MIRA
INFORM REPORT
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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
PETROCHEMICAL INDUSTRIES CO |
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Registered Office : |
Safat, P.O.Box 1084, Kuwait City, 13011 |
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Country : |
Kuwait |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.07.1963 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
Subject is engaged in the production and marketing of petrochemical products
as well as investment in similar businesses. |
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No. of Employees : |
100 |
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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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
KUWAIT - ECONOMIC OVERVIEW
Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 104 billion barrels - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2011 is reviving government consumption and economic growth. Kuwait has experienced a 20% increase in government budget revenue, which has led to higher budget expenditures, particularly wage hikes for many public sector employees. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy.
Source : CIA
Company name & address
Petrochemical Industries Co
Safat
P.O.Box 1084
Kuwait City, 13011
Kuwait
Tel: (965) 3211000
Fax: 965--23211171
Web: www.pic.com.kw
Synthesis
Employees: 100
Company Type: Private Subsidiary
Corporate Family: 39
Companies
Ultimate Parent: Kuwait
Petroleum Corporation
Incorporation Date: 23-Jul-1963
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2010
Reporting Currency: Kuwaiti
Dinar
Annual Sales: 1,571.8 1
Net Income: 287.7
Total Assets: 3,441.0 2
Business Description
Petrochemical Industries
Co KSC (PIC) is a Kuwait-based company that is engaged, along with its
subsidiaries and affiliates, in the production and marketing of petrochemical
products as well as investment in similar businesses. The Company, through its
plants and projects, produces several chemical products ammonia, urea, ammonium
sulfate and sulfate and sulfuric acid, salt and chlorine, polypropylene,
ethylene and its derivative polyethylene and ethylene glycol. PIC operates The
Aromatics Complex, which is based on processing naphtha feed from KNPC's Mina
Abdulla and Shuaiba refineries for the production of para-xylene and benzene,
as main products, and light naphtha, hydrogen, liquid petroleum gas (LPG),
light ends and heavy aromatics as secondary products. Its joint ventures
include EQUATE Petrochemical Co, The Kuwait Olefins Co, The Kuwait Aromartics
Co, The Kuwait Styrene Co, Al-Qurain Petrochemical Industries Co, Gulf
Petrochemical Industries co. For the fiscal year ended 31 March 2010,
Petrochemical Industries Co's revenue decreased 21% to KWD452.1M. Net income
decreased 20% to KWD362.7M. Revenues reflects a decrease in operations. Net
income was partially offset by a decrease in cost of sales, lower in interest,
decreased other expenses, a reduction in impairment losses, lower impairment of
property plant & equipment and decreased compensation claims.
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1812 - Basic
Organic Chemical Manufacturing
NACE 2002: 2414 - Manufacture
of other organic basic chemicals
NAICS 2002: 32511 -
Petrochemical Manufacturing
UK SIC 2003: 2414 - Manufacture
of other organic basic chemicals
US SIC 1987: 2869 - Industrial
Organic Chemicals, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Saad Mohammed Al Ajmi |
Deputy Managing Director, Administration
& Finance |
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Jehad Nasser Al Hajji |
Deputy Managing Director, Fertlilizers |
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Saad Al-Shuwaib |
Chairman & Managing Director |
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Yousef Al-Yatim |
Vice President-Finance |
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Mohammed Al-Terkeit |
Deputy Managing Director-Marketing |
news
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Title |
Date |
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Oil Refineries halves loss |
29-May-2012 |
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Kuwait forms panel to probe Dow ruling -
cabinet |
29-May-2012 |
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K-Dow investigation to start -- K-Dow
Special Report |
28-May-2012 |
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Kuwait probes impacts of K-Dow deal
cancellation |
28-May-2012 |
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Bahrain : BAHRAIN implements $8 BILLION SITRA
REFINERY MODERNISATION PLAN |
26-May-2012 |
Key IDSM Number: 42389123
1 - Profit & Loss Item Exchange Rate: USD 1 = KWD 0.2876434
2 - Balance Sheet Item Exchange Rate: USD 1 = KWD 0.29045
Corporate Overview
Location
Safat
P.O.Box 1084
Kuwait City, 13011
Kuwait
Tel: (965) 3211000
Fax: 965--23211171
Web: www.pic.com.kw
Sales KWD(mil): 452.1
Assets KWD(mil): 999.4
Employees: 100
Fiscal Year End: 31-Mar-2010
Industry: Chemical
Manufacturing
Incorporation Date: 23-Jul-1963
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Chairman of the Board,
Managing Director: Maha
Abdul Rahman Mulla Hussein
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1831 - Fertiliser Manufacturing
1811 - Industrial Gas Manufacturing
1812 - Basic Organic Chemical Manufacturing
NACE 2002 Codes:
2414 - Manufacture of other organic basic chemicals
2413 - Manufacture of other inorganic basic chemicals
2415 - Manufacture of fertilisers and nitrogen compounds
NAICS 2002 Codes:
32511 - Petrochemical Manufacturing
325181 - Alkalies and Chlorine Manufacturing
325311 - Nitrogenous Fertilizer Manufacturing
US SIC 1987:
2873 - Nitrogenous Fertilizers
2812 - Alkalies and Chlorine
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
UK SIC 2003:
2415 - Manufacture of fertilisers and nitrogen compounds
2414 - Manufacture of other organic basic chemicals
2413 - Manufacture of other inorganic basic chemicals
Business
Description
Petrochemical
Industries Co KSC (PIC) is a Kuwait-based company that is engaged, along with
its subsidiaries and affiliates, in the production and marketing of
petrochemical products as well as investment in similar businesses. The
Company, through its plants and projects, produces several chemical products
ammonia, urea, ammonium sulfate and sulfate and sulfuric acid, salt and chlorine,
polypropylene, ethylene and its derivative polyethylene and ethylene glycol.
PIC operates The Aromatics Complex, which is based on processing naphtha feed
from KNPC's Mina Abdulla and Shuaiba refineries for the production of
para-xylene and benzene, as main products, and light naphtha, hydrogen, liquid
petroleum gas (LPG), light ends and heavy aromatics as secondary products. Its
joint ventures include EQUATE Petrochemical Co, The Kuwait Olefins Co, The
Kuwait Aromartics Co, The Kuwait Styrene Co, Al-Qurain Petrochemical Industries
Co, Gulf Petrochemical Industries co. For the fiscal year ended 31 March 2010,
Petrochemical Industries Co's revenue decreased 21% to KWD452.1M. Net income
decreased 20% to KWD362.7M. Revenues reflects a decrease in operations. Net
income was partially offset by a decrease in cost of sales, lower in interest,
decreased other expenses, a reduction in impairment losses, lower impairment of
property plant & equipment and decreased compensation claims.
More Business
Descriptions
Manufacture of nitrogenous fertiliser, salt and chlorine industry
derivatives, ammonia, urea, ammonium sulphate, sulphuric acid, salt chlorine,
caustic soda, hydrochloric acid and sodium hypochlorite, compressed hydrogen
and polypropylene
Liquid Ammonia, Urea Fertilizer, Sulfur & Polypropylene Mfr &
Marketer
Petrochemical
Industries Company K.S.C (PIC) is a global petrochemical company. It is engaged
in the manufacture and marketing of petrochemicals. The company offers products
such as polypropylene and fertilizers, including ammonia and urea, to its
customers across the world. It is a subsidiary of Kuwait Petroleum Corporation.
During 2010, the company's actual production of Polyethylene and Ethylene
glycol recorded as 1.113 million tons.The company's products portfolio
comprises ammonia, urea and methanol, are marketed in the national and
international markets. Granular urea is marketed across Canada, the US,
Thailand, Australia, New Zealand, South Korea, India, the UK and several other
regions.Ammonia is useful in the manufacture of all fertilizers comprising
nitrogen, including urea and nitrates. PIC markets ammonia in a number of
countries including the US, Brazil, Mauritius, Ireland, England, France, Japan,
Turkey, India, Thailand and others. Plastic material polypropylene, produced by
PIC, is marketed under the registered trade name of Qurain. Qurain is marketed
across several regions including Italy, the UK, Saudi Arabia, Hong Kong, China,
Iran, Pakistan and the UAE.The major projects of PIC include the Olefins,
Aromatics and Styrene project. The Olefins II program aims at building a state
of the art manufacturing complex. The technology selected for Polyethylene
Expansion is UNIPOL; for Ethylene Glycol is METEOR; for Ethyl-Benzene / Styrene
Monomer is Budget / Dow, respectively; for Ethylene is Technip and Sea Water
Cooling Tower.Currently, PIC holds interests in several joint ventures, namely,
EQUATE, EMC, Gulf Petrochemical Industries Company (GPIC), KARO, TKOC, TKAC,
TKSC and Qurain Petrochemical Industries Company (QPIC). Its global joint
ventures include MEGlobal and Equipolymer, each of these are 50:50 joint
venture between the company and The Dow Chemical Company.PIC owns 42.5%
interest in Equate Petrochemical Company along with DOW Chemical Company
(42.5%), Boubyan Petrochemical Company (9%), Al-Qurain Petrochemical Industries
Company (6%). PIC owns 42.5% interest in The Kuwait Olefins Company along with
DOW Chemical Company (42.5%), Boubyan Petrochemical Company (9%), and Al-Qurain
Petrochemical Industries Company (6%). TKOC owned the Olefins-II Complex with a
capacity of 850 Kta and 600 Kta of ethylene and ethylene glycol,
respectively.PIC has 40% interest in The Kuwait Aromatics Company (TKAC), where
KNPC (40%) and Al-Qurain Industries Company (20%). TKAC owned the Kuwait
Paraxylene Production Company (KPPC), which has production capacity of
Paraxylene (829 Kta) and Benzene (393 Kta). The Kuwait Styrene Company is
established as a joint venture between TKAC (57.5%) and DOW Chemicals
(42.5%).Further, the company has few other joint venture companies namely
PIC-Canada Company (100%), MEGlobal (50%), MEGlobal BV (50%), and Equipolymers
Company (50%).The company operates Fertilizer facility in Kuwait, which
comprises two Ammonia and two Urea trains. PIC owned the Polypropylene Plant
with a design capacity of 150 Kta. EQUATE is operating and maintaining this
Plant as per O&M Agreement with PIC. The company markets polypropylene
plant products in the international market including South East Asia, India and
the Middle East.The company planned its future projects in China as well as a
Olefins-III Project in Kuwait. PIC has already the Feasibility Study Work for
setting up of the refinery and petrochemical complex in China.
Petrochemical Industries Company K.S.C (PIC) is a petrochemical and
fertilizer company. PIC, along with its subsidiaries, is engaged in the
production and marketing of petrochemicals and fertilizers. The company's
product portfolio comprises ammonia, urea, polypropylene, polyolefins, benzene
and para-xylene. PIC's key projects include the Olefins-II, Aromatics and
Styrene project. The company operates fertilizer and polypropylene plants in
Kuwait through its subsidiaries. It has operational presence in Middle east,
North America and European Countries. PIC operates as a subsidiary of Kuwait
Petroleum Corporation. The company is headquartered at Safat, Kuwait.
Fertilizer Manufacturing
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Strategic Initiatives
Partnerships
Performance Overview
The last two quarters of the past year was one of extraordinary global economic
turbulence, the Company had took several measures to mitigate the effect. Thus
your Company fared well financially and the net profit for the year 2008- 09
was KD 103.2 Million. I am happy to inform that in alignment with KPC’s
strategic direction towards fostering national economy and in tune with PIC’s
strategy of growth in Olefins and Aromatics business, we have successfully
commissioned our Olefins II project this year and we are expecting to
commission the Aromatics and the Styrene projects during the first half of
2009/2010. Our Joint Ventures Equate, GPIC and MEGlobal are performing well
with sustained profitability. Regarding Equipolymers we have implemented initiatives
to improve the company performance.
While the present
global economic crisis is expected to have effect on the coming fiscal year,
your company and its Joint venture companies are taking all measures to
mitigate the effect and minimize the negative impact. To achieve this, we stay
confident in our Long Term strategy. Our strategy of concentrating on the
petrochemical products of higher growth rate shall remain on track. At the end
on behalf of my Board Members, Management, all employees and myself, I express
my gratitude to his highness the Amir of the state of Kuwait His highness the
crown prince of the state of Kuwait and His highness the Prime
Minister.GlobalData uses a range of research techniques to gather and verify
its information and analysis. These include primary research, in-house
knowledge and expertise, proprietary databases, and secondary sources such as
company websites, annual reports, SEC filings and press releases.
Currently,
pre-FEED study and environment assessment of the site are being pursued for the
project. First contract is expected to be awarded in the year 2010. In
addition, PIC plans to set up a USD5 billion refinery and petrochemicals plant
in Nghi Sou, Vietnam. Currently, the company is in the process of designing an
integrated complex in a joint venture with its Vietnamese and Japanese
partners. The plant is likely to be operational in the year 2013.
Currently, the
company is in the process of designing an integrated complex in a joint venture
with its Vietnamese and Japanese partners. The plant is likely to be
operational in the year 2013.Focus on Petrochemicals DivisionPIC plans to focus
on its petrochemical division due to the increase in demand for refined and
petrochemical products in the Asian markets. PIC fully owns the fertilizer
facility, which comprises two Ammonia and two Urea trains and the production of
Ammonia production reached 573.2 Kta and Urea 967 Kta. In the petrochemicals
division, the company aims to pursue organic as well as inorganic growth by
acquiring petrochemical assets in mature markets.
Planning
The company's Six
Sigma Project, Business Process Improvement, is considered as one of the most
important projects. The project has led to increase in profits, reduction in costs,
achievement of job satisfaction for employees and improved services. Six Sigma
enables the company to reduce defects and rework and improves competencies and
culture to achieve strategic goals. The company has Saved KD 2.3 Million by
executing 17 projects. PIC anticipates 10% of the company to become certified
Black Belts and Green Belt Project Leaders to deliver financial benefit of USD
20 million by the year 2012.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Focus on Petrochemicals
Division |
Threats |
Overview
PIC is engaged in the
production of petrochemicals. The company markets its products in a number of
countries across the world. The company is focussed on quality which can be
shown by Six Sigma implementation and ISO certification. However, lack of
autonomy and poor financial performance may hamers the operating performance of
the company. The Enterprise Business Intelligence project of the company will
enable it to expand its business operations. The company has secured financing
for its ongoing projects. However, intense competition and geopolitical risks
may hamper the financial and operational performance of the company.
Strengths
Joint Venture Agreements
PIC holds
interests in several joint venture companies regionally as well as globally.
Locally it holds interests in Equate Petrochemical Company with 42.5%; ; TKSC
with 57.5%, Al-Qurain Petrochemical Industries Company (QPIC), TKOC with 42.5%,
TKAC with 40%. Regional joint ventures includes Gulf Petrochemical Industries
Company (GPIC) with 33.3%. Globally, the company holds interest in two joint
ventures, namely, MEGlobal and Equipolymers. MEGlobal, established in June
2004, is a 50:50 joint venture between the company and DOW. Equipolymers is
also a 50:50 joint venture between the company and DOW for the production and
marketing of polyethylene terephthalate (PET) resins and the production of
purified terephthalic acid (PTA).
Stronghold on Quality
Petrochemical
Industries is focused on quality since its inception which can be reflected by
the attainment of ISO standards and implementation of Six Sigma. The company
has been awarded ISO 9001:2000, ISO 14001:2004, ISO 27001:2005 which shows the
company's commitment on quality. PIC was the first company in the Kuwaiti oil
sector to transform into a six sigma company. The company's Six Sigma Project,
Business Process Improvement, is considered as one of the most important
projects. The project has led to increase in profits, reduction in costs,
achievement of job satisfaction for employees and improved services. Six Sigma enables
the company to reduce defects and rework and improves competencies and culture
to achieve strategic goals. The company has Saved KD 2.3 Million by executing
17 projects. PIC anticipates 10% of the company to become certified Black Belts
and Green Belt Project Leaders to deliver financial benefit of USD 20 million
by the year 2012.
Diverse Market Presence
The company
markets its three products, urea, ammonia and polypropylene, in both domestic
and international markets. PIC markets granular urea under the name Danat.
Granular urea is marketed across the US, Canada, Uruguay, Thailand, Australia,
Argentina, New Zealand, the UK, Vietnam, Philippines and several other regions.
Ammonia is supplied across Mauritius, South Africa, Australia, France, Malawi,
Turkey, Japan, Mexico, Taiwan, India, Jordan, Spain, Brazil, the US and other
markets. PIC markets polypropylene under the trade name Qurain. All of the
company's Qurain polypropylene complies with the European Union and the US FDA
regulations for food contact usage. It is marketed across the UK, Bahrain,
Ireland, Romania, Qatar, the UAE, Pakistan, Iran, Syria, Jurkes, Saudi Arabia
and many other regions. Recently, it introduced polyolefins into its product
portfolio. Furthermore, the company's products and services are renowned for
quality and are in conformity with the highest standards and specifications.
PIC also carries out marketing research and studies to maintain its competitive
edge in the consumer markets.
Weaknesses
Lack of Autonomy
PIC is a national
oil company, whose operations and business strategies are restricted by the
Government of Kuwait. The company's business activities do not operate under
commercial consideration. The company's priorities are the allocation of
resources for the industry, operational autonomy and national economic
challenges. Consequently, it has to compromise on profits in the interest of
the country and social welfare unlike global majors which have profit and
growth as their sole motive. State ownership typically involves bureaucracy,
corruption, politically motivated decisions and other such limitations. Also,
Government ownership implies stringent regulations regarding prices, imports,
exports, major decisions, management and other areas, as compared to other
public companies. This lack of autonomy may adversely affect the operations of
the company and may prove detrimental in competing in the global arena.
Poor Financial Performance
PIC has
experienced a decrease in revenues of KD 574,205,831 in 2009 as compared to KD
644,578,975 in 2008 along with the decrease in gross profit for the year to KD
103,495,048 in 2009 from KD 227,595,938 in 2008. Cash from the operating
activities has decreased to KD 118,200,919 from KD 235,036,830 in 2008 which
decreases the cash and cash equivalents for the year to KD 95,302,637 from KD
233,396,906. Current ratio for the company in 2009 is 0.51. A ratio less than
one implies that the company is not in good financial health and that it would
be unable to pay off its obligations if they came due at that point. The
company has recorded a low debt to equity ratio of 26%, which indicates that
the company is heavily dependent on equity for its finances.
Opportunities
International Expansion
PIC aims to become
one of the leading players in the global market. The company's future expansion
plans outside Kuwait includes a USD10 billion Refinery-Petrochemicals Project
in Zhanjiang, China. China Petrochemical Corporation (Sinopec) and Kuwait
Petroleum Corporation are equal partners in the project. Currently, pre-FEED
study and environment assessment of the site are being pursued for the project.
First contract is expected to be awarded in the year 2010. In addition, PIC
plans to set up a USD5 billion refinery and petrochemicals plant in Nghi Sou,
Vietnam. Currently, the company is in the process of designing an integrated
complex in a joint venture with its Vietnamese and Japanese partners. The plant
is likely to be operational in the year 2013.
Focus on Petrochemicals Division
PIC plans to focus
on its petrochemical division due to the increase in demand for refined and
petrochemical products in the Asian markets. PIC fully owns the fertilizer
facility, which comprises two Ammonia and two Urea trains and the production of
Ammonia production reached 573.2 Kta and Urea 967 Kta. In the petrochemicals
division, the company aims to pursue organic as well as inorganic growth by
acquiring petrochemical assets in mature markets. PIC also owns the
Polypropylene Plant having design capacity of 120 Kta. The company is growing
its petrochemical business by the new approved project Olefins-III Project in
Kuwait whose feasibility test is to be commenced.
Enterprise
Business Intelligence Project
The company aims
to develop its business by adopting various business solutions. As a result, in
May 2009, PIC signed a contract with Technology World Company (TWC), for
Enterprise Business Intelligence (BI) Implementation Project in Kuwait. The BI
solution is expected to be the core of the company's MIS and this solution will
be a major step for the development of the company in the current market
scenario. This solution will get PIC's business transactional systems through a
unified reporting solution and will automate its balanced scorecard and
planning process to Data Warehousing. This project will enable PIC to respond
quickly and more effectively to its business drivers.
Ongoing Projects
Petrochemical
Industries Company has undergoing two major projects, Olefins Project and
Aromatic Project which will ensure the future cash flow and the continuity of
the development programs for the company. The Aromatic project based on
processing 2.515 MM TPA Full Range Naphtha (FRN) which will delivers 830 KMTA
Para-Xylene and 390 KMTA Benzene. PIC holds a 40% interest in the project and
the total capitalization of the project is USD 2.0 billion. Project Olefins II
having Ethylene Unit 850 KTA, Polyethylene Expansion 300 KTA (Additional),
Styrene Monomer 450 KTA, Ethylene Glycol 600 KTA and sea water cooling towers.
Products and services of the project are diversified building materials and
civil and mechanical services.
Improved Financing
The company has
ongoing development programs and for which it had secured the financing through
bank loans, related parties loan and secured noted which in all totaled long
term borrowing of KD 55,495,925 in 2009 from KD 46,851,580 in 2008. The bank
loan includes agreement with National Bank of Kuwait (NBK) for a long term and
medium term syndicate loan, related parties loans are unsecured revolving loan
agreements with Dow Europe Holding B.V. and the company has secured notes of
long term facility by Alberta & Orient Glycol Company Limited (A&O), a
75% subsidiary of ME Global Canada Inc.
Threats
Geopolitical Risks
One of the threats
for companies operating in Middle-East region is the geopolitical scenario in
some parts of the region. The company’s operations may get adversely affected
from the unsettled political conditions in Middle East countries. Kuwait has
experienced severe consequences of the Gulf war and has also witnessed
socio-political unrest in the region. The political and social unrest could
impact the company's revenue flow. In addition, the company’s operations
could be adversely affected due the disruption in the region and elsewhere as a
result of the military action in the Middle East. Political instability in
other operating countries can also affect the company’s operations due to
rapid change in the policies of the Kuwaiti government.
Intense Competition
The oil and gas
industry is highly competitive. The company encounters strong competition from
other independent companies and major oil companies in all aspects of its
business, including acquiring properties and oil and gas leases, marketing oil
and gas, contracting for drilling rigs and other equipment necessary for
drilling and completing wells and securing trained personnel. Many of these
competitors have financial and technical resources and staffs substantially
larger than the company. As a result competitors may be able to pay more for
desirable leases, or to evaluate, bid for and purchase a greater number of
properties or prospects than the company’s financial or personnel resources
permit. Inability to compete successfully may hamper the financial performance
of the company.
Fluctuating Oil Markets
The company’s
revenue, profitability, and rate of growth are substantially dependent upon
conditions in the oil and natural gas industry including the level of
exploration, development and production activity by oil and natural gas
companies. Volatility in crude oil and natural gas prices significantly affect
this level of activity. For many years, oil prices and markets have been
extremely volatile. Prices are affected by numerous factors such as market
supply and demand; international military, political and economic conditions;
world economic conditions; weather conditions, government regulation; and the
ability of the Organization of Petroleum Exporting Countries (OPEC) to set and
maintain production and price targets. During 2009, the average market price of
oil and natural gas retreated from high prices in 2008. The crude oil price
dropped from an average of USD143 per Bbl (Brent) in July 2008, to
approximately USD 40/ Bbl (Brent) in 2009. Furthermore, the natural gas price
dropped from an average of USD13.28 /mmbtu as on July 1, 2008, to USD
3.82/mmbtu as on June 25, 2009.
