MIRA INFORM REPORT

 

 

Report Date :

08.05.2014

 

IDENTIFICATION DETAILS

 

Name :

COMBINED TAFAOUL TRADING AND CONTRACTING CO WLL

 

 

Registered Office :

Al Wazzan Complex, Al Sharq Area, PO Box : 289, Dasman 15453

 

 

Country :

Kuwait  

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.02.2007

 

 

Com. Reg. No.:

116015

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Subject is engaged in construction transport loading and offloading to sites, as well as the distribution of steel and scrap metals.

 

 

No. of Employees :

35

 

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 :

Satisfactory

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Kuwait  

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

KUWAIT - ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated.

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                    : COMBINED TAFAOUL TRADING AND CONTRACTING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 21st February 2007

Commercial Registration Number           : 116015

Trade Licence Number                           : 4700/2006

Chamber Membership Number               : 106794

Issued Capital                                       : KD 200,000

Paid up Capital                                     : KD 200,000

Total Workforce                                     : 35

Activities                                               : Construction transport loading and offloading to sites, also distribution of steel and scrap metals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Majed Ali Amjad, Finance Manager

 

 

 

COMPANY NAME

 

COMBINED TAFAOUL TRADING AND CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Wazzan Complex

Area                 : Al Sharq Area

PO Box            : 289

Town                : Dasman 15453

Country             : Kuwait

 

Telephone         : (965) 22470714

Facsimile          : (965) 22429984

Mobile              : (965) 99434862

Email                : info@tafaoul.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dasman.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Bair Amjad Hussain Manzoor Hussain                 Pakistani                       Managing Director

 

Adnan Ahmed Mohamed Abdul Rasool              Kuwaiti                          Director

 

Majed Ali Amjad                                                  -                                 Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           21st February 2007

 

Legal Form      :                       With Limited Liability - WLL

 

Commercial Reg. No.   :           116015

 

Trade Licence No.        :           4700/2006

 

Chamber Member No.  :           106794

 

Issued Capital              :           KD 200,000

 

Paid up Capital            :           KD 200,000

 

Name of Shareholder (s)

 

Bair Amjad Hussain Manzoor Hussain                

 

Adnan Ahmed Mohamed Abdul Rasool

 

 

OPERATIONS

 

Activities:                     Engaged in construction transport loading and offloading to sites, as well as the distribution of steel and scrap metals.

 

                                    Subject has a contract with United Steel Co, in Kuwait.

 

Import Countries:         Europe and the Far East

 

Operating Trend:          Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                KD 2,215,000                            KD 2,400,000

 

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

 

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

 

 

BANKERS

 

National Bank of Kuwait SAK

Dasman

Tel: (965) 22531697

Fax: (965) 22526485

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.04

UK Pound

1

Rs.101.97

Euro

1

Rs.83.58

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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%)

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