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Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
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Name : |
METAL & RECYCLING CO KSCC (MRC) |
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Registered Office : |
Logistics Department Building, 3rd Floo Amghara Industrial
Area, Sulaibia PO Box 4520
Safat 13046 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.06.1987 |
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Legal Form : |
Kuwaiti Shareholding Company Closed - KSCC |
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Line of Business : |
Recycling services and trading in scrap metals |
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No. of Employees : |
250 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Kuwait |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : METAL & RECYCLING CO KSCC (MRC)
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed - KSCC
Registration Date : 10th June 1987
Chamber Membership Number : 18393
Issued Capital : KD 8,255,650
Paid up Capital : KD 8,255,650
Total Workforce : 250
Activities : Recycling services and trading in scrap metals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
METAL & RECYCLING CO KSCC (MRC)
Building : Logistics
Department Building, 3rd Floor
Area : Amghara
Industrial Area, Sulaibia
PO Box : 4520
Town : Safat 13046
Country : Kuwait
Telephone : (965) 24577772
/ 24577773 / 24577774
Facsimile : (965)
24672168 / 24575597
Email : info@mrckw.com
/ mrc@mrc.com.kw
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Safat.
Name Position
· Tariq Ibrahim Mohammad Al Musa Chairman
· Hanadi Anwar Issa Al Saleh Vice
Chairman
· Khalid Mohamed Bader Al
Mutawa Director
· Dr Hamad Mohamed Jassem Al Mutar Director
· Khaleel Ibraheem Al
Awadi Director
· Sager Abdullah Abdulmehsen Al
Sharhan General
Manager
· Eman El Ansary Chief
Financial Officer
· Joachim Kaden Business
Development Manager
· Yaagoub Al Aywad Industrial
Manager
· Mohamed Zaidan Legal
Manager
· Shaker Al Essa Waste
Management Manager
· Thomas Kuruville Quality
Assurance Manager
· Omar Al Yasen Human
Resources Manager
Date of
Establishment : 10th
June 1987
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Chamber Member No. : 18393
Issued Capital : KD 8,255,650
Paid up Capital : KD 8,255,650
·
Public Warehousing Company (PWC)
50%
· Tariq Ibrahim Mohammad Al Musa ]
]
· Hanadi Anwar Issa Al Saleh ]
]
· Khalid Mohamed Bader Al
Mutawa ]
50%
]
· Dr Hamad Mohamed Jassem Al Mutar ]
]
· Khaleel Ibraheem Al
Awadi ]
Activities: MRC is active in the trading of scrap items, machinery and waste
sorting, shredding, dismantling, repairing
and reselling.
The company is also engaged in waste recycling, auction and demolition
management, industrial and handicraft
areas construction as well as environment protection and development services
in and outside Kuwait.
Subject operates a shredding factory with 50
tonnes per hour productivity and also a factory to recycle
waste plastic with over 9000 tones annual production of shredded and
bubble plastic.
Subject is ISO 14001 accredited.
Import Countries: United States of America, United Kingdom and
Japan.
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD 000’s)
Balance Sheet 31/12/10 31/12/11
|
ASSETS |
|
|
|
CURRENT ASSETS |
14.952 |
14.438 |
|
INVESTMENTS |
5.939 |
5.895 |
|
FIXED ASSETS |
4.412 |
3.844 |
|
OTHER ASSETS |
314 |
314 |
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TOTAL ASSETS |
25.617 |
24.491 |
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LIABILITIES |
|
|
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CURRENT
LIABILITIES |
4.790 |
3.702 |
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LONG-TERM
LIABILITIES |
230 |
220 |
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TOTAL
LIABILITIES |
5.020 |
3.922 |
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SHAREHOLDER'S
EQUITY |
|
|
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PAID-UP CAPITAL |
8.256 |
8.256 |
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PROPOSED STOCK
DIVIDENDS |
0 |
0 |
|
PROPOSED CASH
DIVIDENDS |
0 |
0 |
|
RESERVES |
13.666 |
13.666 |
|
CUMULATIVE CHANGES
IN FAIR VALUES |
7 |
0 |
|
RETAIND
EARNINGS |
-1.628 |
-1.846 |
|
TREASURY STOCK |
-989 |
-997 |
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TOTAL
SHAREHOLDER'S EQUITY |
19.311 |
19.078 |
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MINORITY
INTEREST |
1.286 |
1.491 |
|
TOTAL
LIABILITIES & SHAREHOLDER'S EQUITY |
25.617 |
24.491 |
Income Statement
|
TOTAL SALES |
11.842 |
17.263 |
|
GROSS PROFIT ON
SALES |
1.478 |
2.288 |
|
INCOME FROM
INVESTMENTS |
133 |
129 |
|
UNREALIZED GAIN
(LOSS) ON INVESTMENTS |
-74 |
0 |
|
OTHER INCOME |
827 |
304 |
|
TOTAL INCOME |
12.728 |
17.695 |
|
NET PROFIT
(LOSS) |
-496 |
-216 |
Local sources consider subject’s financial condition to be Fair.
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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.