged in the import and distribution of oil well drilling mud
products, drilling bits, production of chemicals and equipment, coring
equipment and services.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 300,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |