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Report Date : |
29.02.2012 |
IDENTIFICATION DETAILS
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Name : |
AL-ENMA’A REAL ESTATE COMPANY K.S.C. |
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Registered Office : |
Enma’a Tower, First, Second And Mezzanine Floors, |
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Country : |
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Financials (as on) : |
31.10.2009 |
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Date of Incorporation : |
15.08.1993 |
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Com. Reg. No.: |
53559 |
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Legal Form : |
Shareholding Company |
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Line of Business : |
Real Estate Activities Inside and Outside |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
KD 300,000 |
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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 30, 2011
|
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 |
Company NAME
AL-ENMA’A
REAL ESTATE COMPANY K.S.C. (CLOSED) (CORRECT)
AL ENMA'A REAL ESTATE CO (REQUESTED)
ADDRESS
Building : Enma’a Tower, First, Second And Mezzanine
Floors
Street :
Area : Murghab
P.O. Box : 24544
Town : Safat 13160
Country :
Telephone : (965) 2245 8880 / 2249 4754 / 2244 2667
Fax : (965) 2246 3182
E-Mail : p.r@enmaa.com
Shortform Name : ERESCO
Formerly Known As : Al Enmaa Real
Estate Services Company
SENIOR COMPANY
PERSONNEL
Name Position
1. Waleed Khaled Saad
Al-Jeri General Manager
2. Jassim Mohammed Alduwaikh General
Manager Assistant Of
Real Estate
Investment Sector
3. Yousef Saud Abdullah
Al-Weqayan General Manager Assistant Of
Financial
& Administrative
Sector
4. Mohammad Faraj Khalid
Al-Khashti General Manager Assistant Of
Projects
& Maintenance Sector
Total Employees : 1,600
PAYMENTS
No complaints have been heard regarding payments from local suppliers or
banks.
Subject is a subsidiary of Kuwait Finance House KSC.
We consider it is acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : KD 300,000 (higher amounts may be considered
with assurances from the principals)
Trade risk assessment :
Opinion on the credit figure of US DLRS 500,000:
We consider the above figure to be within the company's financial
capabilities.
PRINCIPAL BANKERS
NAME :
Branch : Main branch
PO Box : 24989
Town : Safat 13110
Telephone: (965) 2244 5050
Fax : (965) 2245 5136
AUDITORS
ALI A. Al Hasawi
License No NO. 30 A
Burgan BDO
International Accountants
Waleed A. Al Osaimi
License No. 68 A
of Ernst & Young
FINANCIAL
INFORMATION
Balance Sheets as at 31 October showed :
2009 2008
KD KD
ASSETS
Non-current assets
Property, plant and equipment 1,906,618 2,365,676
Available for sale investments 19,796,440 21,459,664
Investment properties 23,031,335 26,403,814
Investment in associates 10,845,161 12,088,945
55,579,554 62,318,099
Current assets
Inventories 720,203 1,995,200
Investments at fair value through income
statement 4,005,147 5,732,522
Gross amount due from customers for
contract work 359,976 1,909,018
Accounts receivable and other assets 11,079,134 9,151,334
Investment deposits 1,190,000 2,020,000
Cash and cash equivalents 474,867 2,972,491
17,829,327 23,780,565
TOTAL ASSETS 73,408,881 86,098,664
EQUITY AND LIABILITIES
Equity
Share capital 45,053,468 42,908,065
Share premium 176,642 176,834
Statutory reserve 7,411,287 7,411,287
Voluntary reserve 4,715,513 5,037,573
Foreign currency translation reserve 381,353 (452,452)
Cumulative changes in fair values 403,302 150,132
(Accumulated losses) retained earnings (5,781,102) 2,540,090
Proposed cash dividend - 2,145,403
Proposed issue of bonus shares - 2,145,403
Total equity 52,360,463 62,062,335
Non-current liabilities
Employees’ end of service benefits 1,244,705 1,191,113
Murabaha payable 4,077,552 6,273,645
5,322,257 7,464,758
Current liabilities
Bank overdrafts 521,979 254,554
Gross amount due to customers for contract
work 271,946 382,446
Accounts payable and other liabilities 5,153,506 10,955,840
Murabaha payable 9,778,730 4,978,731
15,726,161 16,571,571
Total liabilities 21,048,418 24,036,329
TOTAL EQUITY AND LIABILITIES 73,408,881 86,098,664
INCOME STATEMENT Year ended 31 October 2009
2009 2008
KD KD
Revenue
Revenue from services rendered 5,220,245 5,289,582
Revenue from real estate activities 1,227,859 1,335,651
Revenue from construction contracts 4,924,873 11,514,400
Trading sales 967,430 5,164,517
