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MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
REAL ESTATE
CONSTRUCTION & FABRICATION COMPANY SAK (RECAFCO) |
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Registered Office : |
Mina Abdulla, |
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Country : |
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Date of Incorporation : |
4th May 1977 |
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Legal Form : |
Kuwaiti Joint Stock Company |
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Line of Business : |
Subject
undertakes civil engineering contracts on a turnkey basis, including electrical,
plumbing, fire-fighting, finishing and furnishing works. |
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$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : REAL ESTATE CONSTRUCTION & FABRICATION COMPANY SAK
(RECAFCO)
Country of Origin :
Legal Form : Kuwaiti Joint Stock Company
Registration Date : 4th May 1977
Membership Number : 6107
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Total Workforce : 400
Line of Business : Civil engineers as well as the manufacture and erection of concrete pre-
cast units
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
REAL ESTATE
CONSTRUCTION & FABRICATION COMPANY SAK (RECAFCO)
ADDRESS
Registered & Physical Address
Location : Mina Abdulla
PO Box : 24478, Safat 13105
Town : Shuaiba
Country :
Telephone : (965) 3260054 / 3262405 / 2459567
Facsimile : (965) 3260067 / 2458166
Email : recafco@qualitynet.net
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Shuaiba.
KEY PRINCIPALS
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Abdul
Aziz Khalid Al Abdul Razzak Managing
Director
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Abdullah
Saud Al Abdul Razzak Director
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Fazil
Khalid Al Abdul Razzak Director
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Adel Al
Nafisi Director
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Abdullah
Khalid Al Sumait Director
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Abdul
Majeed Mohamed Qabazard Director
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Hemant
Kanekar General
Manager
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J. L.
Khanna Financial
Manager
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N.
Chokkalingam Factory
Manager
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Suresh
Kumar Technical
Manager
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Ali
Fouad El Kolaly Contracts
Manager
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Akram
Koja Projects
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 4th
May 1977
Legal Form :
Societe Anonyme Kuwaiti
SAK (Kuwaiti Joint Stock
Company)
Membership No. : 6107
Issued Capital : KD 2,000,000
Paid up Capital : KD 2,000,000
Name of Shareholder
(s)
·
Abdul
Aziz Khalid Al Abdul Razzak
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Abdullah
Saud Al Abdul Razzak
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Fazil
Khalid Al Abdul Razzak
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Adel Al
Nafisi
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Abdullah
Khalid Al Sumait
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Abdul
Majeed Mohamed Qabazard
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Kuwaiti
investors and businessmen
LINE OF BUSINESS
Operations : Subject undertakes civil engineering
contracts on a turnkey basis, including electrical, plumbing, fire-fighting,
finishing and furnishing works.
Subject is also engaged in the manufacture and erection of concrete
pre-cast units of all shapes and
pre-stressed post-tensioned units.
Import Countries
:
International
Suppliers :
·
Pfeifer
Subject has a
workforce of 400 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Commercial
Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
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Al Ahli
Bank of
PO Box : 1387
Safat 13033
Tel : (965) 2411101 / 2411102
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Bank of
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:
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$ 600,000
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%)