MIRA INFORM REPORT

 

 

Report Date :

24.03.2012

 

IDENTIFICATION DETAILS

 

Name :

KHARAFI NATIONAL KSCC

 

 

Registered Office :

Al Rai Industrial Area, 24081 Safat 13019

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.05.1976

 

 

Com. Reg. No.:

23866

 

 

Legal Form :

Kuwaiti Shareholding Closed Company - KSCC

 

 

Line of Business :

Engineering, Procurement And Construction Management.

 

 

No. of Employees :

34,400

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 10,000,000

Status :

Good

Payment Behaviour :

No complaints

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                                     : KHARAFI NATIONAL KSCC

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Closed Company - KSCC

Registration Date                                   : 24th May 1976

Commercial Registration Number                        : 23866

Trade Licence Number                            : 1861/2008

Chamber Membership Number                : 5281

Issued Capital                                        : KD 10,050,000

Paid up Capital                                      : KD 10,050,000

Total Workforce                                     : 34,400

Activities                                               : Engineering, procurement and construction management.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 10,000,000

Person Interviewed                                 : Abbass Khalf, Public Relations Manager

 

 

 

COMPANY NAME

 

KHARAFI NATIONAL KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Rai Industrial Area

 

PO Box             : 24081

 

Town                 : Safat 13019

Country             : Kuwait

 

Telephone         : (965) 22259000

Facsimile          : (965) 24821669 / 24760891 / 22259999

Mobile               : (965) 99629743 / 9907218

Email                : kharafi.national@kharafinational.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Marzouq Al Kharafi                                                                            Managing Director

 

·       Abdul Salam A Al Shatti                                                                    Director

 

·       Daoud M Arshaid                                                                              Director

 

·       Fayez M Al Fakhouri                                                                         Director

 

·       Lo’ay J Al Kharafi                                                                              Director

 

·       Rafeeq S Mekhael                                                                             Director

 

·       Yusuf A Al Roumi                                                                              Director

 

·       Samir Ghalib Younis                                                                          General Manager

 

·       Mohamed Zaghloul                                                                            Finance Manager

 

·       Yousef Maswada                                                                               Business Development Manager

 

·       Abbass Khalf                                                                                    Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th May 1976

 

Legal Form                  : Kuwaiti Shareholding Closed Company - KSCC

 

Commercial Reg. No.  : 23866

 

Trade Licence No.       : 1861/2008

 

Chamber Member No. : 5281

 

Issued Capital              : KD 10,050,000

 

Paid up Capital            : KD 10,050,000

 

Name of Shareholder (s)                                     Percentage

 

·       M A Kharafi & Sons                                            80%

Safat

     Kuwait

 

·       Samer Ghalib Younis                                          20%

 

 

AFFILIATED COMPANIES

 

·       ABJ Engineering & Contracting Company KSC

Safat

Kuwait

 

·       Kharafi National LLC

Dubai

United Arab Emirates

 

·       The National Co. for Mech. & Elect. Works Ltd

Dubai

United Arab Emirates

 

·       Kharafi National Co LLC

Abu Dhabi

United Arab Emirates

 

·       Quality Technical Supplies Company

Abu Dhabi

United Arab Emirates

 

·       Saipem Kharafi National MMO FZCO

Dubai

United Arab Emirates

 

·       Kharafi National Company for Mech. & Elect. Works SAE

Cairo

Egypt

 

·       Kharafi National KSC

Beirut

Lebanon

 

·       Kharafi National SARL

Beirut

Lebanon

 

·       Kharafi National WLL

Doha

Qatar

 

·       Saipem Kharafi National MMO FZCO

Doha

Qatar

 

·       Kharafi National Company for Mech. & Elect. Works SAE

Riyadh

Saudi Arabia

 

·       Kharafi National WLL

Manama

Bahrain

 

 

OPERATIONS

 

Activities: Engaged in the development, financing, management, operation and maintenance of major BOT, BOO,

     and PPP infrastructural projects. Engineering, procurement and construction management in the water,

     power, infrastructure, environment and building services sectors. Construction services in the oil and gas,

     petrochemicals, power, water and related sectors. Management, operation and maintenance of

     commercial complexes, industrial plants and power installations and the fabrication of process equipment

     and heavy structures for the industrial and civil construction sectors.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 34,400 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                KD 298,600,000             KD 303,250,000

 

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

 

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

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.50.90

UK Pound

1

Rs.80.77

Euro

1

Rs.67.40

 

 

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.