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Corporate
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Corporate
Structure News: |
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Petrochemical Industries Co |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Kuwait City |
Kuwait |
Oil and Gas Operations |
101,368.1 |
18,500 |
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Subsidiary |
Al Ahmadi |
Kuwait |
Oil and Gas Operations |
10,857.7 |
6,527 |
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Subsidiary |
Safat |
Kuwait |
Oil and Gas Operations |
29,374.9 |
5,324 |
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Subsidiary |
Birkerød |
Denmark |
Oil and Gas Operations |
1,126.1 |
928 |
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Subsidiary |
Al Ahmadi |
Kuwait |
Oil Well Services and Equipment |
24.7 |
650 |
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Subsidiary |
Kuwait City |
Kuwait |
Water Transportation |
75.0 |
591 |
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Subsidiary |
Roma |
Italy |
Oil and Gas Operations |
11,730.8 |
507 |
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Subsidiary |
Lacchiarella, Milano |
Italy |
Oil and Gas Operations |
94.9 |
152 |
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Subsidiary |
Roma, RM |
Italy |
Oil and Gas Operations |
1,940.0 |
102 |
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Subsidiary |
Roma, Roma |
Italy |
Retail (Specialty) |
499.4 |
67 |
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Subsidiary |
Roma, Roma |
Italy |
Chemical Manufacturing |
2.0 |
3 |
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|
Subsidiary |
Roma, Roma |
Italy |
Construction Services |
1.0 |
2 |
|
|
Affiliates |
Manama |
Bahrain |
Chemical Manufacturing |
|
474 |
|
|
Subsidiary |
Kuwait City |
Kuwait |
Oil Well Services and Equipment |
|
350 |
|
|
Subsidiary |
Antwerpen |
Belgium |
Oil and Gas Operations |
2,363.6 |
327 |
|
|
Subsidiary |
Antwerpen |
Belgium |
Retail (Specialty) |
178.1 |
213 |
|
|
Subsidiary |
Desselgem |
Belgium |
Miscellaneous Capital Goods |
0.0 |
3 |
|
|
Subsidiary |
Froyennes |
Belgium |
Oil and Gas Operations |
0.0 |
|
|
|
Subsidiary |
Kuwait City |
Kuwait |
Oil and Gas Operations |
817.0 |
170 |
|
|
Subsidiary |
Islamabad |
Pakistan |
Oil and Gas Operations |
|
|
|
|
Subsidiary |
Kuwait City |
Kuwait |
Chemical Manufacturing |
1,571.8 |
100 |
|
|
Subsidiary |
Kuwait City |
Kuwait |
Miscellaneous Transportation |
|
80 |
|
|
Affiliates |
London |
United Kingdom |
Oil Well Services and Equipment |
|
60 |
|
|
Subsidiary |
Madrid |
Spain |
Oil and Gas Operations |
313.4 |
52 |
|
|
Subsidiary |
Ratingen |
Germany |
Oil and Gas Operations |
509.0 |
45 |
|
|
Subsidiary |
La Défense |
France |
Oil and Gas Operations |
197.4 |
34 |
|
|
Subsidiary |
Bertrange |
Luxembourg |
Oil and Gas Operations |
|
25 |
|
|
Subsidiary |
Kuwait City |
Kuwait |
Oil Well Services and Equipment |
|
5 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Oil and Gas Operations |
5,267.1 |
|
|
|
Subsidiary |
Europoort Rotterdam, Zuid-Holland |
Netherlands |
Oil and Gas Operations |
|
381 |
|
|
Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Business Services |
591.3 |
45 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
175.4 |
5 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
0.0 |
24 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
41.6 |
5 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
10.7 |
2 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
9.7 |
1 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
6.6 |
1 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Oil and Gas Operations |
6.7 |
|
|
|
Subsidiary |
Ahmadi |
Kuwait |
Oil and Gas Operations |
|
|
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
Braskem SA |
São Paulo, Brazil |
3,000 |
Public |
|
FMC Corporation |
Philadelphia, Pennsylvania, United States |
5,000 |
Public |
|
Independent Petroleum Group Co SAKC |
Kuwait City, Kuwait |
62 |
Public |
|
Reliance Industries Limited |
Mumbai, India |
23,166 |
Public |
|
Sumitomo Chemical Co Ltd |
Tokyo, Japan |
29,382 |
Public |
executive report
|
Board of
Directors |
|
|
|
|
|||
|
Chairman & Managing Director |
Chairman |
|
|||
|
Chairman of the Board, Managing Director |
Chairman |
|
|||
|
Vice President |
Chairman |
|
|||
|
Vice Chairman, Deputy Managing Director- Planning |
Vice-Chairman |
|
|||
|
Board Member |
Director/Board Member |
|
|||
|
Board Member |
Director/Board Member |
|
|||
|
Board Member |
Director/Board Member |
|
|||
|
Board Member |
Director/Board Member |
|
|||
|
Board Member |
Director/Board Member |
|
|
Executives |
|
|
|
|
||||
|
Chairman & Managing Director |
Chief Executive Officer |
|
||||
|
|||||||
|
Deputy Managing Director, Olefins |
Division Head Executive |
|
|
|||
|
Deputy Managing Director-Shuaiba Refinery |
Division Head Executive |
|
|
|||
|
Deputy Managing Director-Manufacturing |
Managing Director |
|
|
|||
|
Deputy Managing Director-Operations |
Managing Director |
|
|
|||
|
Deputy Managing Director-Projects |
Managing Director |
|
|
|||
|
Deputy Managing Director-Marketing |
Managing Director |
|
|
|||
|
Deputy Managing Director, Aromatics |
Managing Director |
|
|
|||
|
Chairman & Managing Director |
Managing Director |
|
|
|||
|
Chairman of the Board, Managing Director |
Managing Director |
|
|
|||
|
Deputy Managing Director, Administration & Finance |
Administration Executive |
|
|
|||
|
Vice President-Finance |
Finance Executive |
|
|
|||
|
Assistant Undersecretary-Information Systems |
Information Executive |
|
|
|||
|
Deputy Managing Director, Fertlilizers |
Other |
|
|
|||
|
Director |
Other |
|
|
|||
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Total Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
|
|
|
|
|
|
Cost of Revenue |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Cost of Revenue, Total |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Gross Profit |
152.5 |
312.2 |
466.3 |
218.6 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
57.8 |
193.8 |
71.6 |
74.1 |
|
Labor & Related Expense |
-31.9 |
-85.7 |
-81.0 |
-28.9 |
|
Total Selling/General/Administrative Expenses |
25.9 |
108.1 |
-9.4 |
45.2 |
|
Interest Expense -
Operating |
8.9 |
14.0 |
16.2 |
19.0 |
|
Interest Expense - Net Operating |
8.9 |
14.0 |
16.2 |
19.0 |
|
Interest Income -
Operating |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Investment Income -
Operating |
-202.9 |
-338.4 |
-371.1 |
-289.2 |
|
Interest/Investment Income - Operating |
-206.5 |
-362.4 |
-398.5 |
-313.2 |
|
Interest Expense (Income) - Net Operating Total |
-197.5 |
-348.5 |
-382.3 |
-294.3 |
|
Impairment-Assets Held for Use |
13.4 |
138.6 |
- |
- |
|
Unusual Expense (Income) |
13.4 |
138.6 |
- |
- |
|
Other Operating Expense |
8.0 |
8.6 |
2.6 |
2.5 |
|
Other, Net |
-8.2 |
-15.3 |
-17.8 |
-12.1 |
|
Other Operating Expenses, Total |
-0.2 |
-6.7 |
-15.2 |
-9.6 |
|
Total Operating Expense |
1,260.9 |
1,678.8 |
1,429.1 |
1,323.8 |
|
|
|
|
|
|
|
Operating Income |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Income Before Tax |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Total Income Tax |
