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MIRA INFORM
REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
METAL & RECYCLING CO KSCC (MRC) |
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Registered Office : |
Logistics
Department Building, 3rd Floor, Amghara Industrial Area, Sulaibia, P O Box 4520, Safat
13046 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.06.1987 |
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Legal Form : |
Kuwaiti Shareholding Company Closed |
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Line of Business : |
Recycling services and trading in scrap metals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Kuwait |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : METAL & RECYCLING CO KSCC (MRC)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 10th June 1987
Chamber Membership Number : 18393
Issued Capital : KD 8,255,650
Paid up Capital : KD 8,255,650
Total Workforce : 250
Activities : Recycling services and trading in scrap metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
METAL & RECYCLING CO
KSCC (MRC)
company ADDRESS
Registered & Physical Address
Building : Logistics Department Building, 3rd
Floor
Area : Amghara Industrial Area, Sulaibia
PO Box : 4520
Town : Safat
13046
Country : Kuwait
Telephone : (965) 24577772
/ 24577773 / 24577774
Facsimile : (965) 24672168 / 24575597
Email : info@mrckw.com
/ mrc@mrc.com.kw
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Safat.
KEY PRINCIPALS
Name Position
·
Tariq Ibrahim Mohammad Al Musa Chairman
·
Hanadi Anwar Issa Al Saleh Vice
Chairman
·
Khalid Mohamed Bader Al Mutawa Director
·
Dr Hamad Mohamed
Jassem Al Mutar Director
·
Khaleel Ibraheem Al Awadi Director
·
Sager Abdullah Abdulmehsen Al
Sharhan General
Manager
·
Eman El
Ansary Chief
Financial Officer
LEGAL FORM & OWNERS
Date of Establishment : 10th June 1987
Legal Form :
Kuwaiti Shareholding
Company Closed - KSCC
Chamber Member No. : 18393
Issued Capital : KD 8,255,650
Paid up Capital : KD 8,255,650
Name of Shareholder
(s) Percentage
· Public Warehousing Company (PWC)
50%
·
Tariq Ibrahim Mohammad Al Musa ]
]
·
Hanadi Anwar Issa Al Saleh ]
]
·
Khalid Mohamed Bader Al Mutawa ]
50%
]
·
Dr Hamad Mohamed
Jassem Al Mutar ]
]
·
Khaleel Ibraheem Al Awadi ]
OPERATIONS
Activities: 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 tonnes per hour productivity and also a factory to recycle waste plastic with over 9000 tones annual production of shredded and bubble plastic.
Subject is ISO 14001 accredited.
Import
Countries: United States of
America, United Kingdom and Japan.
Subject has a
workforce of approximately 250 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD 000’s)
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Balance Sheet |
31-12-2009 |
31-12-2010 |
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Assets |
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Current Assets |
17.720 |
15.232 |
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Investments |
5.704 |
5.659 |
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Fixed Assets |
4.739 |
4.412 |
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Other Assets |
314 |
314 |
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Total Assets |
28.477 |
25.617 |
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Liabilities |
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Current Liabilities |
6.721 |
4.790 |
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Long-Term Liabilities |
365 |
230 |
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Total Liabilities |
7.086 |
5.020 |
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Shareholder's Equity |
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Paid-Up Capital |
8.256 |
8.256 |
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Proposed Stock Dividends |
0 |
0 |
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Proposed Cash Dividends |
0 |
0 |
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Reserves |
13.666 |
13.666 |
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Cumulative Changes In Fair Values |
5 |
7 |
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Retained Earnings |
-1.132 |
-1.628 |
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Treasury Stock |
-581 |
-989 |
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Total Shareholder's Equity |
20.214 |
19.311 |
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Minority Interest |
1.176 |
1.286 |
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Total Liabilities & Shareholder's
Equity |
28.477 |
25.617 |
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Income Statement |
31-12-2009 |
31-12-2010 |
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Total Sales |
10.895 |
11.842 |
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Gross Profit On Sales |
617 |
1.478 |
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Income From Investments |
-858 |
133 |
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Unrealized Gain (Loss) On Investments |
0 |
-74 |
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Other Income |
1.386 |
827 |
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Total Income |
11.424 |
12.728 |
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Net Profit (Loss) |
-4.014 |
-496 |
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.75.58 |
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Euro |
1 |
Rs.65.97 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.