%20-%20131921%2017-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHUAIBA INDUSTRIAL CO (K.S.C.C) |
|
|
|
|
Formerly Known As : |
SHUAIBA PAPER PRODUCTS CO |
|
|
|
|
Registered Office : |
Street 30, Block No.3, Plot No. 150, Subhan Area, Behind
Kofoma, 10088 Shuaiba 65451, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
19.06.1978 |
|
|
|
|
Com. Reg. No.: |
26799 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of paper products for industrial and consumer
use. |
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 : |
KD 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COmpany NAME
Shuaiba Industrial Co (K.S.C.C)
company ADDRESS
Street : Street 30, Block No.3,
Plot No. 150
Area : Subhan Area, Behind
Kofoma
P.O. Box : 10088 Shuaiba 65451
Town : Kuwait City
Country : Kuwait
Telephone : (965) 2471 1020 / 2471 1258
/ 2471 1350
Fax : (965) 2473 7996 / 2473
8667
E-Mail : info@sic-kwt.com /
abdullah.rammal@sic.kwt.com
Website : www.sic-kwt.com
Shortform Name :
SIC
Also known as :
Shuaiba Paper Co.
Formerly Known As :
Shuaiba
Paper Products Co.
SENIOR COMPANY PERSONNEL
Name Position
1. Adel Jasim Mohammed Al Sane Chairman
2. Suleiman Al Nawareh Vice
Chairman
3. Adel Yusof Saleh Al Saqabi Chief
Executive Officer
4. Siddiqi Farid Sultan Ahmed President
5. Abdullah Rammal Finance Controller
Total Employees : 500 plus (subject)
2,000 plus (group)
PAYMENTS
No complaints have been heard regarding payments from local
suppliers or banks.
Subject is a subsidiary of the Al Safwa Group Holding Co.
(K.S.C.C), which is a holding group that owns several industrial and financial
companies in the Middle East.
We consider it is acceptable to deal with subject for LARGE
amounts.
Opinion on maximum credit : KD 1,000,000
Trade risk assessment :
Opinion on the credit figure of US DLRS 150,000:
We consider the above figure to be within the company's
financial capabilities.
PRINCIPAL BANKERS
NAME : NATIONAL
BANK OF KUWAIT SAK
Branch : Abdullah Al
Salem Street
PO Box : 95
Town : Safat 13001
Telephone: (965) 2242 2011
Fax : (965) 2246
4156
The company also has an account with the following banks:
1. Commercial Bank of Kuwait (CBK)
Mubarak Al Kabir Street
PO Box 2861
Safat 13029
Telephone: (965) 2241 1001
Fax : (965) 2245 0150
2. Burgan Bank
Ahmed Al Jaber Street
PO Box 5389
Safat 13054
Telephone: (965) 2243 9000
Fax : (965) 2246 1148
AUDITORS
1. Moore Stephens Al Nisf and Partners
Al Shaheed Tower
4th Floor
Khaled Bin Al
Waleed Street
PO Box 25578
Kuwait City Safat
13116
Al Assimah
Telephone : (965)
2242 6999
Fax : (965) 2240 1666
Website : www.moorestephens.com
2. Al Dar International
FINANCIAL INFORMATION
Consolidated
balance sheets as at 31 December 2009 showed:
31 Dec 2009 31 Dec 2008
(In thousands of KD)
ASSETS
Cash 1,228 746
Time Deposits 1,194 572
Cash & Cash Equivalents 2,421 1,318
Securities & Short-term Investments 1,642 1,208
Accounts Receivables 1,609 1,099
Provision for Doubtful Receivables (107) (8)
Net Receivables 1,502 1,091
Current receivables 1,505 1,091
Raw Material 1,565 1,917
Spare Parts 149 162
Goods in Transit 129 271
Finished Goods 902 152
Total Inventory 2,744 2,501
Provision (Inventory) (206) (275)
Net Inventory 2,539 2,226
Advance Payments to Suppliers 10 13
Due from Sister Companies/Associates 30 538
Loans to employees (under one year) 40 39
Prepaid Expenses ST 39 32
Other Current Assets 5 11
Total Current Assets 8,231 6,475
Land & Buildings 2,499 1,675
Furniture & Equipment 478 673
Machinery 4,476 4,136
Other Fixed Assets 0 156
Accumulated Depreciation (2,135) (1,789)
Capital work in Progress 332 699
Fixed Assets 5,649 5,550
Investment in associates 2,102 1,905
Investments in subsidiaries 12 449
Other Long term Investments 285 371
