MIRA INFORM REPORT

 

 

Report Date :

30.01.2013

 

IDENTIFICATION DETAILS

 

Name :

BRITISH INDUSTRIES FOR PRINTING & PACKAGING CO KSC (C)

 

 

Registered Office :

Shuwaikh Industrial Area PO Box 42405 Shuwaikh 70655

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

03.11.1992

 

 

Com. Reg. No.:

57095

 

 

Legal Form :

Kuwaiti Shareholding Company Closed – KSC (C)

 

 

Line of Business :

Providers of general printing and packaging services.

 

 

No. of Employees :

120

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

SUMMARY

 

Company Name                                     : BRITISH INDUSTRIES FOR PRINTING & PACKAGING CO KSC (C)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed – KSC (C)

Registration Date                                   : 3rd November 1992

Commercial Registration Number            : 57095

Chamber Membership Number                : 32870

Issued Capital                                        : KD 4,000,000

Paid up Capital                                      : KD 4,000,000

Total Workforce                                     : 120

Activities                                               : Providers of general printing and packaging services.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ahmed Morsi, Finance Manager

 

 

 

COMPANY NAME

 

BRITISH INDUSTRIES FOR PRINTING & PACKAGING CO KSC (C)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Shuwaikh Industrial Area

 

PO Box             : 42405

 

Town                 : Shuwaikh 70655

Country             : Kuwait

 

Telephone         : (965) 24818162 / 24818163 / 1880022

Facsimile          : (965) 24818353

Email                : bisales@qualitynet.net / info@britishindustries.net

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Tariq Sulaiman Dawood Suhail                                                           Chairman

 

·       Abdulwahab Ahmed Abdulwahab                                                        Managing Director

 

·       Riad Mohamed Abu Dhager                                                                General Manager

 

·       Ahmed Morsi                                                                                    Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd November 1992

 

Legal Form                  : Kuwaiti Shareholding Company Closed – KSC (C)

 

Commercial Reg. No.  : 57095

 

Chamber Member No. : 32870

 

Issued Capital              : KD 4,000,000

 

Paid up Capital            : KD 4,000,000

 

Name of Shareholder (s)

 

·       Tamdeen Investment Co

 

·       Fath Al Khair Group Holding Co

 

·       Sons of Ali Alghanim Trading Co

 

·       Ahmed Abdulwahad Al Marzouk

 

·       Abdulwahab Marzouk Al Marzouk

 

·       Abdulwahab Ahmed Al Marzouk

 

·       Meshal Jassim Al Marzouk

 

·       Qutaiba Ahmed Al Marzouk

 

·       Tareq Suhail

 

 

OPERATIONS

 

Activities: Engaged in the provision of general printing and packaging services.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 120 employees.

 

 

FINANCIAL DATA

 

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 2,600,000                            KD 2,820,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Kuwait SAK

     Shuwaikh

     Tel: (965) 24814643

     Fax: (965) 24837952

 

 

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.53.70

UK Pound

1

Rs.84.35

Euro

1

Rs.72.21

 

 

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

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.