MIRA INFORM REPORT

 

 

Report Date :

04.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SHUAIBA INDUSTRIAL COMPANY KSC

 

 

Registered Office :

Block No. 3, Plot No. 150, Street No. 30, South Sabhan, PO Box            10088, Shuaiba 65451

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.06.1978

 

 

Com. Reg. No.:

26799

 

 

Legal Form :

Kuwaiti Shareholding Company

 

 

Line of Business :

Subject is engaged in the manufacture of paper and paper bags.

 

 

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 Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                                    : SHUAIBA INDUSTRIAL COMPANY KSC

Country of Origin                                   : Kuwait

Legal Form                                           : Kuwaiti Shareholding Company – KSC

Registration Date                                  : 19th June 1978

Commercial Registration Number           : 26799

Chamber Membership Number               : 7202

Issued Capital                                       : KD 6,134,404

Paid up Capital                                     : KD 6,134,404

Total Workforce                                     : 200

Activities                                               : Manufacturers of paper and paper bags.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

SHUAIBA INDUSTRIAL COMPANY KSC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Block No. 3, Plot No. 150

Street               : Street No. 30

Area                 : South Sabhan

PO Box            : 10088

Town                : Shuaiba 65451

Country             : Kuwait

 

Telephone         : (965) 24711350 / 24711258 / 24711020

Facsimile          : (965) 24738667 / 24737996

Email                : info@sic-kwt.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Shuaiba.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Adel Jasem Mohamed Al Sanee                                                             Chairman

 

Sulaiman Mohammad Hussain Al Nawawra                                             Vice Chairman

 

S Farid Ahmed                                                                                      President

 

Khaled Abdoulgani Mohamed Al Abdoulgani                                          Director

 

Yousef Mubarak Al Mubarak                                                                  Director

 

Mishaan Mohamed Al Mushaweh                                                            Director

 

Fared Ahmed Sadiqi                                                                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           19th June 1978

 

Legal Form      :                       Kuwaiti Shareholding Company – KSC

 

Commercial Reg. No.   :           26799

 

Chamber Member No.  :           7202

 

Issued Capital              :           KD 6,134,404

 

Paid up Capital            :           KD 6,134,404

 

Name of Shareholder (s)                                                            Percentage

 

Al Safwa Holding Group Co KSCC                                             55.23%

 

Local businessmen and private investors                                    44.77%

 

 

AFFILIATED COMPANIES

 

Name                                                                                                               Percentage Held

 

Advance Technologies (International Agencies) Co WLL                                      100%

 

Yanbu Saudi Kuwaiti Paper Product Co Ltd                                                        40%

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of paper and paper bags.

 

Import Countries:         Europe and the Far East.

 

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)

 

Consolidated Balance Sheet                                                                              31/12/13             31/12/12

 

Consolidated Statement of Income

 

 

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

 

 

BANKERS

 

Commercial Bank of Kuwait SAK

Mubarak Al Kabir Street

PO Box: 2861

Safat 13029

Tel: (965) 22411001

Fax: (965) 22450150

 

 

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.59.72

UK Pound

1

Rs.102.45

Euro

1

Rs.81.54

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPT

 

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.