MIRA INFORM REPORT

 

 

Report Date :

19.06.2013

 

IDENTIFICATION DETAILS

 

Name :

KAZEMA ENGINEERING PROJECTS WLL

 

 

Registered Office :

Building No. 150/153, Street No. 19, Shuwaikh Industrial Area, P O Box 42324, Shuwaikh 70654

 

 

Country :

Kuwait

 

 

Date of Incorporation :

15.08.1977

 

 

Com. Reg. No.:

25618

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Providers of electro-mechanical contracting services.

 

 

No. of Employees :

350

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : KAZEMA ENGINEERING PROJECTS WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 15th August 1977

Commercial Registration Number           : 25618

Trade Licence Number                           : 2407/1977

Chamber Membership Number               : 6384

Issued Capital                                       : KD 900,000

Paid up Capital                                     : KD 900,000

Total Workforce                                     : 350

Activities                                               : Providers of electro-mechanical contracting services.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

KAZEMA ENGINEERING PROJECTS WLL

 

 

Company ADDRESS

 

Registered & Physical Address

Building            : Building No. 150/153

Street               : Street No. 19

Area                 : Shuwaikh Industrial Area

PO Box            : 42324

Town                : Shuwaikh 70654

Country             : Kuwait

Telephone         : (965) 24841050 / 24721155 / 24847820 / 24849600

Facsimile          : (965) 24835351 / 24721199 / 24835844

Email                : info.kep@kazema.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Sobhan Area                                                                                    Office premises

Tel: (965) 24721155

 

·       Al Rai Area                                                                                       Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Fadel Abdulrazzak Abdul Majeed Al Kazema                                      Managing Director

·       Abdul Razaq Fadel Abdul Razaq Abdul Majeed Kazema                     Director

·       Jamal Shaker Abdul Majeed Kazema                                                 Director

·       Qais Abbas Bilkar                                                                             General Manager

·       Fadel Al Rahman                                                                              Commercial Manager

·       Alaa Ezz Al Arab                                                                               Finance Manager

·       Mohamed Refaat                                                                              Human Resources Manager

·       Ahmed Abdul Aal                                                                             Personnel Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th August 1977

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 25618

 

Trade Licence No.        : 2407/1977

 

Chamber Member No.  : 6384

 

Issued Capital              : KD 900,000

 

Paid up Capital            : KD 900,000

 

Name of Shareholder (s)

·       Fadel Abdulrazzak Abdul Majeed Al Kazema

 

·       Abdul Razaq Fadel Abdul Razaq Abdul Majeed Kazema

 

·       Jamal Shaker Abdul Majeed Kazema

 

·       Kazema Global Holding Company

PO Box: 26528

Safat 13126

Tel: (965) 24721155

Fax: (965) 24721199

 

 

AFFILIATED COMPANIES

 

     Name                                                                       Country Incorporated

 

·       Kazema Refrigeration Contracting WLL                                  Kuwait

·       Al Kazemi Air-Conditioning WLL                                            Kuwait

·       Tekneen BMS WLL                                                                Kuwait

·       Tekneen District Cooling & Utilities KSCC                              Kuwait

·       Kazema Maintenance Services WLL                                       Kuwait

·       Klean Rite WLL                                                                     Kuwait

·       Kazema Supply & Parts KSC                                                Kuwait

·       KSP Global                                                                          Kuwait

·       BB ME Light & Heavy Equipments WLL                                 Kuwait

·       Kemya Chemical & Industrial Services  WLL                           Kuwait

·       Kazema Traders WLL                                                            Kuwait

·       Rite Azel Company WLL                                                        Kuwait

·       Najd Holding Company KSC                                                 Kuwait

·       Rakad Parts & Supply Company                                           Jordan

OPERATIONS

 

Activities: Subject provides a wide range of electro-mechanical contracting services including:

 

-  Mechanical contracting services – design, supply, install, commissioning of HVAC, Plumbing and Fire Fighting

     -  Electrical Contracting services on turnkey basis

     -  EPC contracting solutions and services

     -  Building management services and controls

     -  Indoor air quality and environmental protection systems and services

     -  Value Engineering

     -  Automated duct workshop facilities for fabrication of ducts for SMACNA or any other standards

 

Import Countries: Europe and the Far East

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

·       Commercial Bank of Kuwait SAK

Main Branch

     Shuwaikh

     Tel: (965) 24814643

     Fax: (965) 24837952

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               August 2007

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.45

UK Pound

1

Rs.91.60

Euro

1

Rs.77.91

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.