MIRA
INFORM REPORT
|
Report Date : |
17.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL
PETROLEUM SERVICES COMPANY KSCC |
|
|
|
|
Registered Office : |
Shuaibah
Industrial Area, Block 3, Street 6, Plot 76, P O Box 9801, Ahmadi 61008 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
3rd January 1993 |
|
|
|
|
Com. Reg. No.: |
49911, Safat |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
|
|
|
|
Line of Business : |
Provide upstream services in oil well service such as cementing coil
tubing pumping stimulation and other miscellaneous associated services
related to drilling operations also field product and services in the
industrial services sector. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : NATIONAL PETROLEUM SERVICES COMPANY KSCC
Country of Origin :
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 3rd January 1993
Commercial Registration Number : 49911, Safat
Trade Licence Number : 34846
Issued Capital : KD 5,225,352
Paid up Capital : KD 5,225,352
Total Workforce : 300
Line of Business : Provision of oil field services, environmental services, industrial
products and services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NATIONAL PETROLEUM
SERVICES COMPANY KSCC
ADDRESS
Registered & Physical Address
Location :
Shuaibah
Industrial Area, Block 3, Street 6, Plot 76
Town : Ahmadi 61008
Country :
Telephone :
(965) 3262222
Facsimile :
(965) 3261122
Premises
Subject operates
from a large suite of offices and production facilities that are owned and
located in the Industrial Area of Ahmadi.
KEY PRINCIPALS
· Omran Habib Jawhar
Hayat Chairman
· Dr. Adnan Al
Shaheen Vice Chairman
· Mazen Madooh Director
·
Dr. Abbas M. Marafi Director
·
Mohamed Al Shammari Director
·
Munawer Al Nouri Director
· Khalil El Khoury Director
· Khalid Al Saif Chief
Operating Officer
· R. S. Bawa Operations
Manager
· Hani M. Eid Al
Musallam Finance
& Administration Manager
·
Mohamed Ali Meghani Business
Development Manager
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
January 1993
Legal Form :
Sharikat Al Mouasahama Al
Kuwaitia Al Mughlaqa
(Kuwaiti Shareholding Company
Closed - KSCC)
Commercial Reg. No. : 49911, Safat
Membership No. : 34846
Issued Capital : KD 5,225,352
Paid up Capital : KD 5,225,352
Name of Shareholder
(s)
· Omran Habib Jawhar
Hayat
· Dr. Adnan Al
Shaheen
· Mazen Madooh
·
Dr. Abbas M. Marafi
·
Mohamed Al Shammari
·
Munawer Al Nouri
· Khalil El Khoury
·
Kuwaiti
businessmen & private investors
LINE OF BUSINESS
Operations : The main activity is to provide upstream services
in oil well service such as cementing coil tubing pumping stimulation and other
miscellaneous associated services related to drilling operations also field
product and services in the industrial services sector.
Import Countries
:
International
Suppliers :
·
Ava
Econ
Operating Trend
: Steady
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : Kuwaiti
Dinars (KD)
Balance Sheet 2006 2005
ASSETS
Non current assets
Inventories 1,716,256 868,403
Account
receivables 1,225,166 820,146
Investments at
fair value through statement of income 889,966 841,514
Prepayments and
other receivables 1,168,306 301,439
Cash and cash
equivalents 2,138,567 447,804
Total current
assets 7,138,261 3,279,306
Total assets 13,094,872 6,229,006
SHAREHOLDERS’
EQUITY AND LIABILITIES
Share capital 5,225,352 3,600,000
Share premium 3,310,705 60,000
Statutory reserve 388,000 312,356
Voluntary reserve 388,000 312,356
Treasury shares (737,056) (332,729)
Retained earnings 748,659 704,814
Total
shareholders’ equity 9,323,660 4,656,797
Non current
portion of term loan 2,375,000 585,196
Provision for
employees’ indemnity 250,548 193,815
Total non-current
liabilities 2,625,548 779,011
Current portion of
term loan 625,000 125,000
Account payables
and other credit balances 520,664 668,198
Total current
liabilities 1,145,664 793,198
Total liabilities 3,771,212 1,572,209
Total
shareholders’ equity and liabilities 13,094,872 6,229,006
Statement of Income 2006 2005
Income
Sales and service
revenue 4,986,641 4,003,609
Cost of sales and
service revenue (1,734,479) (1,511,929)
Gross profit 3,252,162 2,491,680
Unrealized (loss)
/ gain on investments at fair value (52,486) 205,518
through statement
of income
Realized gain /
(loss) on investments at fair value 2,295 (15,400)
through statement
of income
Interest income 126,984 2,870
Other income 87,331 37,830
Total income 3,416,286 2,722,498
Expenses and other
charges
General and
administrative expenses 2,560,430 1,922,102
Finance costs 99,416 25,647
Contribution to
of Services (KFAS)
National labor
support tax 17,945 16,908
Directors’
remuneration 14,000 14,000
Total expenses and
other charges 2,698,618 1,985,630
Net profit for the
year 717,668 736,868
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Industrial
Bank of
Safat
Tel: (965) 844446
Fax: (965) 2462057
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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$ 1,000,000
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%)