MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
AL KOUT
INDUSTRIAL PROJECTS CO KSCC |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
28th December 1993 |
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Com. Reg. No.: |
57560, Safat |
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Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
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Line of Business : |
Engaged in the manufacture and marketing
of salt and chlorine products, such as caustic soda,
hydrochloric acid, and sodium hypo chlorite. |
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$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL KOUT INDUSTRIAL PROJECTS CO KSCC
Country of Origin :
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 28th December 1993
Commercial Registration Number : 57560, Safat
Trade Licence Number : 94/414
Membership Number : 64370
Issued Capital : KD 24,000,000
Paid up Capital : KD 24,000,000
Total Workforce : 200
Line of Business :
Manufacture and marketing
of salt and
chlorine products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL KOUT INDUSTRIAL
PROJECTS CO KSCC
ADDRESS
Registered & Physical Address
Building : Al
Street :
PO Box : 22816
Town : Safat
13089
Country :
Telephone : (965) 2406198
/ 2423719
Facsimile : (965) 2404695
Email : aipc@ahliaprojects.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Safat.
Branch Office (s)
Location Description
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Shuaiba Industrial Area Production
plant
PO Box: 10277
Shuaiba 65453
Tel: (965) 3263795/8 / 3261500 /
3263675
Fax: (965) 3260857 / 3261404 /
3263920
KEY PRINCIPALS
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Fahad Yacoub Al Jouan Chairman
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Bader Musaed Abdullah Al Sayer Vice
Chairman
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Hamad Abdulaziz Al Saqer Director
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Abdul Mehsen Soleman Al Mashaan Director
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Bader Musaed Bader Al Sayer Director
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Ziyad Mohammad Hadi Al Awadi Director
LEGAL FORM &
OWNERS
Date of Establishment : 28th
December 1993
History : In April 2007, Ahlia Industrial Projects Co (AIPC) changed
its company name to Al Kout
Industrial
Projects Co. The change follows the divestment by Ahlia Investment Co of its
majority share in AIPC. The company’s major
shareholder is now Shuaa Capital, the
major UAE-based investment house.
Legal Form :
Sharikat Al Mouasahama
Al Kuwaitia Al Mughlaqa
(Kuwaiti Shareholding Company
Closed - KSCC)
Commercial Reg. No. : 57560, Safat
Trade Licence No. : 94/414
Membership No. : 64370
Issued Capital : KD 24,000,000
Paid up Capital : KD 24,000,000
Name of Shareholder
(s) Percentage
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Shuaa Capital 34.66%
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Gulf Investment International Co 14.17%
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Abdullah Hamad Al Saqar & Brothers Co 11.75%
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Al Sayer Projects Co 11.55%
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Yaqoub Yousef Al Jouan 8.50%
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Mustafa Sultan Al Essa 6.25%
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Private individuals 13.12%
LINE OF BUSINESS
Operations : Engaged in the manufacture and marketing
of salt and chlorine products, such as caustic soda,
hydrochloric acid, and sodium hypo chlorite.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency: Kuwaiti
Dinars (KD’000)
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Balance Sheet |
31/12/2005 |
31/12/2006 |
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Assets |
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Current Assets |
9.509 |
9.659 |
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Investments |
144 |
19 |
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Fixed Assets |
10.540 |
10.684 |
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other assets |
261 |
261 |
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total assets |
20.455 |
20.624 |
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Liabilities |
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Current liabilities |
2.883 |
2.665 |
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Long term liabilities |
2.972 |
2.664 |
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Total liabilities |
5.855 |
5.329 |
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Shareholders equity |
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Paid-up capital |
8.000 |
8.400 |
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Proposed stock dividends |
400 |
420 |
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Proposed cash dividends |
1.600 |
1.680 |
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Reserves |
2.402 |
2.885 |
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Cumulative changes in fair values |
0 |
0 |
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Retained earnings / loss |
2.198 |
1.910 |
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Treasury stock |
0 |
0 |
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Total shareholders equity |
14.600 |
15.295 |
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Minority interest |
0 |
0 |
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Total liabilities and shareholders equity |
20.455 |
20.624 |
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Income Statement |
31/12/2005 |
31/12/2006 |
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Total sales |
10.048 |
9.564 |
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Gross profit on sales |
5.182 |
4.976 |
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Income from investments |
109 |
432 |
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Unrealised gin / loss on investments |
666 |
-721 |
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Other income |
4 |
107 |
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Total income |
10.827 |
9.382 |
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Net profit / loss |
3.315 |
2.295 |
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Profits available for appr. accu .loss |
4.890 |
4.493 |
Local sources consider
subject’s financial condition to be Good.
BANKERS
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PO Box : 24989
Safat 13110
Tel : (965) 2445050
Fax : (965) 2455135
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National
Bank of
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
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Commercial
Bank of
PO Box : 2861
Safat 13029
Tel : (965) 2411001
Fax : (965) 2450150
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction July 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Al Kout Industrial
Projects Co KSCC has made steady progress in the
local market and specialises in the manufacture and marketing
of salt and chlorine products, such as caustic soda,
hydrochloric acid, and sodium hypochlorite.
In April 2007, Ahlia Industrial
Projects Co (AIPC) changed its company name to Al Kout Industrial Projects Co.
The change follows the divestment by Ahlia Investment Co of its majority share
in AIPC. The company’s major shareholder is now Shuaa Capital, the major
UAE-based investment house. The Ministry of Commerce recently approved a KD 15
million increase in capital.
Al Kout Industrial Projects is
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$ 750,000
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%)