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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KCC ENGINEERING & CONTRACTING KSC (C)
(KCCEC) |
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Formerly Known as: |
Kuwait Control Co WLL |
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Registered Office : |
Al Salhiya Area, Sabhan
Industrial Area (North), P O Box
20298, Safat 13062 |
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Country : |
Kuwait |
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Date of Incorporation : |
07.02.1968 |
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Com. Reg. No.: |
14672 |
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Legal Form : |
Kuwaiti Shareholding Closed Company – KSC (C) |
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Line of Business : |
General contractors |
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No. of Employees : |
5,000 |
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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Kuwait ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 and 2012 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
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Source : CIA |
Company Name : KCC ENGINEERING & CONTRACTING KSC (C) (KCCEC)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company – KSC (C)
Registration Date : 7th February 1968
Commercial Registration Number : 14672
Trade Licence Number : 1486/81
Chamber Membership Number : 3018
Issued Capital : KD 10,000,000
Paid up Capital : KD 10,000,000
Total Workforce : 5,000
Activities : General contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Saleh, Financial Controller
KCC ENGINEERING
& CONTRACTING KSC (C) (KCCEC)
Registered &
Physical Address
Location : Al Salhiya Area, Sabhan
Industrial Area (North)
PO Box : 20298
Town : Safat 13062
Country : Kuwait
Telephone : (965) 1822522 / 22254300 / 22263700 /
22418830 / 22418843
Facsimile : (965) 22254330 / 22254332 /
22433698
Email : kcc@qualitynet.net / mail@kuwaitcontrols.com / mail@kccec.com.kw
Premises
Subject operates
from a large suite of offices that are owned and located in the Industrial Area
of Safat.
Name Position
·
Abdulaziz Mohamed Thanyyan Al Ghanem Chairman
·
Ali Yousef Al Alami Managing
Director
·
Saud Mohamed Thanyyan Al Ghanem Director
·
Nahed Moosa Zahran Director
·
Ezzat Yousef Al Alami Operations
Manager
·
Mahmoud Al Hussaini Finance
Manager
·
Mohamed
Saleh Financial
Controller
·
Ola Al
Alamy Human
Resources Manager
Date of Establishment : 7th
February 1968
History : Subject started in 1968 as a With Limited
Liability company under the name “Kuwait Control Co WLL”. However in May 2012 subject changed
legal form to become a Kuwaiti
Shareholding Closed Company
under the name of “KCC Engineering & Contracting KSC (C).
Legal Form :
Kuwaiti Shareholding Closed
Company – KSC (C)
Commercial Reg. No. : 14672
Trade Licence No. : 1486/81
Chamber Member No. : 3018
Issued Capital : KD 10,000,000
Paid up Capital : KD 10,000,000
Name of
Shareholder (s)
·
Ali Yousef Al Alami
·
Abdulaziz Mohamed Thanyyan Al Ghanem
·
Saud Mohamed Thanyyan Al Ghanem
·
Nahed Moosa Zahran
·
Arabian Gulf Holding KSC (C)
Safat
·
Bayan National Trading Co WLL
Safat
Activities: Engaged as general contractors and
providers of project management services, design and engineering, material
procurement, construction and installation, testing and commissioning, manpower
supply, training, warranty maintenance, renovation and modification services.
KCCEC is contractually approved company which enhances its reputation amongst the leading governmental authorities and oil companies such as CTC, MEW, MPW, KOC, KNPC and PlC. KCCEC specializes in the Design Engineering, Procurement, Construction, Testing, Commissioning and Maintenance of medium to large size projects covering the fields of Electricity, Instrumentation, Control, Telecommunications, Automation, Pipelines, Mechanical and Civil works.
Subject has a workforce of approximately 5,000 employees.
Companies
registered in Kuwait are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Commercial
Bank of Kuwait SAK
Mubarak Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Fax: (965) 22450150
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.53.94 |
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UK Pound |
1 |
Rs.82.77 |
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Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.