21.2 |
42.2 |
60.2 |
8.3 |
|
Income After Tax |
289.7 |
378.4 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-1.0 |
-3.6 |
-2.5 |
|
Net Income Before Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Diluted Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
Interest Expense, Supplemental |
8.9 |
14.0 |
16.2 |
19.0 |
|
Depreciation, Supplemental |
75.6 |
79.0 |
81.7 |
71.6 |
|
Total Special Items |
13.4 |
138.6 |
- |
- |
|
Normalized Income Before Tax |
324.4 |
559.3 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.9 |
13.9 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
22.1 |
56.1 |
60.2 |
8.3 |
|
Normalized Income After Tax |
302.2 |
503.1 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
300.3 |
502.1 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Normalized EBIT |
126.8 |
210.8 |
490.9 |
183.0 |
|
Normalized EBITDA |
202.5 |
289.8 |
572.6 |
254.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate |
0.29045 |
0.2915 |
0.26545 |
0.28935 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash & Equivalents |
287.5 |
339.9 |
883.3 |
211.7 |
|
Cash and Short Term Investments |
287.5 |
339.9 |
883.3 |
211.7 |
|
Trade Accounts Receivable - Net |
329.0 |
274.8 |
479.5 |
575.1 |
|
Total Receivables, Net |
329.0 |
274.8 |
479.5 |
575.1 |
|
Total Inventory |
102.9 |
87.7 |
154.4 |
127.4 |
|
Total Current Assets |
719.4 |
702.4 |
1,517.2 |
914.2 |
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
578.1 |
773.9 |
868.2 |
689.6 |
|
Goodwill, Net |
355.2 |
355.9 |
438.3 |
426.5 |
|
Intangibles, Net |
4.9 |
14.2 |
25.5 |
35.5 |
|
LT Investment - Affiliate Companies |
1,032.8 |
1,053.1 |
722.2 |
698.1 |
|
LT Investments - Other |
71.2 |
56.6 |
159.5 |
38.0 |
|
Long Term Investments |
1,104.0 |
1,109.7 |
881.7 |
736.2 |
|
Note Receivable - Long Term |
325.0 |
288.4 |
268.7 |
269.9 |
|
Other Long Term Assets |
354.5 |
167.9 |
217.5 |
234.8 |
|
Other Long Term Assets, Total |
354.5 |
167.9 |
217.5 |
234.8 |
|
Total Assets |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Accounts Payable |
5.2 |
45.2 |
155.7 |
108.4 |
|
Payable/Accrued |
323.5 |
241.9 |
278.7 |
193.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
55.1 |
32.3 |
66.3 |
114.6 |
|
Other Payables |
256.4 |
318.7 |
768.3 |
420.8 |
|
Other Current liabilities, Total |
256.4 |
318.7 |
768.3 |
420.8 |
|
Total Current Liabilities |
640.2 |
638.1 |
1,268.9 |
837.7 |
|
|
|
|
|
|
|
Long Term Debt |
154.5 |
190.4 |
176.5 |
16.1 |
|
Capital Lease Obligations |
56.9 |
56.6 |
56.0 |
55.5 |
|
Total Long Term Debt |
211.3 |
247.0 |
232.5 |
71.6 |
|
Total Debt |
266.4 |
279.3 |
298.8 |
186.3 |
|
|
|
|
|
|
|
Minority Interest |
11.9 |
11.0 |
15.0 |
14.5 |
|
Pension Benefits - Underfunded |
45.3 |
43.4 |
40.3 |
33.3 |
|
Other Long Term Liabilities |
71.8 |
78.9 |
102.7 |
81.9 |
|
Other Liabilities, Total |
117.2 |
122.3 |
143.0 |
115.1 |
|
Total Liabilities |
980.7 |
1,018.4 |
1,659.4 |
1,039.0 |
|
|
|
|
|
|
|
Common Stock |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Common Stock |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Retained Earnings (Accumulated Deficit) |
353.5 |
323.8 |
316.7 |
212.2 |
|
Translation Adjustment |
7.8 |
-6.9 |
-137.3 |
-18.2 |
|
Other Comprehensive Income |
33.3 |
18.9 |
118.1 |
- |
|
Other Equity, Total |
41.1 |
11.9 |
-19.2 |
-18.2 |
|
Total Equity |
2,460.3 |
2,394.1 |
2,557.8 |
2,267.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
600.0 |
600.0 |
600.0 |
600.0 |
|
Total Common Shares Outstanding |
600.0 |
600.0 |
600.0 |
600.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
311.1 |
420.8 |
873.3 |
477.4 |
|
Depreciation |
75.6 |
79.0 |
81.7 |
71.6 |
|
Depreciation/Depletion |
75.6 |
79.0 |
81.7 |
71.6 |
|
Unusual Items |
20.9 |
138.7 |
1.8 |
1.6 |
|
Equity in Net Earnings (Loss) |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Other Non-Cash Items |
5.1 |
63.5 |
19.3 |
12.5 |
|
Non-Cash Items |
-171.2 |
-144.3 |
-369.9 |
-286.0 |
|
Accounts Receivable |
-87.5 |
125.0 |
157.2 |
197.6 |
|
Inventories |
-9.1 |
50.6 |
-29.2 |
-20.1 |
|
Other Assets |
24.4 |
3.2 |
91.8 |
-99.2 |
|
Payable/Accrued |
82.2 |
-55.3 |
46.5 |
-148.1 |
|
Other Liabilities |
-15.9 |
-15.6 |
22.3 |
0.3 |
|
Other Operating Cash Flow |
-38.0 |
-31.3 |
-34.3 |
-10.3 |
|
Changes in Working Capital |
-43.8 |
76.7 |
254.3 |
-79.8 |
|
Cash from Operating Activities |
171.7 |
432.2 |
839.5 |
183.2 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-83.2 |
-122.0 |
-177.1 |
-103.2 |
|
Purchase/Acquisition of Intangibles |
-0.5 |
-0.6 |
-0.4 |
-1.9 |
|
Capital Expenditures |
-83.7 |
-122.6 |
-177.5 |
-105.1 |
|
Acquisition of Business |
-20.5 |
-313.0 |
0.0 |
-69.1 |
|
Sale of Fixed Assets |
- |
- |
0.0 |
138.2 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
5.6 |
|
Purchase of Investments |
-94.5 |
- |
- |
- |
|
Other Investing Cash Flow |
216.3 |
254.2 |
305.1 |
-50.2 |
|
Other Investing Cash Flow Items, Total |
101.3 |
-58.8 |
305.1 |
24.4 |
|
Cash from Investing Activities |
17.6 |
-181.5 |
127.6 |
-80.7 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Financing Cash Flow Items |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Cash Dividends Paid - Common |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Total Cash Dividends Paid |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Common Stock, Net |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Long Term Debt
Reduction |
- |
-29.5 |
-55.0 |
-10.1 |
|
Long Term Debt, Net |
-14.0 |
7.7 |
90.7 |
-5.3 |
|
Issuance (Retirement) of Debt, Net |
-14.0 |
7.7 |
90.7 |
-5.3 |
|
Cash from Financing Activities |
-337.9 |
-755.6 |
-352.2 |
-449.7 |
|
|
|
|
|
|
|
Net Change in Cash |
-148.6 |
-504.9 |
614.8 |
-347.1 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
331.3 |
853.4 |
218.8 |
558.8 |
|
Net Cash - Ending Balance |
182.7 |
348.5 |
833.6 |
211.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Sales |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Total Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
|
|
|
|
|
|
Cost of Sales |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Share of Results of Associated Companies |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Distribution General & Admin Expenses |
57.8 |
139.7 |
71.6 |
74.1 |
|
Interest Income |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Other Income |
-8.2 |
-15.3 |
-17.8 |
-12.1 |
|
Other Expenses |
8.0 |
8.6 |
2.6 |
2.5 |
|
Finance Costs |
8.9 |
14.0 |
16.2 |
19.0 |
|
Net gain (Loss) on Foreign Exchange |
-5.7 |
8.1 |
19.9 |
11.0 |
|
Compensation Claim |
-32.0 |
-85.8 |
-81.2 |
-29.1 |
|
Impairment Value of Good will |
0.0 |
73.8 |
- |
- |
|
Impairment Prop.Plant & Equipment |
13.4 |
64.9 |
- |
- |
|
Provisions of Loans |
0.0 |
54.1 |
- |
- |
|
Board of Directors Muneration |
0.1 |
0.2 |
0.2 |
0.1 |
|
Total Operating Expense |
1,260.9 |
1,678.8 |
1,429.1 |
1,323.8 |
|
|
|
|
|
|
|
Net Income Before Taxes |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Provision for Income Taxes |
21.2 |
42.2 |
60.2 |
8.3 |
|
Net Income After Taxes |
289.7 |
378.4 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Non-Controlling Interests |
-2.0 |
-1.0 |