Total Long term Investments 2,399 2,725
Total Long Term Assets 8,048 8,275
Total Assets 16,279 14,750
LIABILITIES & SHAREHOLDERS EQUITY
Short Term Debt
0 991
Current Portion of Long Term Debt 220 200
Accounts Payable 1,420 240
Accrued Expenses 3 5
Down Payments 9 4
Dividends Payable 54 42
Other Current Liabilities 160 27
Total Current Liabilities 1,866 1,509
Long Term Debt 220 440
Total Long-term Liabilities 220 440
Total Liabilities 2,086 1,949
Tax Provision 78
9
Provision for Employees' Termination Benefits 309 246
Other Provisions 15 127
Total Provisions 402 383
Total Liabilities & Provisons 2,488 2,332
Paid-up Capital 5,567 5,567
Share premium 2,294 2,294
Legal/Statutory Reserve 1,165 989
General\Voluntary Reserve 1,074 898
Chg in Fair Val. Resv. & Translation Adj. 50 (199)
Reserves 405 405
Retained Earnings/ Accumulated losses 3,488 2,716
Treasury Stock (253) (253)
Total Shareholders' Equity 13,791 12,418
Total Liab. & Shareholders' Equity 16,279 14,750
Gross Revenue 8,010 6,708
Cost of Goods Sold
(6,100) (5,536)
Gross Margin 1,909 1,172
S.G. & A. (773) (742)
Depreciation Expense (7) (8)
Net Operating Profit 1,129 422
Interest Expense (34) (107)
Investment Income 235 371
Unrealized Investment Gain/ Loss 215 0
Income from Associates 221 230
Income from Subsidiaries 0 (65)
Total Investment Income 671 536
Foreign Exchange Gain/Loss 26 (41)
Provisions 54 (766)
Provisions for Doubtful Debts (32) 0
Other Income 0 122
Other Expenses (7) 0
Net Profit Before Taxes/Zakat 1,807 166
Tax / Zakat Provision (78) (9)
Net Profit After Taxes or Zakat 1,729 156
Unusual Items (60) 46
Net Profit After Unusual Items 1,669 203
Balance sheets as at 30 September 2010 (quarterly results) showed:
30/09/2010 30/06/2010 31/03/2010
(in thousands of KD)
ASSETS
Cash 939 1,164 656
Time Deposits 1,106 523 902
Cash & Cash Equivalents 2,045 1,687 1,558
Securities & Short-term Investments 386 396 1,689
Accounts Receivables 1,351 1,517 1,703
Net Receivables 1,351 1,517 1,703
Other receivables 719 679 173
Current receivables
2,069 2,197 1,875
Raw Material 2,835 2,592 2,536
Total Inventory 2,835 2,592 2,536
Net Inventory 2,835 2,592 2,536
Total Current Assets
7,343 6,871 7,666
Machinery 5,781 5,678 5,762
Fixed Assets
5,781 5,678 5,762
Investment in associates
1,592 1,560 2,190
Investments in subsidiaries 160 160 155
Other Long term Investments 978 989 318
Total Long term Investments 2,731 2,709 2,664
Total Long Term Assets 8,511 8,387 8,426
Total Assets 15,854 15,259 16,092
LIABILITIES & SHAREHOLDERS EQUITY
Short Term Debt 861 0 201
Current Portion of Long Term Debt 220
220 220
Accounts Payable 613 1,035 920
Total Current Liabilities
1,694 1,255 1,341
Long Term Debt 110 110 220
Total Long-term Liabilities 110 110 220
Total Liabilities
1,804 1,365 1,561
Provision for Employees'
Termination Benefits 245 322 307
Total Provisions 245 322 307
Total Liabilities & Provisons 2,049 1,686 1,869
Paid-up Capital 5,567 5,567 5,567
Share premium 2,294 2,294 2,294
Legal/Statutory Reserve 1,165 1,165 1,165
General\Voluntary Reserve
1,074 1,074 1,074
Chg in Fair Val. Resv. &
Translation Adj. (172) (132) 97
Reserves 405 405 405
Retained Earnings / loss
3,724 3,451 3,873
Treasury Stock (253) (253) (253)
Total Shareholders' Equity
13,805 13,572 14,223
Total Liab. & Shareholders' Equity 15,854 15,259 16,092
Gross Revenue 5,996 4,013 1,977
Cost of Goods Sold
(4,666) (3,091) (1,495)
Gross Margin 1,330 922
483
S.G. & A. (643) (430) (214)
Net Operating Profit 687 492 268
Interest Expense (17) (12) (6)
Investment Income
(42) (40) 87
Unrealized Investment Gain/ Loss (155) (149) (40)
Income from Associates 590 526 74
Total Investment Income 394 337 121
Foreign Exchange Gain/Loss 15 (10) 1
Provisions (6) 0 0
