|
Report Date : |
27.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
KUWAIT OIL COMPANY
KSC (KOC) |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Year of Establishments : |
1934 |
|
|
|
|
Legal Form : |
Kuwaiti Shareholding Company |
|
|
|
|
Line of Business : |
· engaged in the exploration, drilling, production and transportation of hydrocarbon oil and gas. It is also engaged in the storage of crude oil. · Subject also engaged in exploration, drilling and production of oil and gas located in the Saudi Kuwait divided zone of Wafra under a joint operations agreement with Saudi Arabian Texaco Inc. ·
Subject
also provides marine services to KNPC’s Mina Al-Ahmadi and Mina Abdulla
refineries and The oil pier at Mina Al-Shuaiba |
|
|
|
|
No of Employees : |
7,000 (Approximately) |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Company Name : KUWAIT OIL COMPANY KSC (KOC)
Country of Origin :
Legal Form : Kuwaiti Shareholding Company – KSC
Start Date : 1934
Registration Date : 11th April 1960
Chamber Membership Number : 1302
Issued Capital : KD 30,188,000
Paid up Capital : KD 30,188,000
Total Workforce : 7,000
Activities : Exploration, drilling, production and transportation of hydrocarbon oil
and gas.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KUWAIT OIL COMPANY
KSC (KOC)
Registered &
Physical Address
Location :
PO Box : 9758, Ahmadi 61008
Town : Salmiya 22067
Country :
Telephone : (965) 23989111 / 23865203
Facsimile : (965) 23983661
Email : kocinfo@kockw.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Salmiya.
Name Position
·
Nabil
Buresli Chairman
·
Anwar
Bin Salamh Vice
Chairman
·
Hashem
Sayed Hashem Director
·
Ali Bin
Sabt Director
·
Mutlaq
Al Azmi Director
·
Wafa Al
Zaabi Director
·
Abdullah
Baronn Director
·
Saud Al
Shammari Director
·
Hassan
Abdulla Ahmed Al Kandari Human
Resources Manager
·
Sami
Juhaim Awadh Al Juhaim Public
Relations Manager
·
Suweileh
Mohammed Musleh Al Mutairi Finance
Manager
Date of Establishment : Subject was
originally established in 1934, however it was registered on 11th
April 1960.
Legal Form :
Kuwaiti Shareholding
Company – KSC
Chamber Member No. : 1302
Issued Capital : KD 30,188,000
Paid up Capital : KD 30,188,000
Name of Shareholder
(s) Percentage
·
Kuwait
Petroleum Corporation (KPC) * 100%
Salhiya Complex, 1st
– 15th Floors
Fahed Al Salem Street
PO Box: 26565
Safat 13126
Tel: (965) 2455455 / 2463318
Fax: (965) 2467159 / 2423371 /
2451403
* Kuwait Petroleum Corporation (KPC) is wholly owned by the
Government of Kuwait and is responsible to the Ministry of Oil.
Subject is a wholly owned subsidiary of Kuwait Petroleum Corporation
(KPC), which has overall responsibility for Kuwait’s local and foreign oil
industry investments. The following concerns are wholly or partly owned by KPC:
Name Percentage
Held
·
Kuwait
National Petroleum Company KSC (KNPC) 100%
Fahad Al Salem Street
PO Box: 70
Safat 13001
Tel:
(965) 22420121 / 22449400 / 22449401
Fax: (965) 22433839
·
Petrochemical
Industries Company KSC (PIC) 100%
Shakir Al Kazimi Building
Khalid Ibn Waleed Street
PO Box: 1084 / 9116, Ahmadi
Safat 13011
Tel: (965) 22448280 / 22422141
Fax: (965) 22405791 / 22445913 / 23261544
·
Kuwait
Oil Tanker Co (KOTC) 100%
PO Box: 810
Safat 13009
Tel: (965) 22455455
Fax: (965) 22445907
·
Kuwait
Foreign Petroleum Exploration Co (KUFPEC) 100%
PO Box: 5291
Safat 13053
Tel: (965) 22421677
Fax: (965) 22437985
·
Kuwait
Santa Fe Braun for Engineering & Petroleum Enterprises KSC
100%
PO Box: 9282
Ahmadi 61003
Tel: (965) 23985011
Fax: (965) 23981030
·
Kuwait
Aviation Fuelling Co KSC (KAFCO) 100%
PO Box: 1654
Safat 13017
Tel: (965) 24330507 / 24330483
Fax: (965) 24330475
·
SFIC
Holdings (Cayman) Inc 100%
Cayman Islands
·
KPC
Holdings (Aruba) AEC 100%
·
Petrochemical
Industries Holdings NV 100%
·
KP
North Sea Holdings Ltd 100%
·
Gulf
Industrial Investment Co EC 100%
·
Kuwait
Drilling Co KSC 49%
·
Equate
Marketing Co 49%
Bahrain
·
Gulf
Petrochemical Industries Co (GPIC) 33%
Bahrain
·
Sino Arab
Chemical Fertilizer Co (SACF) 30%
China
·
Boubyan
Petrochemical Co 10%
·
Arabian
Oil Company 10%
Activities: Kuwait Oil Company KSC (KOC) is engaged in the exploration, drilling, production and transportation of hydrocarbon oil and gas. It is also engaged in the storage of crude oil.
