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Report Date : |
02.10.2013 |
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 : |
trader of scrap items, machinery and waste sorting, shredding,
dismantling, repairing and reselling Subject is 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 |
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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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Kuwait |
A2 |
A2 |
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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 102 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 and 2012 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 historically 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)
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.
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
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 ]
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 |
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CURRENT ASSETS |
14.952 |
14.438 |
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INVESTMENTS |
5.939 |
5.895 |
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FIXED ASSETS |
4.412 |
3.844 |
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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 |
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PROPOSED CASH DIVIDENDS |
0 |
0 |
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RESERVES |
13.666 |
13.666 |
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CUMULATIVE CHANGES IN FAIR VALUES |
7 |
0 |
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RETAIND EARNINGS |
-1.628 |
-1.846 |
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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 |
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TOTAL LIABILITIES & SHAREHOLDER'S
EQUITY |
25.617 |
24.491 |
Income
Statement
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TOTAL SALES |
11.842 |
17.263 |
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GROSS PROFIT ON SALES |
1.478 |
2.288 |
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INCOME FROM INVESTMENTS |
133 |
129 |
|
UNREALIZED GAIN (LOSS) ON INVESTMENTS |
-74 |
0 |
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OTHER INCOME |
827 |
304 |
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TOTAL INCOME |
12.728 |
17.695 |
|
NET PROFIT (LOSS) |
-496 |
-216 |
Local sources
consider subject’s financial condition to be Fair.
Please note that figures for the year ending
31/12/12 were not made available.
Quarterly figures
for the period 01/01/13 – 31/03/13 are as follows; Current Assets 12,716,000,
Investments 5,650,000, Fixed Assets 3,220,000, Other Assets 314,000, Total
Assets 21,899,000, Total Liabilities 2,915,000, Paid Up Capital 8,256,000,
Reserves 13,580,000, Total Shareholders’ Equity 17,249,000, Total Sales
4,143,000, Net Loss 54,000.
·
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.62.36 |
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|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.