MIRA INFORM REPORT

 

 

Report Date :

07.02.2014

 

IDENTIFICATION DETAILS

 

Name :

UNITED STEEL INDUSTRIAL COMPANY KSCC (KWTSTEEL)

 

 

Registered Office :

Shark Dasman Complex, Block B3, 5th Floor, Sharq Area, P O Box 1370, Safat 13014

 

 

Country :

Kuwait

 

 

Date of Incorporation :

11.11.1998

 

 

Com. Reg. No.:

74135

 

 

Legal Form :

Kuwaiti Shareholding Closed Company

 

 

Line of Business :

manufacturers of steel

 

 

No. of Employees :

550 (Approximately)

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 - about 7% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export sales, 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 sale, 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

 

 

 

 

 

 

SUMMARY

 

Company Name                                     : UNITED STEEL INDUSTRIAL COMPANY KSCC (KWTSTEEL)

Also Known As                                      : KUWAIT STEEL

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Closed Company – KSCC

Registration Date                                   : 11th November 1998

Commercial Registration Number            : 74135

Trade Licence Number                            : 570/98

Chamber Membership Number                : 57411

Issued Capital                                        : KD 30,000,000

Paid up Capital                                      : KD 30,000,000

Total Workforce                                     : 550

Activities                                               : Manufacturers of steel

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

UNITED STEEL INDUSTRIAL COMPANY KSCC (KWTSTEEL)

 

 

ALSO KNOWN AS

 

KUWAIT STEEL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Shark Dasman Complex, Block B3, 5th Floor

Area                 : Sharq Area

PO Box             : 1370

Town                 : Safat 13014

Country             : Kuwait

Telephone         : (965) 23263032 / 22433360 / 22435204 / 22433390 / 22435209 / 22435229

Facsimile          : (965) 23263981 / 22404961 / 22435229

Email                : unisteel@qualitynet.net / z.elroubi@kwtsteel.com / faisal@kwtsteel.com /

huwaidah@kwtsteel.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       West Block 4                                                                                    Factory premises

Plot No. 71

Shuaiba Industrial Area

Tel: (965) 23263029

Fax: (965) 23263024

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Awad Al Khalidi                                                                                 Chairman

·       Mahdi Karbasian                                                                               Vice Chairman

·       Faisal Al Khalidi                                                                                Procurement Manager

·       Lassad Karoui                                                                                   Finance Manager

 

·       Korsh Behbabani                                                                               Technical Manager

·       Mohamed Nadoum                                                                            Assistant Finance Manager

·       Hassan Al Maleeji                                                                             Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th November 1998

 

Legal Form                  : Kuwaiti Shareholding Closed Company – KSCC

 

Commercial Reg. No.  : 74135

 

Trade Licence No.       : 570/98

 

Chamber Member No. : 57411

 

Issued Capital              : KD 30,000,000

 

Paid up Capital            : KD 30,000,000

 

Name of Shareholder (s)                                                      Percentage

 

·       United Holding                                  ]

Safat                                                ]

                                                                   ]

·       Faisal Al Khalidi                                ]

                                                                   ]                                   51%

·       Awad Al Khalidi                                 ]

]

·       Abdul Wahid Al Awaadi                     ]

 

·       Ahwas Commercial & Technical Services (ASCOTEC)  49%

Iran

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of steel. Subject operates a rolling mill, which is built on a 40,000 metre

     squared lot, has an annual capacity of 650,000 metric tons of reinforcing steel bars with sizes ranging

     from 8mm to 40mm in diameter. The Melt Shop occupies a space of 96,000 square meters at Shuaiba           Industrial Area and is designed to produce about 1,000,000 metric tons of billets.

           

Subject has a workforce of approximately 550 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       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.

 

 

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.62.50

UK Pound

1

Rs.101.92

Euro

1

Rs.84.50

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.