-3.6 |
-2.5 |
|
Net Income Before Extra. Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Diluted Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
Normalized Income Before Taxes |
324.4 |
559.3 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
22.1 |
56.1 |
60.2 |
8.3 |
|
Normalized Income After Taxes |
302.2 |
503.1 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
300.3 |
502.1 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Depreciation, Supplemental |
75.6 |
79.0 |
81.7 |
71.6 |
|
Finance Cost |
8.9 |
14.0 |
16.2 |
19.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate |
0.29045 |
0.2915 |
0.26545 |
0.28935 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Inventories |
102.9 |
87.7 |
154.4 |
127.4 |
|
Accounts Receivable & Prepayments |
321.0 |
258.9 |
440.6 |
280.2 |
|
Due from Related Parties |
8.0 |
15.9 |
38.9 |
294.9 |
|
Cash and Cash Equivalents |
287.5 |
339.9 |
883.3 |
211.7 |
|
Total Current Assets |
719.4 |
702.4 |
1,517.2 |
914.2 |
|
|
|
|
|
|
|
Property,Plant and Equipment |
578.1 |
773.9 |
868.2 |
689.6 |
|
Goodwill |
355.2 |
355.9 |
438.3 |
426.5 |
|
Intangible Assets |
4.9 |
14.2 |
25.5 |
35.5 |
|
Investments in Associated Companies |
1,032.8 |
1,053.1 |
722.2 |
698.1 |
|
Finance Assets Available for Sale |
71.2 |
56.6 |
159.5 |
38.0 |
|
Revolving Loans with Related Parties |
0.0 |
0.0 |
37.4 |
103.5 |
|
Due From Ultimate Parent Company |
325.0 |
288.4 |
231.3 |
166.3 |
|
Spare Parts |
45.5 |
52.4 |
54.3 |
37.1 |
|
Other Assets |
309.0 |
115.4 |
163.2 |
197.7 |
|
Total Assets |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Accounts Payables and Accruals |
323.5 |
241.9 |
278.7 |
193.9 |
|
Short Term Borrowings & Curt. Portion |
53.0 |
29.8 |
63.1 |
111.0 |
|
Obligation Under Finance Leases |
2.0 |
2.5 |
3.2 |
3.6 |
|
Dividend Payable |
256.4 |
318.7 |
768.3 |
420.8 |
|
Due to Related Parties |
5.2 |
45.2 |
155.7 |
108.4 |
|
Total Current Liabilities |
640.2 |
638.1 |
1,268.9 |
837.7 |
|
|
|
|
|
|
|
Long term Borrowings |
154.5 |
190.4 |
176.5 |
16.1 |
|
Obligation Under Finance Leases |
56.9 |
56.6 |
56.0 |
55.5 |
|
Total Long Term Debt |
211.3 |
247.0 |
232.5 |
71.6 |
|
|
|
|
|
|
|
Employees' End of Service Benefits |
45.3 |
43.4 |
40.3 |
33.3 |
|
Other Liabilities |
71.8 |
78.9 |
102.7 |
81.9 |
|
Minority Interest |
11.9 |
11.0 |
15.0 |
14.5 |
|
Total Liabilities |
980.7 |
1,018.4 |
1,659.4 |
1,039.0 |
|
|
|
|
|
|
|
Share Capital |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Legal Reserve |
353.5 |
323.8 |
316.7 |
212.2 |
|
Foriegn Currence Tranc. Reserve |
7.8 |
-6.9 |
-137.3 |
-18.2 |
|
Accumulated changes in Fair Value |
33.3 |
18.9 |
118.1 |
- |
|
Total Equity |
2,460.3 |
2,394.1 |
2,557.8 |
2,267.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
S/O-Common Stock |
600.0 |
600.0 |
600.0 |
600.0 |
|
Total Common Shares Outstanding |
600.0 |
600.0 |
600.0 |
600.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
311.1 |
420.8 |
873.3 |
477.4 |
|
Depreciation |
75.6 |
79.0 |
81.7 |
71.6 |
|
Write off of Property ,Plant & Equipment |
7.4 |
0.0 |
1.8 |
2.1 |
|
Share of Results of Associated Companies |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Provision for Doubtful Debts |
0.8 |
0.0 |
0.7 |
0.7 |
|
Provision No Longer Required |
-1.9 |
- |
- |
- |
|
Gain on Sale of Available for Sale Invt. |
- |
- |
0.0 |
-0.5 |
|
Provision for Slow Moving & Obsole. Spa. |
0.5 |
2.2 |
0.8 |
-0.1 |
|
Provision for Slow Moving &Obsolete Inv. |
0.8 |
0.5 |
0.5 |
0.9 |
|
Provision for Employees' End of Service. |
5.3 |
8.8 |
8.6 |
5.1 |
|
Interest Income |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Net Loss on Foreign Exchange |
-5.7 |
8.1 |
19.9 |
11.0 |
|
Finance Costs |
8.9 |
14.0 |
16.2 |
19.0 |
|
Impairment of Goodwill |
0.0 |
73.8 |
- |
- |
|
Impairment of Property,Plant & Equipment |
13.4 |
64.9 |
- |
- |
|
Provision of loans |
0.0 |
54.1 |
- |
- |
|
Revolving Loans Due From a Joint Vent. |
0.0 |
-28.2 |
71.5 |
-103.5 |
|
Spare Parts |
6.7 |
-5.3 |
-14.0 |
-2.2 |
|
Other Assets |
24.4 |
31.5 |
20.3 |
4.3 |
|
Inventories |
-15.8 |
55.9 |
-15.2 |
-17.9 |
|
Accounts Receivable and Prepayments |
-54.9 |
269.5 |
-146.2 |
31.4 |
|
Net Amounts Due to (from)Related Parties |
-32.6 |
-144.4 |
303.4 |
166.2 |
|
Accounts Payable and Accruals |
82.2 |
-55.3 |
46.5 |
-148.1 |
|
Other Liabilities |
-15.9 |
-15.6 |
22.3 |
0.3 |
|
Interest Received |
3.6 |
24.1 |
27.4 |
24.1 |
|
Finance Costs Paid |
-8.9 |
-14.0 |
-16.2 |
-19.0 |
|
Foreign Tax Paid |
-30.4 |
-39.5 |
-40.5 |
-10.4 |
|
Board of Directors's Remuneration Paid |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Employees' End of Service Benefits Paid |
-2.1 |
-1.7 |
-4.9 |
-5.0 |
|
Adjustment |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
171.7 |
432.2 |
839.5 |
183.2 |
|
|
|
|
|
|
|
Purchase of Property, Plant and equipme |
-83.2 |
-122.0 |
-177.1 |
-103.2 |
|
Expenditure on Intangible Assets |
-0.5 |
-0.6 |
-0.4 |
-1.9 |
|
Additions to Investment in a Subsidary |
-20.5 |
-313.0 |
0.0 |
-69.1 |
|
Proceeds From Disposal of Investment in |
- |
- |
0.0 |
138.2 |
|
Proceeds From Sale of Available for Sale |
- |
- |
0.0 |
5.6 |
|
Due from Ultimate Parent Company |
-35.9 |
-82.9 |
-47.4 |
-50.2 |
|
Fixed Deposits |
- |
- |
- |
0.0 |
|
Dividends Received |
252.2 |
337.1 |
352.5 |
0.0 |
|
Term Deposits With Maturity Date Ex.3M. |
-94.5 |
- |
- |
- |
|
Cash from Investing Activities |
17.6 |
-181.5 |
127.6 |
-80.7 |
|
|
|
|
|
|
|
Proceeds From issue of Share Capital |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Net Movement in Minority Interest |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Term Borrowings Obtained |
-13.5 |
31.6 |
150.7 |
4.8 |
|
Repayments |
- |
-29.5 |
-55.0 |
-10.1 |
|
Obligations Under Finance Leases |
-0.5 |
5.6 |
-5.0 |
0.0 |
|
Dividends Paid |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Cash from Financing Activities |
-337.9 |
-755.6 |
-352.2 |
-449.7 |
|
|
|
|
|
|
|
Net Change in Cash |
-148.6 |
-504.9 |
614.8 |
-347.1 |
|
|
|
|
|
|
|
Net Cash- Begining Balance |
331.3 |
853.4 |
218.8 |
558.8 |
|
Net Cash- Ending Balance |
182.7 |
348.5 |
833.6 |
211.6 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Income Statement
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Total Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
|
|
|
|
|
|
Cost of Revenue |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Cost of Revenue, Total |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Gross Profit |
152.5 |
312.2 |
466.3 |
218.6 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
57.8 |
193.8 |
71.6 |
74.1 |
|
Labor & Related Expense |
-31.9 |
-85.7 |
-81.0 |
-28.9 |
|
Total Selling/General/Administrative Expenses |
25.9 |
108.1 |
-9.4 |
45.2 |
|
Interest Expense -
Operating |
8.9 |
14.0 |
16.2 |
19.0 |
|
Interest Expense - Net Operating |
8.9 |
14.0 |
16.2 |
19.0 |
|
Interest Income -
Operating |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Investment Income -
Operating |
-202.9 |
-338.4 |
-371.1 |
-289.2 |
|
Interest/Investment Income - Operating |
-206.5 |
-362.4 |
-398.5 |
-313.2 |
|
Interest Expense (Income) - Net Operating Total |
-197.5 |
-348.5 |
-382.3 |
