MIRA INFORM REPORT

 

Report Date :

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING & TRADING WLL

 

 

Registered Office :

Building No. 107, Block No. 11 Street No. 1 North Sabhan Industrial Area PO Box 26882 Safat 13129

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.01.1979

 

 

Com. Reg. No.:

26985, Safat

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates several divisions like Pipe Line Systems Division (PLSD), Sanitary ware, Tiles & Plumbing Division (SWPT), Hospital & Laboratory Supplies Division (HLSD), Environmental Control Division (ECD), Computer, Communication & Security Division (CCSD), Contracting Division (CD)

 

RATING & COMMENTS

 

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

EUR 350,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING &

                                                              TRADING WLL

Doing Business As                                : MODERN CONSTRUCTION CO

Country of Origin                                    : Kuwait

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 15th January 1979

Commercial Registration Number            : 26985, Safat

Trade Licence Number                            : 2570/1978

Chamber Membership Number                : 7750

Issued Capital                                        : KD 500,000

Paid up Capital                                      : KD 500,000

Total Workforce                                     : 95

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : EUR 350,000

Person Interviewed                                 : Hamid Abdul Moniem, Finance Manager

 

COMPANY NAME

 

MODERN CONSTRUCTION CO FOR GENERAL CONTRACTING & TRADING WLL

 

DOING BUSINESS AS: MODERN CONSTRUCTION CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Building No. 107, Block No. 11

Street               : Street No. 1

Area                 : North Sabhan Industrial Area

 

PO Box             : 26882

 

Town                 : Safat 13129

Country             : Kuwait

 

Telephone         : (965) 22263767

Facsimile          : (965) 22263768

Email                : mcc@qualitynet.net / info@mcckt.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Safat.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Passport Street                                                                                 Warehouse & showroom

     Shuwaikh Industrial Area                                                                    premises

 

·       Tunis Street                                                                                      Showroom premises

     Hawalli

 

·       Ghazali Street                                                                                   Showroom premises

Al Rai

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Abdulaziz Mohamed Al Ghanim                        Kuwaiti                        Managing Director

 

·       Saud Abdulaziz Mohamed Al Ghanim   Kuwaiti                        Director

 

·       Ali Yousif Al Alami                                          Kuwaiti                        Director

 

·       Mansour Daou                                                      -                           General Manager

 

·       Hamid Abdul Moniem                                            -                           Finance Manager

 

·       Wessam Abu Shakra                                            -                           Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th January 1979

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 26985, Safat

 

Trade Licence No.       : 2570/1978

 

Chamber Member No. : 7750

 

Issued Capital              : KD 500,000

 

Paid up Capital            : KD 500,000

 

Name of Shareholder (s)

 

·       Abdulaziz Mohamed Al Ghanim

 

·       Saud Abdulaziz Mohamed Al Ghanim

 

·       Ali Yousif Al Alami

 

 

AFFILIATED COMPANIES

 

·       Kuwait Control Co WLL

PO Box: 20298

Safat 13062

Tel: (965) 22418830 / 22434121

Fax: (965) 22433698

 

·       Bayan Al Watania Trading Co

PO Box: 20298

     Safat 13062

     Tel: (965) 22418830

     Fax: (965) 22433698

 

·       Abdulaziz M. T. Al Ghanim Trading & Contracting Co

PO Box: 3204

Safat 13033

Tel: (965) 22461564

Fax: (965) 22410473

 

·       Arabian Gulf Holding Co

PO Box: 20298

     Safat 13062

     Tel: (965) 22415036

     Fax: (965) 22432254

 

·       Al Ghanim Express Cargo

PO Box: 20298

Safat 13036

Tel: (965) 22418830

 

·       Al Ghanim Express Travel & Tourism Co

PO Box: 20298

Safat 13063

Tel: (965) 22408162 / 22408163

Fax: (965) 22408159

 

·       Computer Control & Instrumentation Co

PO Box: 21239

Safat 13073

Tel: (965) 22418830

Fax: (965) 22433698

 

·       Al Nawasi General Trading & Contracting Co

PO Box: 3204

Safat 13033

Tel: (965) 22461564

Fax: (965) 22410473

 

·       Loftahnza Airways

PO Box: 3204

Safat 13033

Tel: (965) 22461564

Fax: (965) 22410473

 

·       Universal Express Co for General Trading

PO Box: 3204

Safat 13033

Tel: (965) 22461564

Fax: (965) 22410747

 

·       Sapo Kuwait Car Rental Co

PO Box: 3204

Safat 13033

Tel: (965) 22461564

Fax: (965) 22410473

 

·       Al Khaleej Petroleum Co WLL

PO Box: 3204

Safat 13033

Tel: (965) 22406775 / 22461564

Fax: (965) 22406780 / 22410473

 

·       Technology General Trading Co LLC

PO Box: 28343

Dubai

     United Arab Emirates

     Tel: (971-4) 2214891

     Fax: (971-4) 2216433

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

  • Pipe Line Systems Division (PLSD)

 

This division specialises in the import and supply of pipelines, pipes and fittings, GRP, GRE,

PVC, GRP, tanks and fuel storage tanks.

 

  • Sanitary ware, Tiles & Plumbing Division (SWPT)

 

Under this division, subject acts as wholesalers and retailers of a wide range of sanitary ware products, tiles and pipe fittings.

 

  • Hospital & Laboratory Supplies Division (HLSD)

 

This division specialises in hospital and medical supplies, including laboratory equipment and instruments, surgical and dental equipment, as well as chemicals.

 

  • Environmental Control Division (ECD)

 

This division undertakes projects on a turnkey basis from the concept to commissioning of heating, ventilation and air conditioning systems for commercial and residential projects.

 

  • Computer, Communication & Security Division (CCSD)

 

This division specialises in the distribution of computers and communication equipment, as well as control and security devices.

 

 

 

 

  • Contracting Division (CD)

 

This division is the contract arm of the subject which undertakes civil works, plumbing, drainage and electrical works.

 

This division is registered with the Kuwait Fire Brigade Department as an approved contractor for undertaking contracts related to the supply and installation of fire fighting equipment.

 

Import Countries: France, Spain, Turkey and the United States of America

 

Agencies Held :

 

·       Anders Williams Scientific                 United States of America

·       Environ Products Inc                          United States of America

·       Science First                                    United States of America

·       Wonderware Corporation                    United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 95 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                KD 4,920,000                            KD 5,350,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 2411101 / 2411102

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1979, subject is well known in the local business community and has diversified operations covering pipeline systems, sanitary ware products, hospital supplies, environmental instruments, computer, communication and security products and services.

 

According to local sources subject’s financial position is healthy and profitable with payments generally met in a prompt and timely manner. As such the company is considered to be trustworthy for respecting its financial trade commitments.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.