MIRA INFORM REPORT

 

 

Report Date :

18.02.2014

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT ALUMINIUM EXTRUSIONS KSCC

 

 

Formerly Known As :

KUWAIT ALUMINIUM EXTRUSIONS CO WLL (KALEXCO)

 

 

Registered Office :

Plot No. 8, Block No. 208, Street No. 84, Sabhan South Industrial Area, P O Box 24501, Safat 13106

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.08.1977

 

 

Com. Reg. No.:

25509

 

 

Legal Form :

Kuwaiti Shareholding Closed Company - KSCC

 

 

Line of Business :

Engaged in the manufacture and extrusion of aluminium for doors and windows.

 

 

No. of Employees :

200

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 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

 

SUMMARY

 

Company Name                         : KUWAIT ALUMINIUM EXTRUSIONS KSCC

Previously Known As                              : KUWAIT ALUMINIUM EXTRUSIONS CO WLL (KALEXCO)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Closed Company - KSCC

Registration Date                                   : 17th August 1977

Commercial Registration Number            : 25509

Chamber Membership Number    : 6389

Issued Capital                                        : KD 2,500,000

Paid up Capital                                      : KD 2,500,000

Total Workforce                         : 200

Activities                                               : Manufacture and extrusion of aluminium for doors and windows

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Emad El Fouly, Financial Manager

 

COMPANY NAME

 

KUWAIT ALUMINIUM EXTRUSIONS KSCC

 

 

PREVIOUSLY KNOWN AS

 

KUWAIT ALUMINIUM EXTRUSIONS CO WLL (KALEXCO)

 

 

company ADDRESS

 

Registered & Physical Address

Building : Plot No. 8, Block No. 208

Street               : Street No. 84

Area                 : Sabhan South Industrial Area

PO Box             : 24501

Town                 : Safat 13106

Country : Kuwait

Telephone         : (965) 24745745 / 24710854 / 24718509

Facsimile          : (965) 24710694

Email                : extrusion@kalexco.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mishal Salem Al Otaibi                                                                      Chairman

 

·       Abdul Wahab Ahmed Ghuloom Hassan                                               Vice Chairman

 

·       Mohamed Ibrahim Marafi                                                                    Director

 

·       Nazeeh N Al Khadeeri                                                                       General Manager

 

·       Emad El Fouly                                                                                  Financial Manager

 

·       Diya Eddine Mohamed                                                                       Production Manager

 

·       Bharat Fasani                                                                                   Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th August 1977

 

Legal Form                  : Kuwaiti Shareholding Closed Company – KSCC (changed from WLL in 2011)

 

Commercial Reg. No.  : 25509

 

Chamber Member No. : 6389

 

Issued Capital              : KD 2,500,000

 

Paid up Capital            : KD 2,500,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Kuwait Investment Authority                                                   59%

Safat

 

·       Ibrahim Marafi Sons General Trading & Construction Co           17%

Safat

 

·       Mahmoud Mohieddine Ahmadi                                                  6%

 

·       Faisal Abdul Mohsin Al Khatrash                                              6%

 

·       Gulf Friends Real Estate Co                                                     5%

Safat

 

·       Hamad Abdulaziz Al Wazzan                                                   1%

 

·       Local businessmen and private investors                                   6%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and extrusion of aluminium for doors and windows.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 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 308,000,000             KD 300,647,904

 

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

 

The above figures were provided by Mr Emad El Fouly, Financial Manager

 

 

BANKERS

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 2411101 / 2411102

Account No. 613-571-201

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.95

UK Pound

1

Rs.104.02

Euro

1

Rs.84.95

 

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.