-294.3 |
|
Impairment-Assets Held for Use |
13.4 |
138.6 |
- |
- |
|
Unusual Expense (Income) |
13.4 |
138.6 |
- |
- |
|
Other Operating Expense |
8.0 |
8.6 |
2.6 |
2.5 |
|
Other, Net |
-8.2 |
-15.3 |
-17.8 |
-12.1 |
|
Other Operating Expenses, Total |
-0.2 |
-6.7 |
-15.2 |
-9.6 |
|
Total Operating Expense |
1,260.9 |
1,678.8 |
1,429.1 |
1,323.8 |
|
|
|
|
|
|
|
Operating Income |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Income Before Tax |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Total Income Tax |
21.2 |
42.2 |
60.2 |
8.3 |
|
Income After Tax |
289.7 |
378.4 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Minority Interest |
-2.0 |
-1.0 |
-3.6 |
-2.5 |
|
Net Income Before Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Diluted Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
Interest Expense, Supplemental |
8.9 |
14.0 |
16.2 |
19.0 |
|
Depreciation, Supplemental |
75.6 |
79.0 |
81.7 |
71.6 |
|
Total Special Items |
13.4 |
138.6 |
- |
- |
|
Normalized Income Before Tax |
324.4 |
559.3 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.9 |
13.9 |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
22.1 |
56.1 |
60.2 |
8.3 |
|
Normalized Income After Tax |
302.2 |
503.1 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
300.3 |
502.1 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Normalized EBIT |
126.8 |
210.8 |
490.9 |
183.0 |
|
Normalized EBITDA |
202.5 |
289.8 |
572.6 |
254.6 |
Annual Balance Sheet
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate |
0.29045 |
0.2915 |
0.26545 |
0.28935 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash & Equivalents |
287.5 |
339.9 |
883.3 |
211.7 |
|
Cash and Short Term Investments |
287.5 |
339.9 |
883.3 |
211.7 |
|
Trade Accounts Receivable - Net |
329.0 |
274.8 |
479.5 |
575.1 |
|
Total Receivables, Net |
329.0 |
274.8 |
479.5 |
575.1 |
|
Total Inventory |
102.9 |
87.7 |
154.4 |
127.4 |
|
Total Current Assets |
719.4 |
702.4 |
1,517.2 |
914.2 |
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
578.1 |
773.9 |
868.2 |
689.6 |
|
Goodwill, Net |
355.2 |
355.9 |
438.3 |
426.5 |
|
Intangibles, Net |
4.9 |
14.2 |
25.5 |
35.5 |
|
LT Investment - Affiliate Companies |
1,032.8 |
1,053.1 |
722.2 |
698.1 |
|
LT Investments - Other |
71.2 |
56.6 |
159.5 |
38.0 |
|
Long Term Investments |
1,104.0 |
1,109.7 |
881.7 |
736.2 |
|
Note Receivable - Long Term |
325.0 |
288.4 |
268.7 |
269.9 |
|
Other Long Term Assets |
354.5 |
167.9 |
217.5 |
234.8 |
|
Other Long Term Assets, Total |
354.5 |
167.9 |
217.5 |
234.8 |
|
Total Assets |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Accounts Payable |
5.2 |
45.2 |
155.7 |
108.4 |
|
Payable/Accrued |
323.5 |
241.9 |
278.7 |
193.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
55.1 |
32.3 |
66.3 |
114.6 |
|
Other Payables |
256.4 |
318.7 |
768.3 |
420.8 |
|
Other Current liabilities, Total |
256.4 |
318.7 |
768.3 |
420.8 |
|
Total Current Liabilities |
640.2 |
638.1 |
1,268.9 |
837.7 |
|
|
|
|
|
|
|
Long Term Debt |
154.5 |
190.4 |
176.5 |
16.1 |
|
Capital Lease Obligations |
56.9 |
56.6 |
56.0 |
55.5 |
|
Total Long Term Debt |
211.3 |
247.0 |
232.5 |
71.6 |
|
Total Debt |
266.4 |
279.3 |
298.8 |
186.3 |
|
|
|
|
|
|
|
Minority Interest |
11.9 |
11.0 |
15.0 |
14.5 |
|
Pension Benefits - Underfunded |
45.3 |
43.4 |
40.3 |
33.3 |
|
Other Long Term Liabilities |
71.8 |
78.9 |
102.7 |
81.9 |
|
Other Liabilities, Total |
117.2 |
122.3 |
143.0 |
115.1 |
|
Total Liabilities |
980.7 |
1,018.4 |
1,659.4 |
1,039.0 |
|
|
|
|
|
|
|
Common Stock |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Common Stock |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Retained Earnings (Accumulated Deficit) |
353.5 |
323.8 |
316.7 |
212.2 |
|
Translation Adjustment |
7.8 |
-6.9 |
-137.3 |
-18.2 |
|
Other Comprehensive Income |
33.3 |
18.9 |
118.1 |
- |
|
Other Equity, Total |
41.1 |
11.9 |
-19.2 |
-18.2 |
|
Total Equity |
2,460.3 |
2,394.1 |
2,557.8 |
2,267.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
600.0 |
600.0 |
600.0 |
600.0 |
|
Total Common Shares Outstanding |
600.0 |
600.0 |
600.0 |
600.0 |
Annual Cash Flows
Standardized
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
311.1 |
420.8 |
873.3 |
477.4 |
|
Depreciation |
75.6 |
79.0 |
81.7 |
71.6 |
|
Depreciation/Depletion |
75.6 |
79.0 |
81.7 |
71.6 |
|
Unusual Items |
20.9 |
138.7 |
1.8 |
1.6 |
|
Equity in Net Earnings (Loss) |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Other Non-Cash Items |
5.1 |
63.5 |
19.3 |
12.5 |
|
Non-Cash Items |
-171.2 |
-144.3 |
-369.9 |
-286.0 |
|
Accounts Receivable |
-87.5 |
125.0 |
157.2 |
197.6 |
|
Inventories |
-9.1 |
50.6 |
-29.2 |
-20.1 |
|
Other Assets |
24.4 |
3.2 |
91.8 |
-99.2 |
|
Payable/Accrued |
82.2 |
-55.3 |
46.5 |
-148.1 |
|
Other Liabilities |
-15.9 |
-15.6 |
22.3 |
0.3 |
|
Other Operating Cash Flow |
-38.0 |
-31.3 |
-34.3 |
-10.3 |
|
Changes in Working Capital |
-43.8 |
76.7 |
254.3 |
-79.8 |
|
Cash from Operating Activities |
171.7 |
432.2 |
839.5 |
183.2 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-83.2 |
-122.0 |
-177.1 |
-103.2 |
|
Purchase/Acquisition of Intangibles |
-0.5 |
-0.6 |
-0.4 |
-1.9 |
|
Capital Expenditures |
-83.7 |
-122.6 |
-177.5 |
-105.1 |
|
Acquisition of Business |
-20.5 |
-313.0 |
0.0 |
-69.1 |
|
Sale of Fixed Assets |
- |
- |
0.0 |
138.2 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
5.6 |
|
Purchase of Investments |
-94.5 |
- |
- |
- |
|
Other Investing Cash Flow |
216.3 |
254.2 |
305.1 |
-50.2 |
|
Other Investing Cash Flow Items, Total |
101.3 |
-58.8 |
305.1 |
24.4 |
|
Cash from Investing Activities |
17.6 |
-181.5 |
127.6 |
-80.7 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Financing Cash Flow Items |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Cash Dividends Paid - Common |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Total Cash Dividends Paid |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Common Stock, Net |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Long Term Debt
Reduction |
- |
-29.5 |
-55.0 |
-10.1 |
|
Long Term Debt, Net |
-14.0 |
7.7 |
90.7 |
-5.3 |
|
Issuance (Retirement) of Debt, Net |
-14.0 |
7.7 |
90.7 |
-5.3 |
|
Cash from Financing Activities |
-337.9 |
-755.6 |
-352.2 |
-449.7 |
|
|
|
|
|
|
|
Net Change in Cash |
-148.6 |
-504.9 |
614.8 |
-347.1 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
331.3 |
853.4 |
218.8 |
558.8 |
|
Net Cash - Ending Balance |
182.7 |
348.5 |
833.6 |
211.6 |
Annual Income Statement
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Sales |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
Total Revenue |
1,571.8 |
2,099.4 |
2,302.2 |
1,801.1 |
|
|
|
|
|
|
|
Cost of Sales |
1,419.3 |
1,787.3 |
1,835.9 |
1,582.5 |
|
Share of Results of Associated Companies |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Distribution General & Admin Expenses |
57.8 |
139.7 |
71.6 |
74.1 |
|
Interest Income |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Other Income |
-8.2 |
-15.3 |
-17.8 |
-12.1 |
|
Other Expenses |
8.0 |
8.6 |
2.6 |
2.5 |
|
Finance Costs |
8.9 |
14.0 |
16.2 |
19.0 |
|
Net gain (Loss) on Foreign Exchange |
-5.7 |
8.1 |
19.9 |
11.0 |
|
Compensation Claim |
