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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF PAPER MANUFACTURING CO KSCC |
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Registered Office : |
West Shuaiba Industrial Area, Plot No. 3, Block 43 PO Box 7506
Fahaheel 64006 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.12.1978 |
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Com. Reg. No.: |
26025, Safat |
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Legal Form : |
Kuwaiti Shareholding Closed Company - KSCC |
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Line of Business : |
Manufacturers of paper and paper products. |
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No. of Employees : |
350 |
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 |
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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 : GULF PAPER MANUFACTURING CO KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Closed Company - KSCC
Registration Date : 28th December 1978
Commercial Registration Number : 26025, Safat
Trade Licence Number : 128/79
Chamber Membership Number : 6644
Issued Capital : KD 3,500,000
Paid up Capital : KD 3,500,000
Total Workforce : 350
Activities : Manufacturers of paper and paper products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mostafa Mohamed Ghaddar, Purchasing Manager
GULF PAPER MANUFACTURING CO KSCC
Location : West Shuaiba
Industrial Area, Plot No. 3, Block 43
PO Box : 7506
Town : Fahaheel
64006
Country : Kuwait
Telephone : (965) 23262072
/ 23263704 / 23262753 / 23262067 / 23262069 / 23263731
Facsimile : (965) 23263778
/ 23260393 / 23263926
Email : sales@gulfpaper.com.kw
/ gulfpaper@qualitynet.net
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Fahaheel.
Name Position
· Mohamed Saqer Al
Moasherji Managing
Director
· Saqer Ahmed Saqer
Al Moasherji Director
· Tareq Mohamed
Saqer Al Moasherji Director
· Khalid Mohamed
Saqer Al Moasherji Director
· Hussain Mohamed
Ghaddar Commercial
Manager
· Wajih Ibrahim
Masoud Finance
Manager
· Ghalib Awadh Saeed
Al Hamrami Production
Manager
· Mostafa Mohamed
Ghaddar Purchasing
Manager
Date of
Establishment : 28th
December 1978
Legal Form : Kuwaiti
Shareholding Closed Company - KSCC
Commercial Reg.
No. : 26025, Safat
Trade Licence No. : 128/79
Chamber Member No. : 6644
Issued Capital : KD 3,500,000
Paid up Capital : KD 3,500,000
· Mohamed Saqer Al
Moasherji
· Saqer Ahmed Saqer
Al Moasherji
· Tareq Mohamed
Saqer Al Moasherji
· Khalid Mohamed
Saqer Al Moasherji
· Al
Moasherji Catering Co WLL
PO Box:
20432
Safat
13110
Tel: (965) 1822000
Fax: (965) 24817155
Activities: Engaged in the manufacture of paper and paper products, such as
napkins, toilet rolls, facial tissue paper
and paper cartons.
Subject is ISO 9001-2000 certified.
Production Capacity: 61,500 tonnes per annum
Import Countries: Europe and the United States of America
Export Countries: GCC countries, Iran, Egypt, Morocco, Tunisia,
Canada and Europe.
Operating Trend: Steady
Subject has a workforce of approximately 350 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales KD
7,500,000 KD
7,875,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax: (965) 22461430
·
National Bank of Kuwait SAK
Fahaheel
Tel: (965) 23911447
Fax: (965) 23924447
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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
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 |
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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.