MIRA INFORM REPORT

 

 

Report Date :

23.06.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITED PAPER INDUSTRIES CO KSC (UPI)

 

 

Registered Office :

Mina Abdullah Industrial Area, P O Box 5149, Safat 13052

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

07.02.1998

 

 

Com. Reg. No.:

72174, Safat

 

 

Legal Form :

Kuwaiti Shareholding Company

 

 

Line of Business :

Manufacture of paper for the cartons, cement sacks and similar products

 

 

No. of Employees :

190

 

 

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

 

Status :

Satisfactory

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                         : UNITED PAPER INDUSTRIES CO KSC (UPI)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company - KSC

Registration Date                                   : 7th February 1998

Commercial Registration Number            : 72174, Safat

Chamber Membership Number                : 55112

Issued Capital                                        : KD 4,600,000

Paid up Capital                                      : KD 4,600,000

Total Workforce                                     : 190

Activities                                               : Manufacture of paper for the cartons, cement sacks and similar

products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

UNITED PAPER INDUSTRIES CO KSC (UPI)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mina Abdullah Industrial Area

PO Box             : 5149

Town                 : Safat 13052

Country             : Kuwait

Telephone         : (965) 23260502 / 23260501 / 24747441

Facsimile          : (965) 23260508 / 24745818

Mobile               : (965) 99880330 / 99010876 / 66440114

Email                : info@upi.com / unipaper@qualitynet.net

 

Premises

Subject operates from a suite of offices and a factory covering an area of 28,000m² that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dakheel Abdullah Al Dakheel                                                             Managing Director

 

·       Abdulrahman Abdullah Al Dakheel                                                      Director

 

·       Sahab Khalil Al Ghunaim                                                                   Director

 

·       Waleed Ahmed Al Manne                                                                  Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th February 1998

 

Legal Form                  : Kuwaiti Shareholding Company - KSC

 

Commercial Reg. No.  : 72174, Safat

 

Chamber Member No. : 55112

 

Issued Capital              : KD 4,600,000

 

Paid up Capital            : KD 4,600,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Heirs of the late Abdullah Al Dakheel                                      32%

 

·       Mizan Holding                                                                       18%

Safat

 

·       International Paper Manufacturing WLL                                   15%

Safat

 

·       Local businessmen and private investors                                 35%

 

 

AFFILIATED COMPANIES

 

·       Al Ahlia Chemicals Co WLL

PO Box: 24297

Safat 13103

Tel: (965) 24736302

Fax: (965) 24723128

 

·       Al Ahlia Contracting Co

PO Box: 25419

Safat 13115

Tel: (965) 22447456

Fax: (965) 22438682

 

·       Al Ahlia Industrial Projects Co

 

·       Al Noor Consultants Co

 

·       Arab Building Industrial Resource Co WLL

 

·       Credit Rating & Collections Co

 

·       Kuwait Building Materials Manufacturing Co

 

·       Shuaiba Paper Products Co

 

·       Al Assriya Holding Co

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of paper for the cartons, cement sacks and other similar products.

 

Subject’s product range includes Extensible Sack Kraft, Plain Kraft, Fluting and Kraft Liner Board in the substance range of 70 to 200 gsm/Mt2

 

Production Capacity: 26,500 tons per annum

 

Import Countries: United States of America and Europe.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 190 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                KD 5,800,000                            KD 6,100,000

 

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

 

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

 

 

BANKERS

 

·       Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

 

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 sound trade risk and the above credit figure is within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.99

UK Pound

1

Rs.88.97

Euro

1

Rs.71.57

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.