MIRA INFORM
REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
KHARAFI NATIONAL CO. LLC |
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Registered Office : |
Kharafi National Building, Near Adnoc Roundabout, Opp.
New Pharma Co., Al Musaffah, Industrial City, P.O.Box No. 26831, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.08.1996 |
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Com. Reg. No.: |
32777 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Electro-Mechanical Contractors |
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 : |
Dh 10,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
COmpany NAME
Kharafi
National Co. LLC (Correct)
KHARAFI NATIONAL COMPANY
(EMIRATES) (Requested)
company ADDRESS
Building : Kharafi National
Building
Area : Near Adnoc Roundabout,
Opp. New Pharma Co., Al Musaffah
Industrial City
P.O.Box No. :
26831
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971 2) 513 0513 / 676 6444 / Mobile (966
50) 818 6753
Fax `: (971 2) 513 0519
E-Mail : infoharafinational.com /
ahmed.zaher@kharafinational.com
Website : www.kharafinational.com
SENIOR COMPANY PERSONNEL
Name Position
1. Paul Nocharli Chief Operating Officer
2. Ahmed Zaher Financial Manager
3. Ala’a Al Masri Procurement Manager
4. Kery Parven Administrative Manager
Total Employees : 9,000 (subject)
100,000 (group)
PAYMENTS
No complaints have been heard regarding payments from local
suppliers
or banks.
Subject is a member of the Kharafi Group of Companies,
which is headed by Mohammed Abdulmohsin Al Kharafi & Sons for General
Trading General Contracting & Industrial Structures WLL / aka MAK Group, a
private Kuwaiti based group with diverse interests and activities worldwide.
Established as a trading company more than 100 years ago it has since developed
into a large multi-national company. The activities covered are those in construction,
manufacturing and commerce as well as Americana Co, the largest food company in the Middle East, an
airline and investments that include Kuwait's leading financial institutions
and other companies listed on the stock exchange. With an annual turnover of
over US$4 Billion the M.A. Kharafi Group now operates in more than 25 countries
around the world and has more than 100,000 employees.
Associations inspire added confidence and we consider it is
acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : Dh 10,000,000 (associations
inspire
confidence for higher amounts if
required).
Trade risk assessment : Normal
PRINCIPAL BANKERS
NAME : UNION
NATIONAL BANK
Branch : Salam
Street
PO Box : 3865
Town : Abu Dhabi
Telephone: (971 2) 674 1600
Fax : (971 2)
678 6080
The Company also has an account with the following banks :
1. Mashreq Bank
Blue Tower, Ground
Floor
Khalifa Street
PO Box 858
Abu Dhabi
Telephone: (971 2)
612 7248 / 612 7256 / 612 7257
Fax : (971 2) 626 9550
2. Dubai Islamic Bank
Sheikh Rashid Bin
Saeed Al Maktoum Street
PO Box 3863
Abu Dhabi
Telephone: (971 2)
346 0600
Fax : (971 2) 346 0643
3. Commercial Bank International (CBI)
Al Rigga Street
Deira
PO Box 4449
Dubai
Telephone: (971 4)
227 5265
Fax : (971 4) 227 9038
FINANCIAL INFORMATION
Private companies in United Arab Emirates are not required
to publish or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales turnover
: Dh 1,000,000,000 – 2010 - exact
:
Dh 1,200,000,000 – 2011 – projected
Net Profit : not given but stated to be 10-15% of
the sales
Financial year ends 31 December.
The following information
applies to Kharafi National KSCC, Kuwait, subject's parent company (latest
available) :
Sales turnover : KD 250,000,000 - 2007 - approx
: KD 260,000,000 - 2008 - approx
Net profit : not given
Financial year ends 31 December.