Readymix cement factory sales 2,545,511 3,445,853
14,885,918 26,750,003
Cost of revenue
Cost of services rendered 3,947,321 3,900,199
Cost of real estate activities 72,681 82,075
Cost of construction contracts 4,904,558 11,403,360
Cost of trading sales 895,813 4,419,068
Cost of readymix cement factory sales 2,833,042 3,316,273
12,653,415 23,120,975
GROSS PROFIT 2,232,503 3,629,028
Selling and distribution costs (146,273) (155,962)
Administrative expenses (552,766) (1,121,947)
Provisions (2,908,805) (1,087,637)
(LOSS) PROFIT FROM OPERATIONS (1,375,341) 1,263,482
Share of results of associates (1,173,033) 2,505,026
Net investment (loss) income (4,533,946) 3,036,611
Finance costs (373,602) (122,451)
Other (expenses) income (76,948) 456,878
Foreign exchange loss (788,322) -
(loss) Profit BEFORE TAXES AND
DIRECTORS’REMUNERATION (8,321,192) 7,139,546
Contribution to
the Advancement of Sciences (KFAS) - (64,256)
National Labour Support Tax (NLST) - (177,790)
Zakat (Based on Law No.46/2006) - (64,205)
Directors’ remuneration - (70,000)
(LOSS) PROFIT FOR THE YEAR (8,321,192) 6,763,295
LEGAL STATUS AND
HISTORY
Date Started : 15 August 1993
History : The subject was established in 1993 under the name Al Enmaa Real Estate Services Company. In October 1997 the company's name changed to the present style and legal status was also changed from general partnership to a Kuwaiti Shareholding Company (closed).
C.R. No. : 53559
KCCI Membership No. : 39525 (issue date: 15/12/1993 / expiry date: 11/07/2013)
License No. : 93/406/MM
Capital : KD 45,053,468
Kuwaiti Shareholding Company (closed) with the following directors and shareholders :
Directors
1. Emad Abdullah Yousef Al-Thakeb
2. Mohammed Abdullah Mohammad AL Othman
3. Fuad Abdulmohsen Mohammad AL wahab
4. Anwar Bader Mohammad Al-Gheth
5. Ebrahim Abdulrahman Ibrahim Al-Sagobi
6. Ziad Tareq Abdulmohsen Al-Mokhazim
7. Meshaal Sami Kassem Al-Moshri
Shareholders
Share Percentage
1.
P.O. Box : 24989
Safat 13110
Telephone: (965) 2244 5050
Fax : (965) 2246 2057
2. Members of general public 49 %
Affiliated companies of the subject company :
Subsidiaries
1. Eresco Real Estate Development S.P.C. 100%
2. Enma’a Gulf Real Estate Company W.L.L. 100%
Affiliated companies of Kuwait Finance House KSC:
1.
2. Muthanna Investment Company K.S.C. (Closed) 100%
3. Liquidity Management House K.S.C. (Closed) 100%
4. KFH Private Equity 100%
5. Al-Nakheel United Real Estate Company K.S.C. (Closed) 100%
6. Baitak Real Estate Investment K.S.C. (Closed) 100%
7. Development Enterprises Co. K.S.C. (Holding) 100%
8. International Turnkey Systems Co K.S.C. (Closed) 97%
9.
10.
11. ALAFCO – Aviation Lease & Finance Co K.S.C. (Closed) 52%
12. Aref Investment Group K.S.C. (Closed) 52%
13. First Takaful Insurance Co. K.S.C. (Closed) 27%
14.
15. Sharjah Islamic Bank 20%
16. Gulf Investment House K.S.C. (Closed) 20%
17. First Investment Company K.S.C. (Closed) 9%
ACTIVITIES
The Company is involved in the following activities :
Engaged in real estate activities inside and outside
The company's real estate activities include contracting,
management and maintenance of real estates. The company undertakes contracts to
construct buildings and to carry on real estate, commercial, residential,
industrial and touristic projects as well as security of public and private
real estate, and the transportation of funds and precious metals, in addition
to maintenance of mechanical and electrical spare parts and building materials.
Investing surplus funds in companies, real estate or portfolios managed by
other specialized firms inside and outside
All activities are conducted in accordance with Islamic Sharee'a, as approved by Fatwa and Sharee'a Supervisory Board.
Imports from
Principal suppliers : Marley of
FACILITIES
The Company has the following facilities :
Several administration offices located in an owned building in Mergab
area of
SPECIAL NOTE
You enquired on: Al Enma'a Real Estate Co. Please note that the correct name is as per heading.
Interviewed: Subject Employees.
The PO Box number given by you: 2454 is incorrect. Please note that subject’s correct PO Box is 24544.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
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|
1 |
Rs.77.86 |
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Euro |
1 |
Rs.66.06 |
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 |
|
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 |
-- |
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.