Crude oil is extracted from reserves in Kuwait and on the instructions of KPC is exported as blended crude
or passed to Kuwait National Petroleum Company KSC (KNPC) for further processing or to the Ministry of
Electricity & Water for power generation. Gas produced as part of the exploration process is treated
similarly.
KOC also engaged in exploration, drilling and production of oil and gas located in the Saudi Kuwait divided
zone of Wafra under a joint operations agreement with Saudi Arabian Texaco Inc.
The Company owns no oil and gas reserves nor any oil and gas inventory
other than those required for
operations.
The Company also provides marine services
to KNPC’s Mina Al-Ahmadi and Mina Abdulla refineries and
The oil pier at Mina Al-Shuaiba. KNPC is
charged for direct and certain indirect costs relating to these
activities. The Company charges Group
companies for medical and other services provided to their
employees.
Export Countries : Subject exports worldwide, but
particularly to China and South East Asia.
Operating Trend: Steady
Subject has a workforce
of approximately 7,000 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD 000’s)
Balance Sheet 31/03/12 31/03/11
Assets
Property, plant
and equipment:
Crude oil and general
purpose 3,187,003
2,314,679
Gas collection
and transmission 10,595
12,478
Drilling and
exploration 18,880
34,593
Export operations
217
253
Mobile plant 757
1,238
Capital work in progress 1,653,214 1,851,802
Total property, plant and equipment 4,870,666 4,215,043
Intangible assets 14,937 17,738
Construction inventories 134,295 175,531
Receivable from Parent Company 15,094 15,094
Total non-current assets 5,034,992 4,423,406
Consumable
inventories 84,442
81,103
Advances and
other receivables 328,162
290,584
Amounts due from
group companies 50,707
59,487
Cash and cash
equivalents 2,091
6,544
Total current assets 465,402 437,718
Total assets 5,500,394 4,861,124
Equity and liabilities
Equity
Share capital –
authorized, issued and fully paid shares
of KD 1 each 30,188
30,188
Shareholder’s
current account 2,114,791
2,114,791
Statutory reserve
15,094
15,094
Total equity 2,160,073 2,160,073
Liabilities
Due to Parent
Company, net 1,474,018
1,343,940
Post-employment
benefits 152,758
114,439
Non-current liabilities 1,626,776 1,458,379
Accounts payable
and other liabilities 538,066
451,574
Amounts due to
group companies 2,165
1,392
Dividend payable 1,173,314
789,706
Current liabilities 1,713,545 1,242,672
Total liabilities 3,340,321 2,701,051
Total equity and liabilities 5,500,394 4,861,124
Statement of Income
Revenue:
Revenue (net of
royalty, levy and marketing fees) 5,350,316
3,698,527
Operating cost
(cost of production):
Contract services
(380,575)
(286,650)
Employee cost (403,187)
(282,623)
Material cost (45,308) (38,111)
Depreciation and
amortization (343,240)
(295,023)
Total operating
cost (1,172,310)
(902,407)
Other operating
income 13,193
15,028
Recoverable costs
101,974
65,997
Cost of
production (1,057,143)
(821,382)
Deferred cost
recognized (27,360)
(22,278)
Deferred cost 30,488
27,360
Total cost of
sales (1,054,015) (816,300)
Gross profit 4,296,301
2,882,227
General and
administrative expenses (105,969)
(61,921)
Net operating
profit 4,190,332
2,820,306
Interest income 117
113
Directors’
remuneration (42)
(42)
Net profit before
contribution to shareholder 4,190,407
2,820,377
Contribution to
the shareholder (3,017,093)
(2,030,671)
Net profit 1,173,314 789,706
Total comprehensive income for the year (transferable
to Parent Company) 1,173,314 789,706
Please note that
figures for the years ending 31st March 2013 and 31st
March 2014 were not made available.
Local sources
consider subject’s financial condition to be Good.
·
Bank of
Kuwait & the Middle East KSC
Abdullah Al Salem Street
Darwaza Abdul Razzak
PO Box: 71
Safat 13001
Tel: (965) 22459771
Fax : (965) 22461430
·
National
Bank of Kuwait SAK
Ahmadi
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
·
Commercial
Bank of Kuwait
East Ahmadi
Tel: (965) 23980422
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.61.87 |
|
|
1 |
Rs.97.23 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.