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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL PAPER PRODUCTS MANUFACTURING CO WLL (IPACK) |
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Registered Office : |
Block No. 1,
Building No. 58 Street No. 12 Sabhan Industrial Area PO Box 345 Hawalli 3200 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.01.1981 |
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Com. Reg. No.: |
30588 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacturers and printers of carton, paper and other
packaging materials |
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No. of Employees |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kuwait |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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
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Source
: CIA |
Company Name : INTERNATIONAL PAPER PRODUCTS MANUFACTURING CO WLL
(IPACK)
Country of Origin : Kuwait
Legal Form : With Limited Liability - WLL
Registration Date : 20th January 1981
Commercial Registration Number : 30588
Trade Licence Number : 10492
Chamber Membership Number : 1362
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
Total Workforce : 150
Activities : Manufacturers and printers of carton, paper and other packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Magdi Al Katawi, Finance Manager
INTERNATIONAL PAPER PRODUCTS
MANUFACTURING CO WLL (IPACK)
Location : Block No. 1,
Building No. 58
Street : Street No.
12
Area : Sabhan
Industrial Area
PO Box : 345
Town : Hawalli 32004
Country : Kuwait
Telephone : (965) 24747441
/ 24732069 / 24749067 / 22216666
Facsimile : (965) 24747742
/ 24745818 / 22216667
Mobile : (965)
98016666 / 66440114
Email : ippm@qualitynet.net
/ info@ippm.com.kw / info@ipack.com.kw
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Hawalli.
Name Position
· Abdulaziz Mohamed
Abdullah Jamal Managing
Director
· Yousef Abdullah Mohamed
Shaheen Al Ghanim Director
· Waleed Ahmed
Ibrahim Al Mannai Director
· Abdulrahman Abdullah Al Dakhei Al Rasheed Al
Dakheil Director
· Dakheil Abdullah Al Dakhei Al Rasheed Al
Dakheil Director
· Fadi Abu Shaheen General
Manager
· Magdi Al Katawi Finance
Manager
· Ali Qassim Sales
Manager
· Adel Khaja Production
Manager
Date of
Establishment : 20th
January 1981
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 30588
Trade Licence No. : 10492
Chamber Member No. : 1362
Issued Capital : KD 1,500,000
Paid up Capital : KD 1,500,000
· Gulf Projects
Holding 45%
Safat
· Abdulaziz Mohamed
Abdullah Jamal ]
]
· Yousef Abdullah Mohamed
Shaheen Al Ghanim ]
]
· Waleed Ahmed
Ibrahim Al Mannai ] 55%
]
· Abdulrahman Abdullah Al Dakhei Al Rasheed Al
Dakheil ]
]
· Dakheil Abdullah Al Dakhei Al Rasheed Al
Dakheil ]
· Carton Industries Co
Safat
· United Paper Products Co
Safat
· Paper Sack Company
Safat
Activities: Engaged in the manufacture and printing of carton, paper and other
packaging materials.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 150 employees.
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
4,920,000 KD
5,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Magdi Al Katawi, Finance Manager
·
Commercial Bank of Kuwait SAK
Hawalli
Tel: (965)
22645964
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
|
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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 |
-- |
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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.