MIRA INFORM REPORT

 

 

Report Date :

03.04.2007

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL WATER TECHNOLOGY KSCC (NWT)

 

 

Registered Office :

Salem Complex, Street No. 22, Al Rai, P O Box 64992, Shuwaikh 70460

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

2003

 

 

Legal Form :

Kuwaiti Shareholding Company Closed – KSCC

 

 

Line of Business :

Specializes in water desalination and advanced treatment of water and wastewater.

 

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : NATIONAL WATER TECHNOLOGY KSCC (NWT)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Date Established                                   : 2003

Registration Date                                   : 16th February 2004

Membership Number                              : 86476

Issued Capital                                        : KD 150,000

Paid up Capital                                      : KD 150,000

Total Workforce                                     : 50

Line of Business                                    : Water desalination and advanced treatment of

                                                              water and wastewater.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

NATIONAL WATER TECHNOLOGY KSCC (NWT)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Salem Complex

Street               : Street No. 22

Area                 : Al Rai

PO Box             : 64992

Town                 : Shuwaikh 70460

Country             : Kuwait

Telephone         : (965) 4722606 / 4722707

Facsimile          : (965) 4722131

Email                : info@nwt-kw.com

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

·       Khaled H. Boodai                                                                              Managing Director

 

·       Moataz M. Jafar                                                                                Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject was established in 2003 and registered on 16th February 2004

 

Legal Form                  : Sharikat Al Mouasahama Al Kuwaitia Al Mughlaqa (Kuwaiti Shareholding Company

                                      Closed - KSCC)

 

Membership No.          : 86476

 

Issued Capital              : KD 150,000

 

Paid up Capital            : KD 150,000

 

 

Name of Shareholder (s)

 

·       The Securities House KSCC

PO Box 26972

Safat 13130

Tel: (965) 2458550

Fax: (965) 2459287

Email: shouse@sh.com.kw

 

·       Khaled H. Boodai

 

·       Moataz M. Jafar

 

 

LINE OF BUSINESS

 

Operations : National Water Technology (NWT) specialises in water desalination and advanced treatment of water and wastewater. NWT is a leader in the design and construction and operation and maintenance of medium and large scale reverse osmosis desalination, and has set-up more than 100 plants in operation. Moreover, NWT operates and maintains over 200 desalination, water, and wastewater and treatment plants.

 

Import Countries : United States of America, India and Europe.

 

Operating Trend : Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/05:                Year Ending 31/12/06:

 

Total Revenue                            KD 1,100,000                            KD 1,320,000

 

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

 

 

BANKERS

 

·       Commercial Bank of Kuwait

     Shuwaikh

     Tel : (965) 4814643

     Fax : (965) 4837952

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Established in 2003, National Water Technology (NWT) specialises in water desalination and

advanced treatment of water and wastewater. NWT is a leader in the design and construction and operation and maintenance of medium and large scale reverse osmosis desalination.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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