MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDEPENDENT PETROLEUM GROUP COMPANY SAK |
|
|
|
|
Registered Office : |
Jabriya,
Plot 1, Block 52, Fourth Ring Road, PO Box 24027, Safat 13101 |
|
|
|
|
Country : |
Kuwait |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
11.09.1976 |
|
|
|
|
Legal Form : |
Kuwaiti Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of crude oil and petroleum
products; strategic investments and joint ventures in petroleum storage
facilities, terminal and distribution facilities |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 2,500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : INDEPENDENT PETROLEUM GROUP COMPANY SAK (CLOSED)
Country of Origin : Kuwait
Legal Form : Kuwaiti Joint Stock Company
Registration Date : 11th September 1976
Issued Capital : KD 15,225,000
Paid up Capital : KD 15,225,000
Total Workforce : 102
Activities :
Trading of crude oil and petroleum products;
strategic investments and joint ventures in petroleum storage facilities,
terminal and distribution facilities
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,500,000
COMPANY NAME
INDEPENDENT
PETROLEUM GROUP COMPANY SAK (CLOSED)
ADDRESS
Registered & Physical Address
Location : Jabriya,
Plot 1, Block 52, Fourth Ring Road
PO Box : 24027
Town : Safat
13101
Country : Kuwait
Telephone : (965) 5312840
/ 5312847
Facsimile : (965) 5331472
Email :
general@ipg.com.kw
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the
Industrial Area of Safat.
KEY PRINCIPALS
Name Position
·
Khalaf A. Al Khalaf Chairman
·
Ghazi F. Al Nafisi Vice
Chairman
·
Waleed J. Hadeed Managing
Director
·
Jasem M. Al Musallam Business
Development Director
·
Abdullah A. Zaman Planning
Director
·
Samir S. Shammas Marketing
Director
·
Yusuf I. Alghanim Director
·
Ali M. Al Radwan Director
·
Dirrar Y. Alghanim Director
·
Ali R. Al Bader Director
LEGAL FORM & OWNERS
Date of Establishment : 11th
September 1976
Legal Form :
Kuwaiti Joint Stock Company
Issued Capital : KD 15,225,000
Paid up Capital : KD 15,225,000
Name of Shareholder (s)
·
Khalaf A. Al Khalaf
·
Ghazi F. Al Nafisi
·
Waleed J. Hadeed
·
Jasem M. Al Musallam
·
Abdullah A. Zaman
·
Samir S. Shammas
·
Yusuf I. Alghanim
·
Ali M. Al Radwan
·
Dirrar Y. Alghanim
·
Ali R. Al Bader
·
Kuwaiti
businessmen & private investors
AFFILIATED COMPANIES
Name Country
Incorporated IPG
Share
· Asia Petroleum Limited (APL) Pakistan 12.50%
· D&K Holding LLC (D&KH) UAE 50.00%
· Vopak Horizon Fujairah Limited
(VHFL) UAE 10.00%
· Uniterminals Lebanon 50.00%
· Horizon Djibouti Holdings
Limited (HDHL) Djibouti 22.22%
· Inpetro SARL, Beira Mozambique 40.00%
· Horizon Singapore Terminals
Private Ltd Singapore 15.00%
· Arabtank Terminals Ltd (ATT) Saudi Arabia 36.50%
· Horizon Tangiers Terminals SA
(HTTSA) Morocco 32.50%
OPERATIONS
Activities: Trading of crude
oil and petroleum products; strategic investments and joint ventures in
petroleum storage
facilities, terminal and distribution facilities, and other
activities related to the petroleum industry; and consulting services in the
petroleum petrochemical fields.
Operating Trend: Steady
Subject has a
workforce of 102 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD’000)
|
Balance Sheet |
31-12-2006 |
31-12-2007 |
|
|
|
|
|
Assets |
|
|
|
Currents
Assets |
134.656 |
219.343 |
|
Investments |
14.978 |
16.853 |
|
Fixed
Assets |
666 |
789 |
|
Other
Assets |
5.892 |
5.139 |
|
Total
Assets |
156.193 |
242.124 |
|
|
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
96.455 |
183.655 |
|
Long
Term Liabilities |
1.050 |
1.200 |
|
Total
Liabilities |
97.505 |
184.855 |
|
|
|
|
|
Minority
Interest |
0 |
0 |
|
|
|
|
|
Shareholder's
Equity |
|
|
|
Paid-Up
Capital |
15.225 |
15.225 |
|
Proposed
Stock Dividends |
0 |
0 |
|
Proposed
Cash Dividends |
4.541 |
4.470 |
|
Reserves |
27.164 |
25.188 |
|
Cumulative
Changes In Fair Values |
223 |
254 |
|
Retained
Earnings (Loss) |
11.862 |
13.427 |
|
Treasury
Stock |
-327 |
-1.296 |
|
Total
Shareholder's Equity |
58.687 |
57.269 |
|
Total
Liabilities & Shareholder's Equity |
156.193 |
242.124 |
Income Statement Data
|
31-12-2006 |
31-12-2007 |
|
Operational
Income |
471.896 |
678.881 |
|
Gross
Operational Profit |
5.869 |
9.229 |
|
Income
From Investments |
2.643 |
5.315 |
|
Unrealised
Gain (Loss) On Investments |
0 |
0 |
|
Other
Income |
1.769 |
-3.121 |
|
Total
Income |
476.309 |
681.075 |
|
Net
Profit (Loss) |
6.090 |
6.725 |
|
Profits
Available For Appropriation |
17.028 |
18.586 |
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were released by the subject.
BANKERS
·
National Bank
of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box : 95
Safat 13001
Tel : (965) 3981188 / 3981189
Fax : (965) 3985643
·
Bank of Kuwait
& the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box : 71
Safat 13001
Tel : (965) 2459771
Fax : (965) 2461430
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Independent
Petroleum Group Company SAK (Closed) has been in business since 1976 and is a
leading concern in providing strategic investments in the region’s petroleum
industry.
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 and the above credit figure is within subject’s financial
means.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.83 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.67.26 |
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%)