MIRA
INFORM REPORT
|
Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KUWAIT PARAXYLANE PRODUCTION CO |
|
|
|
|
Registered Office : |
South Sabah, PO Box 9453, Ahmadi 61005 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Date of Incorporation : |
04.10.2006 |
|
|
|
|
Com. Reg. No.: |
110899 |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company - KSC |
|
|
|
|
Line of Business : |
Manufacture of Paraxylane and
Benzene. |
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 |
|
Maximum Credit Limit : |
US$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : KUWAIT PARAXYLANE PRODUCTION CO
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company - KSC
Registration Date : 4th October 2006
Commercial Registration Number : 110899
Trade Licence Number : 1182/2005
Membership Number : 104397
Issued Capital : KD 6,000,000
Paid up Capital : KD 6,000,000
Total Workforce : 150
Line of Business : Manufacture of paraxylane and benzene.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
KUWAIT PARAXYLANE PRODUCTION CO
ADDRESS
Registered & Physical Address
Location : South Sabah
PO Box : 9453
Town : Ahmadi 61005
Country : Kuwait
Telephone : (965) 3211000 / 3263929 / 3260326
Facsimile : (965) 3261974
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Ahmadi.
KEY PRINCIPALS
· Mahmoud
Hussein Al Qatan Chairman
· Abdul
Mohsin Ali Khaja Managing
Director
· Jamal
Abdul Jalil Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 4th
October 2006
Legal Form : Sharikat Al
Mouasahama Al Kuwaitia (Kuwaiti Shareholding
Company - KSC)
Commercial Reg.
No. : 110899
Trade Licence No. : 1182/2005
Membership No. : 104397
Issued Capital : KD 6,000,000
Paid up Capital : KD 6,000,000
Name of Shareholder (s)
· Petrochemical
Industries Company
· Kuwait National Petroleum
Company
· Al Qurain
Petrochemical Industries Company
Note to the Legal Form
Under the Commercial Companies Law a Kuwaiti Shareholding Company is required to have a minimum of 51 percent of its shares owned by Kuwaiti Nationals. Non-Kuwaiti ownership is allowed up to a maximum of 49 percent of the capital.
A KSC must have a minimum of 5 shareholders each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company. Shares of KSC’s are freely transferable, subject to the requirement of Kuwait ownership of at least 51 percent.
The Commercial Companies Law provides that the capital of a Kuwaiti Shareholding Company should not be less than KD 7,500.
LINE OF BUSINESS
Operations : Engaged in the manufacture of paraxylane and benzene.
Subject has a workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
National Bank of Kuwait SAK
Ahmadi
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box : 24989
Safat 13110
Tel : (965) 2445050
Fax : (965) 2455135
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
Maximum suggested credit figure: US$ 250,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)