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MIRA
INFORM REPORT
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Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DUCTING
& SERVICING CO WLL (DASCO) |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1964 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Design,
fabrication, and installation of "HVAC" (Heating, Ventilating &
Air Conditioning), systems, air distribution systems, aluminium doors and
windows. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DUCTING & SERVICING CO WLL (DASCO)
Country of Origin :
Legal Form : With Limited Liability - WLL
Start Date : 1964
Registration Date : 27th September 1987
Membership Number : 1884
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Total Workforce : 330
Line of Business : Design, fabrication, & installation of HVAC systems
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
DUCTING
& SERVICING CO WLL (DASCO)
ADDRESS
Registered & Physical Address
Street :
Area : Shuwaikh
PO Box : 6192
Town : Hawalli 32036
Country :
Telephone : (965) 4839915
/ 4839911
Facsimile : (965) 4815498
Email : info@dasco.net
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Hawalli.
KEY PRINCIPALS
·
Abdul Elah M. Marafi Managing
Director
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Abdul Wahab A. Marafi Director
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Mohamed S. Al Ghanim Director
LEGAL FORM &
OWNERS
Date of Establishment : Subject’s
operations date back to 1964, however it was registered on 27th
September
1987
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Membership No. : 1884
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Name of Shareholder
(s)
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Abdul Elah M. Marafi
·
Abdul Wahab A. Marafi
·
Mohamed S. Al Ghanim
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.
LINE OF BUSINESS
Operations : Dasco is engaged
in the design, fabrication, and installation of "HVAC" (Heating,
Ventilating & Air Conditioning), systems, air distribution systems,
aluminium doors and windows.
Import Countries
:
International Suppliers
:
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Soler & Palau
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Kanalflakt
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Camfil International AB
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Clever
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Uniflair
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Pyrox
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Metrico
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Purafilinc
Subject has a
workforce of approximately 330 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Burgan
Bank
Sheikh Duaij Al Sabah Building
PO Box : 43973
Hawalli 32054
Tel : (965) 2655763
Fax : (965) 2655749
Acc No. 2063252217
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$ 500,000
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. |
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%)