Other Income 28 9 19
Net Profit Before Taxes/Zakat
1,101 816 403
Tax / Zakat Provision (48) (36) (18)
Net Profit After Taxes or Zakat
1,052 780 386
Net Profit After Unusual Items 1,052 780 386
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 19 June 1978
History : The subject company was established in
C.R. No. : 26799
KCCI Membership No.: 7202 (expiry date: 7 February 2013)
Authorised Capital : KD 5,567,000
Paid up Capital : KD 5,567,000
Kuwaiti Shareholding Company with the following directors and
shareholders:
Directors
1. Adel Jasim Mohammed Al Sane
2. Suleiman Al Nawareh
3. Adel Yusof Saleh Al Saqabi
4. Siddiqi Farid Sultan Ahmed
5. Abdullah Rammal
Shareholders
Percentage
1. Al Safwa Group Holding Company 55.83%
Al Kharafi Tower,
Building 7
8th Floor
Oussama Al Monkis
Street
Al Qebla
PO Box 26552
Kuwait City Safat
13126
Al Assimah
Telephone : (965)
2232 3470
Fax : (965) 2232 3480
E-mail : info@alsafwagroup.net
Website : www.alsafwagroup.net
2. Members of the public 44.17%
Affiliated companies of Shuaiba Industrial Co (K.S.C.C):
Subject is a subsidiary of the Al Safwa Group Holding Co.
(K.S.C.C), which has the following companies:
Subsidiaries
:
1. Advance Technologies Company 100%
2. Al Safat United Food Company 100%
3. Al Thiqa Restaurant Company 100%
4. Mawad General Trading Company 100%
5. Raad Trading and Marketing Company 100%
6. Rose Pattiseries Company 100%
7. United Dana Fisheries
100%
8. United Fisheries of Kuwait Company 100%
9. Al Safat Dhiafa Company 97%
10. Dar Al Houda Holding Company 54.21%
11. Mondi Shuaiba Holding, Austria 45.00%
12. Danah Al Safat Foodstuff Company 43.09%
13. Yanbu Saudi Kuwaiti Paper Products Company 40.00%
14. Safat Industries Holding Company 30.00%
15. Dana Al Safat Real Estate Company 26.18%
16. Warba Investment Company
Associates
1. Sahab Al Khaleej Real Estate Company 17.65%
PO Box 21195 Manama
Bahrain
Telephone : (973)
1738 2332
Fax : (973) 1738 2796
E-mail : info@sahab.bh
Website : www.sahab.bh
2. Asia Holding Company 15.00%
Al-Hamad Tower B,
10th Floor Al-Qiblah Area PO Box: 20133 Safat 13062
Telephone : (965)
2297 4936
Fax : (965) 2297 4930 / 2297 4910
3. Al Safat TEC Holding Company 14.00%
4. Al Safat Investment Company 12.69%
Hawalli, Beirut
Street, Opposite to Al-Qadessya Club PO Box 20133 Safat 13062
Telephone : (965)
187 7777
Fax : (965) 2267 5232
E-mail : info@alsafatinvest.com
5. Al Safat Energy Holding Company 8.76%
6. Unicorn Investment Bank 5.84%
Building 2304
Street 2830 PO Box 31700 Al Seef Area Manama Bahrain
Telephone : (973)
1756 6000
Fax : (973) 1756 6001
7. Al Aman Investment Company 5.52%
Al
PO Box 12466
Shamiya 71655 Kuwait
Telephone : (965)
2282 2626
Fax : (965) 2249 7962
E-mail :
info@alaman.com.kw
8. Industrial and Financial Investments Company 5.00%
Telephone : (965)
2242 9073
Fax : (965) 2244 8850
E-mail : ific@ific.net
Website : www.ific.net
ACTIVITIES
The Company is involved in the following activities :
Manufacture of paper products for industrial and consumer
use.
Trading as distributors of paper products for industrial and
consumer use.
Subject also provides paper printing and packaging.
Production capacity : 200 million paper pages per year.
Subject has the following brand:
SPAC
Subject main principals and agencies:
Clupak
Imports mainly from
Exports mainly to GCC countries.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices and a manufacturing
plant with warehousing facilities located at the heading address as well 2
manufacturing units located elsewhere in Saudi Arabia and Kuwait and 2 sales
office located in UAE, Malaysia and China.
SPECIAL NOTE
Interviewed: Abdullah Rammal (Finance Controller).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.