MIRA INFORM REPORT

 

 

Report Date :

25.11.2008

 

IDENTIFICATION DETAILS

 

Name :

PACKAGING & PLASTIC INDUSTRIES CO KSCC

 

 

Registered Office :

Al Nafasi & Khatrash Building, Jaber Mubarak Street, Al Sharq, PO Box 1148, Safat 15462

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

11.02.1973

 

 

Com. Reg. No.:

17745, Kuwait City

 

 

Legal Form :

Kuwaiti Shareholding Company Closed - KSCC

 

 

Line of Business :

Manufacture of Plastic Packaging Products

 

 

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$ 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                                     : PACKAGING & PLASTIC INDUSTRIES CO KSCC

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                   : 11th February 1973

Commercial Registration Number                        : 17745, Kuwait City

Chamber Membership Number                : 3195

Issued Capital                                        : KD 1,600,000

Paid up Capital                                      : KD 1,600,000

Total Workforce                                     : 170

Activities                                               : Manufacture of plastic packaging products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 400,000

 

 

 

COMPANY NAME

 

PACKAGING & PLASTIC INDUSTRIES CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Nafasi & Khatrash Building

Street               : Jaber Mubarak Street

Area                 : Al Sharq

PO Box             : 1148

Town                 : Safat 15462

Country             : Kuwait

Telephone         : (965) 22435897 / 22435894 / 22435874 / 22435841 / 22435830

Facsimile          : (965) 22435839

Email                : ppic@ppickw.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Shuaiba Industrial Area                                                                      Owned factory premises

PO Box 10044

Shuaiba 65451

Tel: (965) 23261322 / 23261201 / 23261118

Fax: (965) 23261761

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulaziz Sultan Hussain Al Essa                                                      Chairman

 

·       Anwar Abdulrahman Salem                                                                Director

 

·       Alaa M. Mohamed                                                                             Director

 

·       Anwr A. Al Ataqi                                                                               Director

 

·       Ghasan F. Eissa                                                                               Director

 

·       Mazen Abdulrahman Khoreshed                                                         General Manager

 

·       Abdullah Bin Ali                                                                                Commercial Manager

 

·       Alaa Mohamed Abdullah                                                                    Finance Manager

 

·       Jay Vargees                                                                                     Export Manager

 

·       Mohamed Mamoun                                                                            Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th February 1973

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.  : 17745, Kuwait City

 

Chamber Member No. : 3195

 

Issued Capital              : KD 1,600,000

 

Paid up Capital            : KD 1,600,000

 

Name of Shareholder (s)

 

·       Abdulaziz Sultan Hussain Al Essa

 

·       Anwar Abdulrahman Salem

 

·       Alaa M. Mohamed

 

·       Anwr A. Al Ataqi

 

·       Ghasan F. Eissa

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic packaging products, including Gusseted tube bags for FFS, shrink hood and shrink wraps, wicketed bags, shrink films, agricultural rolls, shopping bags, polypropylene woven sacks, pipe sleeves rolls, and construction rolls.

 

Subject is ISO 9001 & ISO 14001 certified.

 

Import Countries: United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of approximately 170 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                KD 5,135,000                            KD 5,400,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box 3200

Safat 13033

Tel: (965) 2449501

Fax: (965) 2445212

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  September 2002                                   May 2006

Credit amount                            100,000                                     103,000

Amount overdue             0                                                          0

Payment terms                          60 days                                                 180 days

Payment Method                       Letters of Credit                                     Letters of Credit

Paying record                            No Complaints                                       No Complaints

Currency                                   Pounds Sterling                                     Pounds Sterling

 

 

GENERAL COMMENTS

 

Packaging & Plastic Industries Co KSCC is well established in the Kuwaiti market and has been trading for over 35 years. The company manufactures a range of plastic packaging products, including Gusseted tube bags for FFS, shrink hood and shrink wraps, wicketed bags, shrink films, agricultural rolls, shopping bags, polypropylene woven sacks, pipe sleeves rolls, and construction rolls.

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.75.45

Euro

1

Rs.64.21

 

 

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%)

 

 

 

 

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