MIRA INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
AL ENMA’A REAL ESTATE CO KSCC |
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Registered Office : |
Enma’a Tower,
Abdullah Moubarak Street, Mourqab, P O Box 24544, Safat 13160 |
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Country : |
Kuwait |
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Financials (as on) : |
31.10.2011 |
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Date of Incorporation : |
15.08.1993 |
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Com. Reg. No.: |
53559 |
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Legal Form : |
Kuwaiti Shareholding Company Closed - KSCC |
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Line of Business : |
Real estate contracting, management and maintenance |
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No. of Employees
: |
1,600 |
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$ 1,500,000 |
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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
|
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 CO KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 15th August 1993
Commercial Registration Number : 53559
Chamber Membership Number : 39525
Issued Capital : KD 45,053,468
Paid up Capital : KD 45,053,468
Total Workforce : 1,600
Activities : Real estate contracting, management and maintenance
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
AL ENMA’A REAL
ESTATE CO KSCC
Registered &
Physical Address
Building : Enma’a Tower
Street : Abdullah Moubarak Street
Area : Mourqab
PO Box : 24544
Town : Safat 13160
Country : Kuwait
Telephone : (965) 22442667 / 1866667 / 22458880 /
22442668
Facsimile : (965) 22463182 / 22469598
Email : enmaa@enmaa.com
Premises
Subject operates from
a large suite of offices that are owned and located in the Central Business
Area of Safat.
Name Position
·
Emad
Abdullah Al Thaqeb Chairman
·
Mohammad
Abdullah Al Othman Vice
Chairman
·
Fouad
Abdulmohsen Al Wahib Director
·
Anwar
Bader Mohamed Al Gaith Director
·
Ibrahim
A Al Saqabi Director
·
Zeyad
Tareq Al Mukhaizeem Director
·
Ali
Yousef Al Ansari Director
·
Waleed
Khaled Al Jeri Chief
Executive Officer
·
Yousef
Soud Al Weqayan Assistant
Chief Executive Officer
·
Mohammad
Faraj Al Khashti Project
Manager
Date of Establishment : 15th
August 1993
Legal Form :
Kuwaiti Shareholding
Company Closed - KSCC
Commercial Reg. No. : 53559
Chamber Member No. : 39525
Issued Capital : KD 45,053,468
Paid up Capital : KD 45,053,468
Name of Shareholder
(s) Percentage
·
Kuwait
Finance House 57.58%
·
Public
Authority for Minor Affairs 5.11%
·
Local
businessmen and private investors 37.31%
Name Percentage Held
·
Eresco
Real Estate Development SPC 100%
Bahrain
·
Enma’a
Gulf Real Estate Company 100%
Saudi Arabia
·
Al
Enma’a House for Real Estate BSCC 40.7%
Bahrain
·
Telal
Al Salem Company WLL 35.0%
Jordan
·
The
Kingdom Towers Real Estate Company WLL 25.0%
Bahrain
·
Central
Energy Company BSCC 16.5%
Bahrain
Activities: Engaged in the real estate contracting,
management and maintenance.
Subject undertakes contracts to construct buildings and to
carry out 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.
Operating Trend: Steady
Subject has a
workforce of approximately 1,600 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Consolidated Balance
Sheet 31/10/11 31/10/10
ASSETS
Non-current
assets
Property, plant
and equipment 5,448,538
3,450,570
Investment
properties 32,468,085
28,410,737
Investment in
associates 8,738,730
9,677,084
Financial assets available
for sale 16,427,317
20,585,996
63,082,670 62,124,387
Current assets
Inventories 2,914,739
3,669,818
Financial assets
carried at fair value 1,780,153
2,218,506
Gross amount due
from customers for contract work 2,593,637
1,167,339
Accounts
receivable and other assets 8,912,430
8,958,319
Investment
deposits 1,550,000
1,190,000
Bank balances and
cash 879,568
1,555,520
18,630,527 18,759,502
TOTAL ASSETS 81,713,197
80,883,889
EQUITY AND LIABILITIES
Equity
Share capital 45,053,468
45,053,468
Share premium 176,642
176,642
Statutory reserve
7,411,287
7,411,287
Voluntary reserve
4,368,566
4,546,836
Foreign currency
translation reserve 61,419
235,973
Cumulative
changes in fair values 175,429
1,364,859
Accumulated
losses (4,004,841)
(5,107,152)
Total equity 53,241,970
53,681,913
Non-current
liabilities
Employees’ end of
service benefits 1,539,713
1,248,126
Murabaha payables
8,643,628 2,263,568
10,183,341 3,511,694
Current
liabilities
Gross amount due
to customers for contract work 138,050
174,670
Murabaha payables
11,856,122
18,169,314
Accounts payable
and other liabilities 6,000,139
5,278,619
Bank overdrafts 293,575
67,679
18,287,886 23,690,282
Total liabilities
28,471,227
27,201,976
TOTAL EQUITY AND LIABILITIES 81,713,197
80,883,889
Consolidated
Statement of Income 31/10/11 31/10/10
Revenue
Revenue from services
rendered 5,282,732
5,210,996
Revenue from real
estate activities 1,461,402
1,162,240
Revenue from
construction contracts 4,681,212
2,306,556
Trading sales -
465,736
Readymix cement
factory sales 6,671,900
3,038,963
18,097,246 12,184,491
Cost of revenue
Cost of services
rendered 4,303,203
3,558,579
Cost of real
estate activities 143,316
80,663
Cost of
construction contracts 4,570,610
2,140,690
Cost of trading
sales -
440,932
Cost of ready mix
cement factory sales 5,929,213
2,884,672
14,946,342 9,105,536
GROSS PROFIT 3,150,904
3,078,955
Selling and
distribution expenses -
(121,806)
Administrative
expenses (981,758)
(618,940)
Provisions (67,567)
(241,580)
PROFIT FROM
OPERATIONS 2,101,579
2,096,629
Share of results
of associates (763,800)
(1,022,697)
Net investment
income 693,126
324,304
Finance costs (1,033,150)
(901,830)
Other income 40,179
98,542
Foreign exchange
gain 117,384
116,273
Profit BEFORE
TAXES 1,155,318
711,221
National Labour
Support Tax (NLST) (37,862)
(26,622)
Zakat (15,145)
(10,649)
PROFIT FOR THE YEAR 1,102,311
673,950
Local sources consider
subject’s financial condition to be Good.
·
Kuwait
Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.77.97 |
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Euro |
1 |
Rs.65.62 |
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.