MIRA INFORM REPORT

 

 

 

 

Report Date :

02.12.2013

 

IDENTIFICATION DETAILS

 

Name :

METAL & RECYCLING CO KSCC (MRC)

 

 

Registered Office :

Logistics Department Building, 3rd Floor, Amghara Industrial Area, Sulaibia – 4520, Safat 13046

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.06.1987

 

 

Legal Form :

Kuwaiti Shareholding Company Closed - KSCC

 

 

Line of Business :

Recycling services and trading in scrap metals                  

 

 

No. of Employees :

250

 

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 – September 30, 2011

 

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                                     : 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

 

 

 

COMPANY NAME

 

METAL & RECYCLING CO KSCC (MRC)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Logistics Department Building, 3rd Floor

Area                 : Amghara Industrial Area, Sulaibia

 

PO Box             : 4520

 

Town                 : Safat 13046

Country             : Kuwait

           

Telephone         : (965) 24577772 / 24577773 / 24577774

Facsimile          : (965) 24672168 / 24575597

Email                : info@mrckw.com / mrc@mrc.com.kw

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Safat.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Tariq Ibrahim Mohammad Al Musa                                                      Chairman

 

·       Hanadi Anwar Issa Al Saleh                                                               Vice Chairman

 

·       Khalid Mohamed Bader Al Mutawa                                                     Director

 

·       Dr Hamad Mohamed Jassem Al Mutar                                                Director

 

·       Khaleel Ibraheem Al Awadi                                                                 Director

                                                                                                                                                                                                                

·       Sager Abdullah Abdulmehsen Al Sharhan                                            General Manager

                                                                                                                                                                              

·       Eman El Ansary                                                                                Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th June 1987

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Chamber Member No. : 18393

 

Issued Capital              : KD 8,255,650

 

Paid up Capital            : KD 8,255,650

 

Name of Shareholder (s)                                     Percentage

 

·       Public Warehousing Company (PWC)                  50%

 

·       Tariq Ibrahim Mohammad Al Musa                  ]

                                                                   ]

·       Hanadi Anwar Issa Al Saleh                           ]

                                                                        ]

·       Khalid Mohamed Bader Al Mutawa                      50%

]

·       Dr Hamad Mohamed Jassem Al Mutar            ]

                                                                        ]

·       Khaleel Ibraheem Al Awadi                             ]

 

 

OPERATIONS

 

Activities: MRC is active in the trading of scrap items, machinery and waste sorting, shredding, dismantling, repairing and reselling.

 

The company is also engaged in waste recycling, auction and demolition management, industrial and

handicraft areas construction as well as environment protection and development services in and outside                                              Kuwait.

Subject operates a shredding factory with 50 tonnes per hour productivity and also a factory to recycle

waste plastic with over 9000 tones annual production of shredded and bubble plastic.

 

 Subject is ISO 14001 accredited.

 

Import Countries: United States of America, United Kingdom and Japan.

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD 000’s)

 

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

TOTAL ASSETS

25.617

24.491

 

 

 

LIABILITIES

 

 

CURRENT LIABILITIES

4.790

3.702

LONG-TERM LIABILITIES

230

220

TOTAL LIABILITIES

5.020

3.922

 

 

 

SHAREHOLDER'S EQUITY

 

 

PAID-UP CAPITAL

8.256

8.256

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

TOTAL SHAREHOLDER'S EQUITY

19.311

19.078

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.

 

 

BANKERS

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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