MIRA INFORM REPORT

Report No. :	301269
Report Date :	07.01.2015

IDENTIFICATION DETAILS

Name :	SPECIALITIES CONSTRUCTION GENERAL TRADING AND CONTRACTING CO WLL
Registered Office :	Amghara Industrial Area PO Box 23595 Safat 13096
Country :	Kuwait
Date of Incorporation :	06.01.2007
Com. Reg. No.:	113791
Legal Form :	With Limited Liability - WLL
Line of Business :	Subject is engaged as general construction, engineering and procurement contractors
No. of Employees :	400

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 - 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 : SPECIALITIES CONSTRUCTION GENERAL TRADING AND

CONTRACTING CO WLL

Country of Origin : Kuwait

Legal Form : With Limited Liability - WLL

Registration Date : 6^th January 2007

Commercial Registration Number : 113791

Trade Licence Number : 2350/2006

Chamber Membership Number : 105506

Issued Capital : KD 5,000,000

Paid up Capital : KD 5,000,000

Total Workforce : 400

Activities : General construction, engineering and procurement contractors.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

SPECIALITIES CONSTRUCTION GENERAL TRADING AND CONTRACTING CO WLL

ADDRESS

Registered & Physical Address

Location : Amghara Industrial Area

PO Box : 23595

Town : Safat 13096

Country : Kuwait

Telephone : (965) 1802550 / 24582530

Email : procurement@speckw.com

Premises

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

Branch Office (s)

Location Description

· Panasonic Complex, 19^th & 20^th Floor Office premises

Fahd Al Salem Street

Safat

KEY PRINCIPALS

Name Position

· Musab Ahmed Yazie Al Yaseen Chairman & Chief Executive Officer

· Ibrahim Abdulrazzaq Abdulrahman Abdulrazzaq General Manager

· Abdulaziz Al Ahmamed Financial Manager

LEGAL FORM & OWNERS

Date of Establishment : 6^th January 2007

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 113791

Trade Licence No. : 2350/2006

Chamber Member No. : 105506

Issued Capital : KD 5,000,000

Paid up Capital : KD 5,000,000

Name of Shareholder (s)

· Specialities Holding Co KSSC

Safat

· Musab Ahmed Yazie Al Yaseen

AFFILIATED COMPANIES

· Specialities Energy Co WLL

Safat

OPERATIONS

Activities: Engaged as general construction, engineering and procurement contractors.

Subject has a workforce of approximately 400 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

· Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.39
UK Pound	1	Rs.96.72
Euro	1	Rs.75.80

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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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