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Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
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Name : |
IMCO ENGINEERING
AND CONSTRUCTION CO WLL |
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Registered Office : |
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Country : |
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Date of Incorporation : |
19.04.1970 |
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Com. Reg. No.: |
15566 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged as a
engineering, procurement, construction and maintenance company specialising
in upstream and downstream oil and gas projects, refining and petrochemicals,
power general, transmission and distribution, water and waste water
infrastructure projects. |
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No. of Employees : |
800 |
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 |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
Company Name : IMCO ENGINEERING AND CONSTRUCTION CO WLL
Country of Origin : Kuwait
Legal Form : With
Limited Liability - WLL
Registration Date : 19th
April 1970
Commercial
Registration Number : 15566
Trade Licence
Number : 18667/77
Chamber Membership
Number : 3438
Issued Capital : KD
1,000,000
Paid up Capital : KD
1,000,000
Total Workforce : 800
Activities :
Engineering, procurement, construction and maintenance company
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
IMCO ENGINEERING
AND CONSTRUCTION CO WLL
Location : East Ahmadi, Area No. 7, Plot No. 28, Road No. 1
PO Box : 9308 & 9309
Town : Ahmadi 61004
Country : Kuwait
Telephone : (965) 23981661 (ext 308) / 23984706 /
23981662
Facsimile : (965) 23984708
Email : info@imcokw.com
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Ahmadi.
Name Position
·
Jawadat Abdul Karim Al Shawa Managing
Director
·
Omar Abdul Karim Al Shawa Director
·
Ahmed Khalil Al Manasra Director
·
Sheikh Mishaal Al Ahmed Al Sabah Director
·
Saeed Al Khori Director
·
Abdul Karim Al Mahmoud Projects
Manager
·
Nawar Al Khawam Finance
Manager
·
Ahmed Manasra Treasury
Manager
·
Omar Asaad Business
Development Manager
Date of Establishment : 19th
April 1970
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 15566
Trade Licence No. : 18667/77
Chamber Member No. : 3438
Issued Capital : KD 1,000,000
Paid up Capital : KD 1,000,000
·
Jawadat Abdul Karim Al Shawa
·
Omar Abdul Karim Al Shawa
·
Ahmed Khalil Al Manasra
·
Sheikh Mishaal Al Ahmed Al Sabah
·
Saeed Al Khori
·
Canar Trading & Contracting Co WLL
East Ahmadi, Area
No 7
Ahmadi 61004
Tel: (965) 23981661
Fax: (965)
23984708
·
Mass Consultant
& Services
East Ahmadi, Area No 7
Ahmadi
61004
Tel:
(965) 23981661
Fax:
(965) 23984708
Activities: Engaged as a engineering, procurement,
construction and maintenance company specialising in upstream and downstream
oil and gas projects, refining and petrochemicals, power general, transmission
and distribution, water and waste water infrastructure projects.
Subject has a
workforce of approximately 800 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.
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
The
Gulf Bank KSC
Mubarak Al Kabir Street
PO Box: 3200
Safat 13033
Tel: (965) 22449501
Fax: (965) 22445212
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.61.10 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.