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Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AL KOUT INDUSTRIAL PROJECTS CO KSCC |
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Registered Office : |
Al Abrar Tower, 2nd Floor, Fahad Al Salem Street, PO Box
10277, Shuaiba 65453 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
57560, Safat |
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Legal Form : |
Kuwaiti Shareholding
Closed Company - KSCC |
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Line of Business : |
Manufacturers of
salt and chlorine products. |
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No. of Employees : |
200 |
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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|
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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.
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Source : CIA |
Company Name :
AL KOUT INDUSTRIAL PROJECTS CO KSCC
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Closed Company - KSCC
Registration Date :
28th December 1993
Commercial Registration Number :
57560, Safat
Trade Licence Number :
94/414
Chamber Membership Number :
64370
Issued Capital :
KD 88,200,000
Paid up Capital :
KD 88,200,000
Total Workforce :
200
Activities :
Manufacturers of salt and chlorine products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL KOUT INDUSTRIAL PROJECTS CO KSCC
Building : Al Abrar
Tower, 2nd Floor
Street : Fahad Al
Salem Street
PO Box : 10277
Town : Shuaiba
65453
Country : Kuwait
Telephone : (965) 23263795
/ 23263796 / 23263797 / 23263798
Facsimile : (965) 23260707
Email : mktg@alkoutprojects.com.kw / aipc@ahliaprojects.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Shuaiba.
Branch Office (s)
Location Description
· Shuaiba
Industrial Area Production
plant
PO Box: 10277
Shuaiba
65453
Tel: (965)
3263795/8 / 3261500 / 3263675
Fax:
(965) 3260857 / 3261404 / 3263920
Name Position
· Fahad Yagoub Al
Joaan Chairman
· Bader Musaed
Abdulla Al Sayer Vice
Chairman
· Hamad Abdulaziz Al
Saqer Director
· Bader Musaed Bader
Al Sayer Director
· Othman Al Zahem Director
· Fahad Abdullrahman
Al Sanea Director
· Salah Nasser Al
Saqabi Director
· Basil Toutoungi General
Manager
Date of
Establishment : 28th December 1993
Legal Form : Kuwaiti Shareholding Closed Company - KSCC
Commercial Reg.
No. : 57560,
Safat
Trade Licence No. : 94/414
Chamber Member No. : 64370
Issued Capital : KD 88,200,000
Paid up Capital : KD 88,200,000
· Boubyan
Petrochemicals Co 24.00%
· Yaqoub Y Al Jouan 23.02%
· Abdullah H Al Saqr
& Brothers Co 11.75%
· Jiblah Holding Co 11.70%
· Afkar Holding Co 10.00%
· Mustafa S Al Eisa 6.25%
· Local businessmen
and private investors 13.28%
· Al Kout Logistics
Transport Co (ALTC)
· Al Kout
Petrochemical Products Company
· Safewater
Chemicals Co
Activities: Engaged in the
manufacture of salt and chlorine products, such as caustic
soda, hydrochloric acid, and sodium hypo chlorite.
Import Countries: Japan,
China and Europe.
Operating Trend: Steady
Subject has a workforce of approximately 200 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Balance Sheet
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|
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31/12/11 |
|
31/12/10 |
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Assets |
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|
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Non-current assets |
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|
|
|
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Property, plant and equipment |
|
12,992,477 |
|
9,558,775 |
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Investment in an associate |
|
7,506,230 |
|
8,800,000 |
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Goodwill |
|
833,350 |
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- |
|
|
|
21,332,057 |
|
18,358,775 |
|
|
|
|
|
|
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Current assets |
|
|
|
|
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Inventories |
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2,040,655 |
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1,970,930 |
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Trade receivables |
|
3,078,473 |
|
2,801,357 |
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Other receivables |
|
694,873 |
|
365,796 |
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Investments at fair value through statement of income |
|
260,158 |
|
360,158 |
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Cash and cash equivalents |
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4,427,777 |
|
2,368,735 |
|
|
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10,501,936 |
|
7,866,976 |
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Total assets |
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31,833,993 |
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26,225,751 |
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|
|
|
|
|
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Equity and liabilities |
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|
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Equity |
|
|
|
|
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Share capital |
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8,820,000 |
|
8,820,000 |
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Statutory reserve |
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3,069,946 |
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2,680,069 |
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Voluntary reserve |
|
3,031,939 |
|
2,642,062 |
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Group’s share of associate’s reserves |
|
(10,984) |
|
5,457 |
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Foreign currency translation reserve |
|
43,351 |
|
- |
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Retained earnings |
|
7,692,464 |
|
6,568,871 |
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Total equity |
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22,646,716 |
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20,716,459 |
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|
|
|
|
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Non-current liabilities |
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|
|
|
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Non-current portion of term loans |
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5,546,225 |
|
2,250,000 |
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Provision for staff indemnity |
|
768,926 |
|
657,588 |
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|
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6,315,151 |
|
2,907,588 |
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|
|
|
|
|
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Current liabilities |
|
|
|
|
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Trade and other payables |
|
2,122,126 |
|
1,551,704 |
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Current portion of term loans |
|
750,000 |
|
1,050,000 |
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|
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2,872,126 |
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2,601,704 |
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Total liabilities |
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9,187,277 |
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5,509,292 |
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Total equity and
liabilities |
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31,833,993 |
|
26,225,751 |
Statement of
Income
Revenue
|
|
12,860,308
|
|
11,038,126
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Cost of sales
|
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(6,105,891)
|
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(5,755,278)
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Gross profit
|
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6,754,417
|
|
5,282,848
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Unrealised loss on investments at fair value through statement
of income |
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|
|
|
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Share of results of an associate |
|
(1,277,329) |
|
(1,090,928) |
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Dividend income |
|
22,305 |
|
21,705 |
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Other income |
|
209,873 |
|
371,110 |
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General and administrative expenses |
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(1,083,990) |
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(944,093) |
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Selling and distribution expenses |
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(377,455) |
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(391,000) |
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Finance costs |
|
(249,056) |
|
(229,750) |
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Profit before
contribution to Kuwait Foundation for the Advancement of Sciences (KFAS),
National Labour Support Tax (NLST), Zakat and Board of Directors’
remuneration |
|
3,898,765 |
|
2,919,892 |
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Contribution to KFAS |
|
(35,089) |
|
(26,279) |
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NLST |
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(100,235) |
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(75,452) |
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Zakat |
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(40,094) |
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(30,077) |
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Board of Directors’ remuneration |
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(56,000) |
|
(42,000) |
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Profit for the year |
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3,667,347 |
|
2,746,084 |
Local sources consider subject’s financial condition to be Good.
·
Kuwait Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
·
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Commercial Bank of Kuwait
Mubarak
Al Kabir Street
PO Box:
2861
Safat
13029
Tel:
(965) 22411001
Fax:
(965) 22450150
·
HSBC Bank Middle East Ltd
PO Box: 1683
Safat 13017
Tel: (965)
22230794
Acc No.
US$001-002740-160
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.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
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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.