LEGAL
STATUS AND HISTORY
Date Started : 22 August 1996
C.R. No. : 32777
Chamber Unified No. : 43304
Economic Dept. No.: 1023823
ADCCI Membership No.: 72084
(expiry date: 07/02/2012)
Authorised Capital : Dh
20,000,000
Paid up Capital : Dh 20,000,000
Limited Liability Company with
the following sole shareholder :
Kharafi National KSCC
PO Box 24081
Safat 13101
Kuwait City
Kuwait
Telephone: (965) 2225 9000 /
2474 9655 / 2243 1043
Fax : (965) 2225 9999
Est. : 24 May 1976
C.R. No. : 23866
KCCI Membership No. : 5281
(expires on 9 July 2012)
Capital : KD 10,000,000
Chairman : Faisal Nasser
Mohammed Al Kharafi
Kuwaiti Shareholding Company
(closed) with the following shareholders :
- Jasim Mohamed Al Kharafi
(Kuwaiti national)
- Nasser Mohamed Al Kharafi
(Kuwaiti national)
- Faisal Nasser Mohammed Al
Kharafi
(Kuwaiti national)
- Fawzi Mohamed Al Kharafi
(Kuwaiti national)
- Faizah Mohamed Al Kharafi
(Kuwaiti national)
- Muhanad Mohamed Al Kharafi
(Kuwaiti national)
- Sahar Mohamed Al Kharafi
(Kuwaiti national)
- Souad Mohamed Al Kharafi
(Kuwaiti national)
- Ghaleb Mohamed Younis
(Kuwaiti national)
- Nada H. Al Naqeeb (Mrs)
(Kuwaiti national)
- Other minority shareholders
Subject's local agent is :
Al Mulla Construction Co LLC
Al Mulla Building
Creek Road
PO Box 59
Dubai
Telephone: (971 4) 222 1241 / 222
1243
Fax : (971 4) 221 8109
Personal Profile on Jasim
Mohamed Al Kharafi :
Jassim M. Al Kharafi is a
Kuwaiti national born on 8 December 1940.
He is married. He was educated
at Victoria College in Alexandria,
Egypt and was a former member of
the Kuwaiti National Assembly
(1975-1985) and Minister of
Finance and Economy (1985-1990). In July
2000 Jassim Al Kharafi was
elected parliamentary speaker and will
hold the post for three
parliamentary sessions.
Al Kharafi family
According to international and
local publishing sources Nasser Al
Kharafi and his brothers are
worth some US$5.7 billion.
Nasser Al Kharafi and his
brothers run the US$3.1 billion (revenue)
Mohammed Abdulmohsin Al Kharafi
& Sons contracting group. Eldest
brother Jassim is chairman, but
younger brother Nasser is president
and the one considered to make
things run. Sister Faiza Al Kharafi is
a senior academic and president
of Kuwait University.
The group are trying to attract
European tourists to their
Disneyesque Port Galib on Egypt's
Red Sea coast. The resort's French
managed airport began accepting
commercial flights from Europe in
late 2001. Project cost is
estimated at US$2billion.
