MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING & TRADING
WLL |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15.01.1979 |
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Com. Reg. No.: |
26985, Safat |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (With Limited Liability -
WLL) |
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Line of Business : |
Import and supply of pipelines, pipes and fittings, GRP, GRE, PVC,
GRP, tanks and fuel storage tanks. Wholesalers and retailers of a wide range of sanitary ware
products, tiles and pipe fittings. |
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$ 450,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING &
TRADING WLL
Doing Business As :
MODERN CONSTRUCTION CO
Country of Origin :
Legal Form :
With Limited Liability - WLL
Registration Date : 15th
January 1979
Commercial Registration Number :
26985, Safat
Membership Number :
7750
Issued Capital :
KD 500,000
Paid up Capital :
KD 500,000
Total Workforce :
85
Line of Business :
Subjects operates several divisions (see below for details).
Financial Condition :
Good
Payments :
Prompt
Operating Trend :
Steady
COMPANY NAME
MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING & TRADING WLL
DOING BUSINESS AS : MODERN CONSTRUCTION CO
ADDRESS
Registered & Physical Address
Building : Al
Street :
PO Box : 26882
Town : Safat 13129
Country :
Telephone : (965) 2425788 /
2460376 / 2440392 / 2408151
Facsimile : (965) 2456457
/ 2433698
Email : mcc@qualitynet.net
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
Passport Street Warehouse
& showroom
Shuwaikh Industrial Area premises
Hawalli
Al Rai
KEY PRINCIPALS
Name Nationality Position
Abdulaziz Mohamed Al Ghanim Kuwaiti Managing Director
Saud Abdulaziz Mohamed Al Ghanim Kuwaiti Director
Ali Yousif Al Alami
Kuwaiti Director
Mohamed R. Shehata Kuwaiti Director
Mansour Daou Palestinian Commercial Manager
Ms Nuha Al Ghanim Kuwaiti Marketing
Manager
Mrs Nahad Zahran Kuwaiti Administration
Manager
Mohamed Zafiri Kuwaiti IT
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 15th
January 1979
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With
Limited Liability - WLL)
Commercial Reg. No. : 26985, Safat
Membership No. : 7750
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
Name of Shareholder
(s)
Abdulaziz Mohamed Al Ghanim
Saud Abdulaziz Mohamed Al Ghanim
Ali Yousif Al Alami
Mohamed R. Shehata
Notes to the legal Form
Limited Liability Companies, which are known in
Under the Kuwaiti Commercial Companies Law a WLL may be formed by a
minimum of 2 and a maximum of 30 natural or legal persons, whose liability is
limited to their shares in the company’s capital. At least 51 percent of the
capital must be owned by Kuwaitis. The minimum amount of capital required is KD
7,500. Contributions to capital may be made in cash of kind. Capital may not be
increased by public subscription. The full amount of the share value must be
paid in on subscription. Shares may not be assigned to a non-member, unless the
other existing members are granted a pre-emptive right to purchase the shares.
WLLs may not engage in banking, insurance or investment activities on behalf of
others.
AFFILIATED COMPANIES
Kuwait Control Co WLL
PO Box : 20298
Safat 13062
Tel : (965) 2418830 / 2434121
Fax : (965) 2433698
Bayan Al Watania Trading Co
PO Box : 20298
Safat 13062
Tel : (965) 2418830
Fax : (965) 2433698
Abdulaziz M. T. Al Ghanim Trading & Contracting Co
PO Box : 3204
Safat 13033
Tel : (965) 2461564
Fax : (965) 2410473
Arabian Gulf Holding Co
PO Box : 20298
Safat 13062
Tel : (965) 2415036
Fax : (965) 2432254
Al Ghanim Express Cargo
PO Box : 20298
Safat 13036
Tel : (965) 2418830
Al Ghanim Express Travel & Tourism Co
PO Box : 20298
Safat 13063
Tel : (965) 2408162 / 2408163
Fax : (965) 2408159
Computer Control & Instrumentation Co
PO Box : 21239
Safat 13073
Tel : (965) 2418830
Fax : (965) 2433698
Al Nawasi General Trading & Contracting Co
PO Box : 3204
Safat 13033
Tel : (965) 2461564
Fax : (965) 2410473
Loftahnza Airways
PO Box : 3204
Safat 13033
Tel : (965) 2461564
Fax : (965) 2410473
Universal Express Co for General Trading
PO Box : 3204
Safat 13033
Tel : (965) 2461564
Fax : (965) 2410747
Sapo Kuwait Car Rental Co
PO Box : 3204
Safat 13033
Tel : (965) 2461564
Fax : (965) 2410473
Al Khaleej Petroleum Co WLL
PO Box : 3204
Safat 13033
Tel : (965) 2406775 / 2461564
Fax : (965) 2406780 / 2410473
Technology General Trading Co LLC
PO Box : 28343
Tel : (971-4) 214891
Fax : (971-4) 216433
LINE OF BUSINESS
Operations : Subject’s activities are performed through the
following divisions:
Pipe Line Systems Division (PLSD)
This division specialises in the import and supply of pipelines, pipes
and fittings, GRP, GRE, PVC, GRP, tanks and fuel storage tanks.
Sanitary ware, Tiles & Plumbing Division (SWPT)
Under this division, subject acts as wholesalers and retailers of a wide
range of sanitary ware products, tiles and pipe fittings.
Hospital & Laboratory Supplies Division (HLSD)
This division specialises in hospital and medical supplies, including
laboratory equipment and instruments, surgical and dental equipment, as well as
chemicals.
Environmental Control Division (ECD)
This division undertakes projects on a turnkey basis from the concept to
commissioning of heating, ventilation and air conditioning systems for
commercial and residential projects.
Computer, Communication & Security Division (CCSD)
This division specialises in the distribution of computers and
communication equipment, as well as control and security devices.
Contracting Division (CD)
This division is the contract arm of the subject which undertakes civil
works, plumbing, drainage and electrical works.
This division is registered with the Kuwait Fire Brigade Department as
an approved contractor for undertaking contracts related to the supply and
installation of fire fighting equipment.
Import Countries :
Agencies Held :
Anders Williams Scientific
Environ Products Inc
Science First
Wonderware Corporation
Operating Trend : Steady
Subject has a workforce of approximately 85 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 3,530,000 KD 3,770,000
Local sources consider subject’s financial condition to be Good.
BANKERS
Commercial Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
National Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
Al Ahli Bank of
PO Box : 1387
Safat 13033
Tel : (965) 411101 / 411102
The Gulf Bank KSC
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
Subject’s payment record is reported to be met in a generally prompt
manner.
GENERAL COMMENTS
Established in 1979, subject is well known in the local business
community and has diversified operations covering pipeline systems, sanitary
ware products, hospital supplies, environmental instruments, computer,
communication and security products and services.
According to local sources subject’s financial position is healthy and
profitable with payments generally met in a prompt and timely manner. As such
the company is considered to be trustworthy for respecting its financial trade
commitments.
Maximum suggested credit figure: US$ 450,000
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%)