MIRA INFORM REPORT

 

 

Report Date :

14.04.2014 

 

IDENTIFICATION DETAILS

 

Name :

Packaging & Plastic Industries Co KSCC

 

 

Registered Office :

Al Shorouq Tower 1 Jaber Mubarak Street Burj Ak Shurooq, Sharq PO Box 1148, Dasman 15462 Safat

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.02.1973

 

 

Com. Reg. No.:

10528

 

 

Legal Form :

Kuwaiti Shareholding Company Closed - KSCC

 

 

Line of Business :

Engaged in the manufacture of plastic packaging products, including Gusseted tube bags for FFS, shrink hood and shrink wraps, wicketed bags, shrink films, agricultural rolls, shopping bags, polypropylene woven sacks, pipe sleeves rolls, and construction rolls

 

 

No. of Employees

200

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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 102 billion barrels - more than 6% 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. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. 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, though much of these funds have yet to be allocated

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : PACKAGING & PLASTIC INDUSTRIES CO KSCC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                  : 11th February 1973

Commercial Registration Number           : 10528

Chamber Membership Number               : 3195

Issued Capital                                       : KD 1,600,000

Paid up Capital                                     : KD 1,600,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of plastic packaging products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Alaa Mohamed Abdullah, Finance Manager

 

 

 

 

COMPANY NAME

 

PACKAGING & PLASTIC INDUSTRIES CO KSCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Shorouq Tower 1

Street               : Jaber Mubarak Street

Area                 : Burj Ak Shurooq, Sharq

 

PO Box            : 1148, Dasman 15462

 

Town                : Safat

Country             : Kuwait

 

Telephone         : (965) 22435897 / 22435894 / 22435874 / 22435841 / 22435830

Facsimile          : (965) 22435839

Email                : ppic@ppickw.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Shuaiba Industrial Area, Block 1, Street 1, Plot 800013                       Owned factory premises

PO Box: 10044

Shuaiba 65451

Tel: (965) 23261322 / 23261201 / 23261118

Fax: (965) 23261761

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulaziz Sultan Al Essa Hussain                                                      Chairman

 

·       Fouzi Khalid Sultan Bin Al Essa                                                         Managing Director

 

·       Ghassan Fahd Sultan Bin Al Essa                                                     Director

 

·       Anwar Abdulrahman Salem Al Ataiqi                                                  Director

 

·       Mazen Abdulrahman Salem Khoreshed                                              General Manager

 

·       Alaa Mohamed Abdullah                                                                   Finance Manager

 

·       Abdullah Bin Ali                                                                                Commercial Manager

 

·       Mohamed Mamoun                                                                           Factory Manager

 

·       Natalie Maroon                                                                                 Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th February 1973

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.   : 10528

 

Chamber Member No.  : 3195

 

Issued Capital              : KD 1,600,000

 

Paid up Capital            : KD 1,600,000

 

Name of Shareholder (s)

 

·       Abdulaziz Sultan Al Essa Hussain

 

·       Fouzi Khalid Sultan Bin Al Essa

 

·       Ghassan Fahd Sultan Bin Al Essa

 

·       Anwar Abdulrahman Salem Al Ataiqi

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic packaging products, including Gusseted tube bags for FFS, shrink hood and shrink wraps, wicketed bags, shrink films, agricultural rolls, shopping bags, polypropylene woven sacks, pipe sleeves rolls, and construction rolls.

 

     Subject is ISO 9001 & ISO 14001 certified.

 

Import Countries: United Kingdom, Qatar and Saudi Arabia.

 

International Suppliers:

 

·       Equate                     Kuwait

·       QAPCO                    Qatar

·       SABIC                      Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Sales                                KD 4,750,000                            KD 4,900,000

 

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

 

The above figures were provided by Mr Alaa Mohamed Abdullah, Finance Manager

 

 

BANKERS

 

·       Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

 

·       National Bank of Kuwait SAK

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.

 

Date of transaction                   September 2002           May 2006                      May 2011

Credit amount                           100,000             103,000             350,000

Amount overdue                        0                                  0                                  0

Payment terms                          60 days                                    180 days                       90 days

Payment Method                       Letters of Credit                        Letters of Credit                        Letters of Credit

Paying record                           No Complaints              No Complaints              No Complaints

Currency                                   Pounds Sterling                        Pounds Sterling                        Euros

 

 

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.60.27

UK Pound

1

Rs.101.09

Euro

1

Rs.83.74

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.