-32.0 |
-85.8 |
-81.2 |
-29.1 |
|
Impairment Value of Good will |
0.0 |
73.8 |
- |
- |
|
Impairment Prop.Plant & Equipment |
13.4 |
64.9 |
- |
- |
|
Provisions of Loans |
0.0 |
54.1 |
- |
- |
|
Board of Directors Muneration |
0.1 |
0.2 |
0.2 |
0.1 |
|
Total Operating Expense |
1,260.9 |
1,678.8 |
1,429.1 |
1,323.8 |
|
|
|
|
|
|
|
Net Income Before Taxes |
310.9 |
420.6 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Provision for Income Taxes |
21.2 |
42.2 |
60.2 |
8.3 |
|
Net Income After Taxes |
289.7 |
378.4 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Non-Controlling Interests |
-2.0 |
-1.0 |
-3.6 |
-2.5 |
|
Net Income Before Extra. Items |
287.7 |
377.4 |
809.3 |
466.5 |
|
Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
287.7 |
377.4 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Diluted Net Income |
287.7 |
377.4 |
809.3 |
466.5 |
|
Normalized Income Before Taxes |
324.4 |
559.3 |
873.1 |
477.3 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
22.1 |
56.1 |
60.2 |
8.3 |
|
Normalized Income After Taxes |
302.2 |
503.1 |
812.9 |
469.0 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
300.3 |
502.1 |
809.3 |
466.5 |
|
|
|
|
|
|
|
Depreciation, Supplemental |
75.6 |
79.0 |
81.7 |
71.6 |
|
Finance Cost |
8.9 |
14.0 |
16.2 |
19.0 |
Annual Balance Sheet
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate |
0.29045 |
0.2915 |
0.26545 |
0.28935 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Inventories |
102.9 |
87.7 |
154.4 |
127.4 |
|
Accounts Receivable & Prepayments |
321.0 |
258.9 |
440.6 |
280.2 |
|
Due from Related Parties |
8.0 |
15.9 |
38.9 |
294.9 |
|
Cash and Cash Equivalents |
287.5 |
339.9 |
883.3 |
211.7 |
|
Total Current Assets |
719.4 |
702.4 |
1,517.2 |
914.2 |
|
|
|
|
|
|
|
Property,Plant and Equipment |
578.1 |
773.9 |
868.2 |
689.6 |
|
Goodwill |
355.2 |
355.9 |
438.3 |
426.5 |
|
Intangible Assets |
4.9 |
14.2 |
25.5 |
35.5 |
|
Investments in Associated Companies |
1,032.8 |
1,053.1 |
722.2 |
698.1 |
|
Finance Assets Available for Sale |
71.2 |
56.6 |
159.5 |
38.0 |
|
Revolving Loans with Related Parties |
0.0 |
0.0 |
37.4 |
103.5 |
|
Due From Ultimate Parent Company |
325.0 |
288.4 |
231.3 |
166.3 |
|
Spare Parts |
45.5 |
52.4 |
54.3 |
37.1 |
|
Other Assets |
309.0 |
115.4 |
163.2 |
197.7 |
|
Total Assets |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
Accounts Payables and Accruals |
323.5 |
241.9 |
278.7 |
193.9 |
|
Short Term Borrowings & Curt. Portion |
53.0 |
29.8 |
63.1 |
111.0 |
|
Obligation Under Finance Leases |
2.0 |
2.5 |
3.2 |
3.6 |
|
Dividend Payable |
256.4 |
318.7 |
768.3 |
420.8 |
|
Due to Related Parties |
5.2 |
45.2 |
155.7 |
108.4 |
|
Total Current Liabilities |
640.2 |
638.1 |
1,268.9 |
837.7 |
|
|
|
|
|
|
|
Long term Borrowings |
154.5 |
190.4 |
176.5 |
16.1 |
|
Obligation Under Finance Leases |
56.9 |
56.6 |
56.0 |
55.5 |
|
Total Long Term Debt |
211.3 |
247.0 |
232.5 |
71.6 |
|
|
|
|
|
|
|
Employees' End of Service Benefits |
45.3 |
43.4 |
40.3 |
33.3 |
|
Other Liabilities |
71.8 |
78.9 |
102.7 |
81.9 |
|
Minority Interest |
11.9 |
11.0 |
15.0 |
14.5 |
|
Total Liabilities |
980.7 |
1,018.4 |
1,659.4 |
1,039.0 |
|
|
|
|
|
|
|
Share Capital |
2,065.8 |
2,058.3 |
2,260.3 |
2,073.6 |
|
Legal Reserve |
353.5 |
323.8 |
316.7 |
212.2 |
|
Foriegn Currence Tranc. Reserve |
7.8 |
-6.9 |
-137.3 |
-18.2 |
|
Accumulated changes in Fair Value |
33.3 |
18.9 |
118.1 |
- |
|
Total Equity |
2,460.3 |
2,394.1 |
2,557.8 |
2,267.7 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,441.0 |
3,412.5 |
4,217.2 |
3,306.7 |
|
|
|
|
|
|
|
S/O-Common Stock |
600.0 |
600.0 |
600.0 |
600.0 |
|
Total Common Shares Outstanding |
600.0 |
600.0 |
600.0 |
600.0 |
Annual Cash Flows
As Reported
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KWD |
KWD |
KWD |
KWD |
|
Exchange Rate
(Period Average) |
0.287643 |
0.273504 |
0.279984 |
0.289482 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
311.1 |
420.8 |
873.3 |
477.4 |
|
Depreciation |
75.6 |
79.0 |
81.7 |
71.6 |
|
Write off of Property ,Plant & Equipment |
7.4 |
0.0 |
1.8 |
2.1 |
|
Share of Results of Associated Companies |
-197.2 |
-346.5 |
-390.9 |
-300.1 |
|
Provision for Doubtful Debts |
0.8 |
0.0 |
0.7 |
0.7 |
|
Provision No Longer Required |
-1.9 |
- |
- |
- |
|
Gain on Sale of Available for Sale Invt. |
- |
- |
0.0 |
-0.5 |
|
Provision for Slow Moving & Obsole. Spa. |
0.5 |
2.2 |
0.8 |
-0.1 |
|
Provision for Slow Moving &Obsolete Inv. |
0.8 |
0.5 |
0.5 |
0.9 |
|
Provision for Employees' End of Service. |
5.3 |
8.8 |
8.6 |
5.1 |
|
Interest Income |
-3.6 |
-24.1 |
-27.4 |
-24.1 |
|
Net Loss on Foreign Exchange |
-5.7 |
8.1 |
19.9 |
11.0 |
|
Finance Costs |
8.9 |
14.0 |
16.2 |
19.0 |
|
Impairment of Goodwill |
0.0 |
73.8 |
- |
- |
|
Impairment of Property,Plant & Equipment |
13.4 |
64.9 |
- |
- |
|
Provision of loans |
0.0 |
54.1 |
- |
- |
|
Revolving Loans Due From a Joint Vent. |
0.0 |
-28.2 |
71.5 |
-103.5 |
|
Spare Parts |
6.7 |
-5.3 |
-14.0 |
-2.2 |
|
Other Assets |
24.4 |
31.5 |
20.3 |
4.3 |
|
Inventories |
-15.8 |
55.9 |
-15.2 |
-17.9 |
|
Accounts Receivable and Prepayments |
-54.9 |
269.5 |
-146.2 |
31.4 |
|
Net Amounts Due to (from)Related Parties |
-32.6 |
-144.4 |
303.4 |
166.2 |
|
Accounts Payable and Accruals |
82.2 |
-55.3 |
46.5 |
-148.1 |
|
Other Liabilities |
-15.9 |
-15.6 |
22.3 |
0.3 |
|
Interest Received |
3.6 |
24.1 |
27.4 |
24.1 |
|
Finance Costs Paid |
-8.9 |
-14.0 |
-16.2 |
-19.0 |
|
Foreign Tax Paid |
-30.4 |
-39.5 |
-40.5 |
-10.4 |
|
Board of Directors's Remuneration Paid |
-0.1 |
-0.2 |
-0.2 |
0.0 |
|
Employees' End of Service Benefits Paid |
-2.1 |
-1.7 |
-4.9 |
-5.0 |
|
Adjustment |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
171.7 |
432.2 |
839.5 |
183.2 |
|
|
|
|
|
|
|
Purchase of Property, Plant and equipme |
-83.2 |
-122.0 |
-177.1 |
-103.2 |
|
Expenditure on Intangible Assets |
-0.5 |
-0.6 |
-0.4 |
-1.9 |
|
Additions to Investment in a Subsidary |
-20.5 |
-313.0 |
0.0 |
-69.1 |
|
Proceeds From Disposal of Investment in |
- |
- |
0.0 |
138.2 |
|
Proceeds From Sale of Available for Sale |
- |
- |
0.0 |
5.6 |
|
Due from Ultimate Parent Company |
-35.9 |
-82.9 |
-47.4 |
-50.2 |
|
Fixed Deposits |
- |
- |
- |
0.0 |
|
Dividends Received |
252.2 |
337.1 |
352.5 |
0.0 |
|
Term Deposits With Maturity Date Ex.3M. |
-94.5 |
- |
- |
- |
|
Cash from Investing Activities |
17.6 |
-181.5 |
127.6 |
-80.7 |
|
|
|
|
|
|
|
Proceeds From issue of Share Capital |
0.1 |
-13.9 |
-3.8 |
0.0 |
|
Net Movement in Minority Interest |
-1.1 |
-3.8 |
-4.3 |
-0.1 |
|
Term Borrowings Obtained |
-13.5 |
31.6 |
150.7 |
4.8 |
|
Repayments |
- |
-29.5 |
-55.0 |
-10.1 |
|
Obligations Under Finance Leases |
-0.5 |
5.6 |
-5.0 |
0.0 |
|
Dividends Paid |
-323.0 |
-745.6 |
-434.9 |
-444.3 |
|
Cash from Financing Activities |
-337.9 |
-755.6 |
-352.2 |
-449.7 |
|
|
|
|
|
|
|
Net Change in Cash |
-148.6 |
-504.9 |
614.8 |
-347.1 |
|
|
|
|
|
|
|
Net Cash- Begining Balance |
331.3 |
853.4 |
218.8 |
558.8 |
|
Net Cash- Ending Balance |
182.7 |
348.5 |
833.6 |
211.6 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.97 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.70.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.