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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
METAL & RECYCLING CO
KSCC (MRC) |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2013 |
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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 : |
Recycling
services and trading in scrap metals |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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. Stagnant global
oil prices throughout 2013 has slowed economic growth. Budget surpluses have
stayed around 30% of GDP, 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 :
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, Al Jahra
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
Agility
Public Warehousing Company (PWC) 56.600%
United Capital Group Company 5.291%
Tariq Ibrahim Mohammad Al Musa ]
]
Hanadi Anwar Issa Al Saleh ]
]
Khalid Mohamed Bader Al
Mutawa ]
] 38.109%
Dr Hamad Mohamed
Jassem Al Mutar ]
]
Khaleel Ibraheem Al
Awadi ]
]
Private investors ]
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 31/12/12 30/09/13
|
ASSETS |
|
|
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CURRENT ASSETS |
12,757 |
12,725 |
|
INVESTMENTS |
5,650 |
5,650 |
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FIXED ASSETS |
3,368 |
3,001 |
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OTHER ASSETS |
314 |
314 |
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TOTAL ASSETS |
22,059 |
21,689 |
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LIABILITIES |
|
|
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CURRENT LIABILITIES |
2,729 |
2,280 |
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LONG-TERM LIABILITIES |
311 |
369 |
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TOTAL LIABILITIES |
3,040 |
2,649 |
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SHAREHOLDER'S EQUITY |
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|
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PAID-UP CAPITAL |
8,256 |
8,256 |
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PROPOSED STOCK DIVIDENDS |
0 |
0 |
|
PROPOSED CASH DIVIDENDS |
0 |
0 |
|
RESERVES |
13,580 |
13,580 |
|
CUMULATIVE CHANGES IN FAIR VALUES |
0 |
0 |
|
RETAIND EARNINGS |
-3,535 |
-3,563 |
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TREASURY STOCK |
-997 |
-1,057 |
|
TOTAL SHAREHOLDER'S EQUITY |
17,304 |
17,216 |
|
MINORITY INTEREST |
1,716 |
1,824 |
|
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY |
22,059 |
21,689 |
Income
Statement 01/01/12– 01/01/13-
30/09/12 30/09/13
|
TOTAL SALES |
11,177 |
11,453 |
|
GROSS PROFIT ON SALES |
1,607 |
1,333 |
|
INCOME FROM INVESTMENTS |
61 |
30 |
|
UNREALIZED GAIN (LOSS) ON INVESTMENTS |
0 |
0 |
|
OTHER INCOME |
125 |
307 |
|
TOTAL INCOME |
11,364 |
11,790 |
|
NET PROFIT (LOSS) |
13 |
-28 |
Local sources
consider subject’s financial condition to be Fair.
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.