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MIRA INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ARABI ENERTECH KSC (C) |
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Registered Office : |
Block No. 151, Eastern
Exit, P O Box 9831, Ahmadi 61009 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.10.1978 |
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Com. Reg. No.: |
27055, Ahmadi |
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Legal Form : |
Kuwaiti Shareholding Closed Company |
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Line of Business : |
Subject operates through several divisions Engineering and Construction Division, Commercial Division, Health and Lab Engineering Division, Construction Services Division |
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No. of Employees
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1,700 Persons |
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$ 2,000,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Kuwait |
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 |
SUMMARY
Company Name : ARABI ENERTECH KSC (C)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company – KSC (C)
Registration Date : 10th October 1978
Commercial Registration Number : 27055, Ahmadi
Trade Licence Number : 607/99
Chamber Membership Number : 7496
Issued Capital : KD 8,025,000
Paid up Capital : KD 8,025,000
Total Workforce : 1,700
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Walid Riyad, Finance Manager
COMPANY NAME
ARABI ENERTECH KSC
(C)
company ADDRESS
Registered &
Physical Address
Location : Block No. 151, Eastern Exit
PO Box : 9831
Town : Ahmadi 61009
Country : Kuwait
Telephone : (965) 23986083 / 23986522 /
24817877 / 24824718 / 24817878
Facsimile : (965) 23982628 / 24840629
Mobile : (965) 99638879
Email : enertech@arabienertech.com
Premises
Subject operates
from a large suite of offices, a factory and storage facilities that are owned
and located in the Industrial Area of Ahmadi.
KEY PRINCIPALS
Name Position
·
Saqer
Ahmed Saqer Al Maousharji Chairman
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John
Mathew Chandi Managing
Director
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Tariq
Mohamed Saqr Al Maousharji Director
·
Elizabeth
Mathew Director
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Hamed
Rashed Al Bassam Director
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Sami Fouad General
Manager
·
George Joseph Commercial
Manager
·
Walid Riyad Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
October 1978
Legal Form :
Kuwaiti Shareholding Closed
Company – KSC (C)
Commercial Reg. No. : 27055, Ahmadi
Trade Licence No. : 607/99
Chamber Member No. : 7496
Issued Capital : KD 8,025,000
Paid up Capital : KD 8,025,000
Name of Shareholder
(s) Percentage
·
Al
Arabi Holding 73.00%
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John
Mathew Chandi 5.50%
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Elizabeth
Mathew 5.50%
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Al
Maousharji Catering Co 5.00%
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Saqer
Ahmed Saqer Al Maousharji
4.50%
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Tariq
Mohamed Saqr Al Maousharji 4.50%
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Hamed
Rashed Al Bassam 2.00%
AFFILIATED COMPANIES
Subject belongs to the Arabi Holding group of companies that consists of
the following concerns:
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Kuwait
Computers Company KSC
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Arabi Equipment
Company
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Arabi
Aviation Services
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Arabi
Engineering & Mechanical Works Co
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Daleel
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Agricultural
Environment Projects Co WLL
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Gazalle
Express
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Arabi
Gulf Services & Supplies Company
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Arabi
Company Qatar
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Arabi
Medical & Scientific Equipment Co
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
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Engineering and Construction Division
Engaged in engineering and
procurement construction in the oil, petrochemical, gas and electricity
industries.
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Commercial Division
Engaged in the import and
distribution of engineering equipment, catalysts, chemicals and related spare
parts.
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Health and Lab Engineering Division
Providers of turnkey hospital
projects on behalf of the Ministries of Health and Defence.
·
Construction Services Division
Manufacturers of structural steel at a rate of
500 tons per month.
Import
Countries: India, Japan,
Italy, Netherlands, France, United Kingdom and the United States of America
International
Suppliers:
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Shell
Global Solutions International BV Netherlands
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Bono Exacta SpA Italy
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Construzioni Industriali Cividac Italy
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Criterion Catalyst Company United
Kingdom
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Zeolyst International United
Kingdom
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Norton France
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Batignolles Technologies Thermiques (BTT) France
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Lincoln Electric Company United
States of America
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Chiyoda Protec Corporation Japan
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MIL Controls Limited India
Operating Trend:
Steady
Subject has a
workforce of approximately 1,700 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 17,464,661 KD 18,939,96
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Walid Riyad, Finance Manager
BANKERS
·
National
Bank of Kuwait SAK
Ahmadi
Tel: (965) 3981188 / 3981189
Fax: (965) 3985643
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction August
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1978, subject is a member of the Arabi Holding group of companies and is
involved in a number of activities performed though its four divisions.
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 deemed to
be 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.52.10 |
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UK Pound |
1 |
Rs.81.30 |
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Euro |
1 |
Rs.70.07 |
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 |
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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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.