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MIRA
INFORM REPORT
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Report Date : |
02.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
METAL & RECYCLING CO
KSCC (MRC) |
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Registered Office : |
Sulaibia,
P O Box 4520, Safat 13046 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
10.06.1987 |
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Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
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Line of Business : |
Trading
of scrap items, machinery and waste sorting, shredding, dismantling,
repairing and reselling. |
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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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : METAL & RECYCLING CO KSCC (MRC)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 10th June 1987
Membership Number : 18393
Issued Capital : KD 2,033,086
Paid up Capital : KD 2,033,086
Total Workforce : 250
Line of Business : Recycling services and trading in scrap metals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
METAL & RECYCLING CO
KSCC (MRC)
ADDRESS
Registered & Physical Address
Location : Sulaibia
PO Box : 4520
Town : Safat
13046
Country : Kuwait
Telephone : (965) 4577772/3/4
Facsimile : (965) 4672168 / 4575597
Email : info@mrckw.com
Premises
Subject operates
from a medium sized suite of offices and recycling facilities that are owned
and located in the Industrial Area of Safat.
KEY PRINCIPALS
·
Jarrah Dawood Sulaiman Al
Jarrah Managing
Director
·
Khalid Mohamed Bader Al
Mutawa Director
·
Khalid Faisal Ali Abdulwahab Al
Mutawa Director
·
Ibraheem Sauod Ibraheem Al
Faris Director
·
Musaed Ali Ibraheem Al
Kathey Director
·
Eisa Anwar Eisa Al
Saleh Director
·
Khaleel Ibraheem Al
Awadi Director
·
Sager Abdullah Abdulmehsen Al
Sharhan General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 10th June 1987
Legal Form :
Sharikat Al Mouasahama
Al Kuwaitia Al Mughlaqa
(Kuwaiti Shareholding Company
Closed - KSCC)
Membership No. : 18393
Issued Capital : KD 2,383,049
Paid up Capital : KD 2,383,049
Name of Shareholder
(s) Percentage
· Public
Warehousing Company (PWC) 50%
·
Jarrah Dawood Sulaiman Al
Jarrah ]
]
·
Khalid Mohamed Bader Al
Mutawa ]
]
·
Khalid Faisal Ali Abdulwahab Al
Mutawa ]
]
·
Ibraheem Sauod Ibraheem Al
Faris ] 50%
]
·
Musaed Ali Ibraheem Al
Kathey ]
]
·
Eisa Anwar Eisa Al
Saleh ]
]
·
Khaleel Ibraheem Al
Awadi ]
LINE OF BUSINESS
Operations : MRC is active in
the trading of scrap items, machinery and waste sorting, shredding,
dismantling, repairing and reselling.
The company is also engaged in waste recycling, auction and demolition management, industrial and handicraft areas construction as well as environment protection and development services in and outside Kuwait.
Subject operates a shredding factory with 50 tones per hour productivity and also a factory to recycle waste plastic with over 9000 tones annual production of shredded and bubble plastic.
Import Countries
: United States of America,
United Kingdom and Japan.
Operating Trend
: Steady
Subject has a
workforce of approximately 250 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency: Kuwaiti
Dinars (KD)
Balance Sheet
31/12/04: 31/12/05:
ASSETS
Current
Assets 4,469,000 6,930,000
Investments 682,000 7,356,000
Fixed
Assets 395,000 756,000
Other
Assets 0 0
Total Assets 5,546,000 15,042,000
LIABILITIES
Current
Liabilities 583,000 1,439,000
Long-Term
Liabilities 115,000 127,000
Total Liabilities 698,000 1,566,000
Minority
Interest 0 0
SHAREHOLDER'S
EQUITY
Paid-Up
Capital 2,033,000 2,038,000
Proposed
Stock Dividends 305,000 2,338,000
Proposed
Cash Dividends 0 0
Reserves 1,466,000 1,657,000
Cumulative
Changes In Fair Values 0 295,000
Retained
Earnings 1,043,000 6,848,000
Treasury
Stock 0 0
Total Shareholder's Equity 4,847,000 13,476,000
Total Liabilities &
Shareholder's Equity 5,546,000 15,042,000
Income
Statement 31/12/04: 31/12/05:
Total
Sales 4,035,000 6,104,000
Gross
Profit On Sales 1,259,000 1,705,000
Income
From Investments 420,000
6,836,000
Unrealized
Gain (Loss) On Investments 303,000 710,000
Other
Income 198,000 468,000
Total
Income 4,956,000 14,118,000
Net
Profit (Loss) 1,433,000 8,334,000
Profit
Available For Appropriation 1,498,000 9,377,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National Bank
of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1987, Metal & Recycling Co KSCC (MRC) is a leading
concern in the Kuwaiti recycling market.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
Maximum suggested
credit figure: US$ 600,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)
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