Affiliated companies of Kharafi
National Co. LLC :
Subject is a subsidiary of Kharafi
National KSCC, member of the Al Kharafi Group of Companies, Kuwait, headed by :
Mohammed Abdulmohsin Al Kharafi
& Sons Co W.L.L
M.A. Kharafi Building
Canada Dry Street No. 12, behind
Al Ghanim Industries
Block No 3, Shuwaikh Industrial
Area
PO Box 886
Safat 13009
Kuwait
Telephone: (965) 2481 3622 /
2483 3774 (5 lines)
Fax : (965) 2481 3740 / 2481 1641
The group also includes the
following companies :
1. Admak General Contracting Company
Al Ain
Abu Dhabi- United Arab Emirates
2. Air Express Egypt
Egypt
3. Al Kharafi Drilling Company
Yemen Republic
4. Aluminium Industries
Kuwait
5. Arab Aluminium Company
Egypt
6. Cassette Factory
Egypt
7. Costain, UK
(Subject bought 7.5 % stake in 1995)
8. Cybermak Information Systems
Kuwait
9. Drum Factory
Yemen Republic
10. Emprex, USA
(Subject has increased his shares from 10 %
to
12.9 % in 1995)
11. Global Telecom
12. Gulf Insulating Material And
Manufacturing Company
PO Box 1306
Al Farwaniah
Kuwait
Telephone: (965) 2476 3821 / 2473 1209
Fax
: (965) 2473 1201
13. International Contracting
Company
Kuwait
14. Isofoam Insulating Material
Company
Kuwait
15. Kharafi Advertising &
Public Relation Agencies
16. Kharafi Terrazo Factory
17. Kuwait Food Co. (Americana)
Kuwait
18. Kuwait Readymix Company
Kuwait
19. Kuwait Steel Reinforcement
Company
Kuwait
20. MAK Botswana
21. MAK Brakelining Egypt
Egypt
22. MAK Contracting Company
Egypt
23. Marine & Foundation
Company
Kuwait
24. National Piling Co
Abu Dhabi
UAE
25. National for Mechanical and
Electrical Works
Kuwait
26. Sitar Sun Protection Co
27. Terazzo Factory
Kuwait
28. Tiles Factory
Republic of Yemen
29. Yemen Hotels &
Investment Company
Republic of Yemen
30. Arab Company for Computer
Manufacturing
Egypt
31. M.A.Kharafi & Sons Co.
WLL
Saudi Arabia
32. MAK Lebanon
Lebanon
33. Kharafi National LLC
PO Box 25693
Dubai
United Arab Emirates
Telephone: (971 4) 347 6662
Fax
: (971 4) 347 9400
E-mail: dubai@kharafinational.com
34. Egyptian Sponge Co.
"Misrfoam"
Giza
Egypt
Telephone: (20 2) 2572 1758 / 2573 1380
Fax
: (20 2) 2572 9258
35. Kharafi National Company for
Mech. & Elect. Works SAE
2 Abdul Moneim Riyadh Street
Thawra Square
Al Mohendessen, Giza
PO Box 21 Imbaba
Cairo 12311
Egypt
Telephone: (20 2) 3336 7688
Fax
: (20 2) 3760 9264
E-mail: egypt@kharafinational.com
36. Kharafi National Lebanon
Beirut
Lebanon
37. Quality Technical Supplies
Company
PO Box 30582
Abu Dhabi
United Arab Emirates
Telephone: (971 2) 677 8767
Fax
: (971 2) 677 5773
E-mail: kn.trade@kharafinational.com
Established 2001
38. The National Co. for Mech.
& Elect. Works Ltd - Dubai Branch
PO Box 25693
Dubai
United Arab Emirates
Telephone: (971 4) 347 6662
Fax
: (971 4) 347 9400
E-mail: dubai@kharafinational.com
39. Saipem Kharafi National MMO
FZCO
Dubai Airport Free Zone
Dubai
United Arab Emirates
40. Kharafi National KSC
(Closed)
Lebanon Branch
MAK Centre, 2nd Floor
Al Sham Road
PO Box 182
Hazmieh
Beirut
Lebanon
Telephone: (961 5) 950 480 / 1
Fax
: (961 5) 950 988
E-mail: lebanon@kharafinational.com
41. Kharafi National SARL
MAK Centre, 2nd Floor
Al Sham Road
PO Box 182
Hazmieh
Beirut
Lebanon
Telephone: (961 5) 950 480 / 1
Fax
: (961 5) 950 988
E-mail: lebanon@kharafinational.com
42. Kharafi National W.L.L.
Doha
Qatar
43. Saipem Kharafi National MMO
FZCO
(under establishment)
Doha
Qatar
Telephone: (974) 546 0454
E-mail: lionel.duval@sknmmo.com
44. The National Co. for
Mechanical & Electrical Works Ltd.
