MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
IMCO ENGINEERING AND CONSTRUCTION CO WLL |
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Registered Office : |
East Ahmadi, Area No. 7, Plot No. 28, Road No. 1, PO Box 9308 & 9309, Ahmadi 61004 |
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Country : |
Kuwait |
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Date of Incorporation : |
19.04. 1970 |
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Com. Reg. No.: |
15566 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engineering, Procurement, Construction and Maintenance
Company |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : IMCO ENGINEERING AND CONSTRUCTION CO WLL
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 19th April 1970
Commercial Registration Number : 15566
Trade Licence Number : 18667/77
Chamber Membership Number : 3438
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Total Workforce : 800
Activities : Engineering, procurement, construction and maintenance company
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 750,000
COMPANY NAME
IMCO ENGINEERING AND
CONSTRUCTION CO WLL
ADDRESS
Registered & Physical Address
Location : East Ahmadi, Area No. 7, Plot No. 28, Road No. 1
PO Box : 9308 & 9309
Town : Ahmadi 61004
Country : Kuwait
Telephone : (965) 23981661 / 23984706 / 23981662
Facsimile : (965) 23984708
Email : info@imcokw.net
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Ahmadi.
KEY PRINCIPALS
Name Position
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Jawadat
Abdul Karim Al Shawa Managing
Director
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Omar
Abdul Karim Al Shawa Director
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Ahmed
Khalil Al Manasra Director
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Sheikh
Mishaal Al Ahmed Al Sabah Director
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Saeed
Al Khori Director
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Abdul
Karim Al Mahmoud Projects
Manager
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Bashar
Tokan Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
April 1970
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 15566
Trade Licence No. : 18667/77
Chamber Member No. : 3438
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
Name of Shareholder (s)
·
Jawadat
Abdul Karim Al Shawa
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Omar
Abdul Karim Al Shawa
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Ahmed
Khalil Al Manasra
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Sheikh
Mishaal Al Ahmed Al Sabah
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Saeed
Al Khori
OPERATIONS
Activities: Engaged as a engineering, procurement, construction
and maintenance company specialising in upstream and downstream oil and gas
projects, refining and petrochemicals, power general, transmission and
distribution, water and waste water infrastructure projects.
Subject has a
workforce of approximately 800 employees.
FINANCIAL DATA
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
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National Bank
of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
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The Gulf Bank
KSC
Mubarak Al Kabir Street
PO Box : 3200
Safat 13033
Tel : (965) 2449501
Fax : (965) 2445212
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)