MIRA INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
KUWAIT BOXES CO KSCC |
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Formerly Known As : |
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Registered Office : |
Amghara Industrial Area, Block 4, Plots 184, 186, 188, 190, & 192,
PO Box: 26972 & 892, Al Ayoun 00008 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.01.2007 |
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Com. Reg. No.: |
111233 |
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Legal Form : |
Kuwaiti Shareholding Closed Company – KSCC |
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Line of Business : |
Manufacturers of corrugated boxes and cartons |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 - 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 |
SUMMARY
Company Name : KUWAIT BOXES CO KSCC
Also Known As :
KUWAIT BOXES CARTON MANUFACTURING
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Closed Company - KSCC
Registration Date :
27th January 2007
Commercial Registration Number :
111233
Trade Licence Number :
1206/2005
Chamber Membership Number :
106064
Issued Capital :
KD 3,000,000
Paid up Capital :
KD 3,000,000
Total Workforce :
150
Activities :
Manufacturers of corrugated boxes and cartons
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
KUWAIT BOXES CO KSCC
ALSO KNOWN AS
KUWAIT
BOXES CARTON MANUFACTURING
ADDRESS
Registered &
Physical Address
Location : Amghara
Industrial Area, Block 4, Plots 184, 186, 188, 190, & 192
PO Box : 26972 &
892
Town : Al Ayoun
00008
Country : Kuwait
Telephone : (965) 24573696
/ 22458550 / 24573695
Facsimile : (965) 24573691
/ 22459287
Email : info@kuwaitboxes.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Al Ayoun.
KEY PRINCIPALS
Name Position
Abdullah Faisal Abdullah Boodai Chairman
Faisal Yacoub Abdullah Boodai Vice
Chairman
Faisal Jamal Al Seri General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th
January 2007
Legal Form : Kuwaiti
Shareholding Closed Company - KSCC
Commercial Reg. No. : 111233
Trade Licence No. : 1206/2005
Chamber Member No. : 106064
Issued Capital : KD 3,000,000
Paid up Capital : KD 3,000,000
Name of
Shareholder (s) Percentage
The Securities House Investment Co 100%
Safat
OPERATIONS
Activities: Engaged in the
manufacture of corrugated boxes and cartons.
Production Capacity: 24,000 MT
per year.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 150 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
2,650,000 KD
2,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.92 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.78.34 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SDA |
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.