Saudi Arabia
45. Kharafi National WLL
Office No. 52
Building No. 338
Road No. 1705
Manama 317
PO Box 10031
Manama
Kingdom of Bahrain
Telephone: (965) 2225 9000
Fax
: (965) 2474 4335
E-mail: bahrain@kharafinational.com
46. Isofoam South Africa (PTY)
Ltd.
PO Box 1584 Dassenberg,
7350 Capetown,
South Africa
Telephone: (21 57) 71 105
47. Isofoam Trading
PO Box 35220
Dubai
United Arab Emirates
Telephone: (971 4) 286 1082
Fax
: (971 4) 286 0821
ACTIVITIES
The Company is involved in the
following activities :
Electro-mechanical contractors.
Subject undertakes civil
engineering projects and mechanical
contracting for the public,
oilfield and private sectors.
Subject also operates in the
following fields of activities :
- Infrastructure Project
Development
- EPCM Operations : focuses on
developing and executing major
projects throughout the Middle East in the water, infrastructure
and environmental, power and MEP building services sectors.
- Construction : provides a
complete range of construction services
for heavy industrial plants in the oil and gas, petrochemicals,
power, water and related sectors. The company constructs
pipe-lines, gathering centres, export facilities, refineries,
petrochemical plants, power generating stations and desalination
plants, and has been involved in numerous construction projects
throughout the Middle East; The capabilities in construction and
the range of construction services offered by Kharafi National
include: detailed engineering;
civil works;
mechanical works;
fabrication and installation of
piping;
electrical works;
instrumentation systems;
painting;
insulation;
testing, pre-commissioning and
commissioning
- Facilities Management :
provides comprehensive and integrated
services for commercial and industrial building systems,
installations and facilities.
- Trading Operations : supplies
materials, equipment and systems to
major clients and contractors in the oil and gas, petrochemical,
power, water and waste-water sectors. These products, which are
used in the main for the development of infrastructure, are
supported by KNTO s superior after-sales services.
NACE Code : 4291 / 4110 / 4200 /
4299 / 7112 / 4321 / 4614
Suppliers : XinXing Ductile Iron Pipes Company, China (ductile iron
pipes and fittings)
Alldos Eichler GmbH, Germany
(chlorination systems)
Emile Egger & Cie SA,
Switzerland (pumps)
Jash Engineering Ltd, India
(penstocks, MB screens and
knife gate valves)
Euromac Srl, Italy (aeration
equipment and belt
conveyors)
Silvertech Middle East FZCO, UAE
(DCS, PLC, and SCADA)
TM. P. S.p.A. Termomeccanica
Pompe, Italy
(positive-displacement and
centrifugal pumps)
- Equipment Dealership : offers
state-of-the-art equipment, products
and services for sale or rent from international suppliers. The
Unit supplies a wide range of construction equipment, such as earth
moving equipment from CASE; batching plant, concrete pumps,
concrete mixers from CIFA; forklifts from CLARK; rough terrain
cranes from Locatelli; electric overhead cranes from BULL; tower
lights from Allmand; Premax dewatering pumps from Sykes; generators
and welding machines from Genset; components for batching plants
from WAM; and material lifts from SCAN CLIMBER.
Subject is ISO 9001:2008
certified.
Imports worldwide, mainly from UK,
Germany, Belgium, India, China and USA.
Subject only sells locally and
does not engage in re-export business.
FACILITIES
The Company has the following
facilities :
Rented premises comprising
administrative offices with storage facilities located at the heading address
as well as site offices located elsewhere in Abu Dhabi and Dubai.
SPECIAL
NOTE
You enquired on : Kharafi National Company (Emirates). Please note that the correct name is as per heading.
The commercial registration
number given by you: 1023823 applies to
subject's Economic Department
number. Please note that subject's commercial registration number is: 32777.
Interviewed : Ahmed Zaher
(Financial Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
|
UK Pound |
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
RATING EXPLANATIONS
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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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.