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MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
KUWAIT
PUBLIC TRANSPORT COMPANY (KPTC) |
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Registered Office : |
Shuwaikh, P O Box
375, Safat 13004 |
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Country : |
Kuwait |
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Date of Incorporation : |
22nd December 1962 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Provides
bus and marine services |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KUWAIT PUBLIC TRANSPORT COMPANY (KPTC)
Country of Origin : Kuwait
Legal Form : Limited Liability Company
Registration Date : 22nd December 1962
Membership Number : 1504
Issued Capital : KD 40,000,000
Paid up Capital : KD 40,000,000
Total Workforce : 3,500
Line of Business : Bus and marine services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
KUWAIT
PUBLIC TRANSPORT COMPANY (KPTC)
ADDRESS
Registered & Physical Address
Location : Shuwaikh
PO Box : 375
Town : Safat 13004
Country : Kuwait
Telephone : (965) 2328502 / 2328501 / 2469420-7
Facsimile : (965) 2401265 / 2328870
Email : info@kptc.com.kw
Premises
Subject operates
from a large suite of offices that are owned and located in the Suburban
Business Area of Safat.
KEY PRINCIPALS
·
Abdullah Ghaith
Al Mutawa Chairman
·
Hilal H. Al
Mutairi Managing
Director
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Mansour
Al Saed General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 22nd
December 1962
Legal Form :
Limited Liability Company
Membership No. : 1504
Issued Capital : KD 40,000,000
Paid up Capital : KD 40,000,000
Name of Shareholder
(s) Percentage
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Government of
Kuwait 100%
LINE OF BUSINESS
Operations : Kuwait Public
Transport Company (KPTC) provides bus and marine services to most destinations
in Kuwait, with a lot of this used by the estimated 1.74m expatriates, the vast
majority of whom are low- to mid-level wage earners. It operates over 500 buses
and transports more than 70 million passengers a year.
KPTC seizes 32.72% of the total market share for different modes of transportation - excluding personal cars - in Kuwait, according to magazine Public Transport International 2004. Private buses in the meantime take 11%, with pick-up trucks managing 11.25%, the private sector city bus service 10.63%, orange cabs 4.4%, call taxis 5.63%, yellow buses 3.23% and other means of transport taking the remaining share.
Subject is ISO 9001 certified.
Import Countries
: India and Europe.
Subject has a
workforce of approximately 3,500 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
National Bank
of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
·
Commercial
Bank of Kuwait
Mubarak Al Kabir Street
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Kuwait
Public Transport Company (KPTC) provides bus and marine services to most
destinations in Kuwait. It operates over 500 buses and transports more than 70
million passengers a year.
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$ 2,000,000
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)