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Report No. : |
335460 |
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Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
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Name : |
THE PLASTIC CO
LTD (PLACOL |
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Registered Office : |
Northern Entrance
Area 2, Plot No. 212, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.04.1969 |
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Com. Reg. No.: |
15138 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacture of
thermo foam plastics and blow mould plastic products, including plant pots,
drums, buckets, bottle, cups and food containers. |
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No. of Employees : |
200 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
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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. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term
economic development plan in almost twenty-five years. While the government
planned to spend up $104 billion over four years to diversify the economy away
from oil, attract more investment, and boost private sector participation in
the economy, many of the projects did not materialize because of the uncertain
political situation.
|
Source
: CIA |
Company Name : THE PLASTIC CO LTD (PLACOL
Country of Origin : Kuwait
Legal Form :
With Limited Liability - WLL
Registration Date : 17th
April 1969
Commercial
Registration Number : 15138
Trade Licence
Number : 10545
Chamber Membership
Number : 3260
Issued Capital : KD
500,000
Paid up Capital : KD
500,000
Total Workforce : 200
Activities :
Manufacturers of thermo foam plastics and blow mould plastic products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashraf Abdul
Bari, Finance Manager
THE PLASTIC CO LTD
(PLACOL KUWAIT)
Location : Northern Entrance Area 2, Plot No.
212
Street : Main Road, Street No. 154
Area : Sabhan Industrial Area
PO Box : 13181
Town : Khaifan 71952
Country : Kuwait
Telephone : (965) 24726301 / 24726303 / 24726302
Facsimile : (965) 24726305 / 24726306
Mobile : (965) 99070100 / 99541046
Email : placol@placol.net / placol@qualitynet.net
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Khaifan.
Name Position
·
Zaid
Homoud Zaid Al Khalid Chairman
·
Al
Hareth Abdulrazzaq Khalid Al Khalid Managing
Director
·
Haytham
Sulaiman Homoud Al Zaid Al Khalid Director
·
Abdullah
Ahmed Yousef Al Saqr Director
·
Basil
Sulaiman Homoud General
Manager
·
Ashraf
Abdul Bari Finance Manager
·
Azzat
Badawi Human
Resources Manager
·
Ahmed Maadi Sales
Manager
·
Dominic Mathew Factory
Manager
Date of Establishment : 17th
April 1969
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 15138
Trade Licence No. : 10545
Chamber Member No. : 3260
Issued Capital : KD 500,000
Paid up Capital : KD 500,000
·
Al
Hareth Abdulrazzaq Khalid Al Khalid
·
Haytham
Sulaiman Homoud Al Zaid Al Khalid
·
Abdullah
Ahmed Yousef Al Saqr
·
Zaid
Homoud Zaid Al Khalid
Activities: Engaged in the manufacture of thermo foam
plastics and blow mould plastic products, including plant pots, drums, buckets,
bottle, cups and food containers.
Import Countries: Europe and GCC countries
International Suppliers:
·
Exxon Mobile Saudi Arabia
·
SABIC Saudi Arabia
· QAFCO Qatar
Operating Trend: Steady
Subject has a
workforce of approximately 200 employees.
Financial highlights
provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales KD 4,190,000 KD 4,325,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ashraf Abdul Bari, Finance Manager
·
National
Bank of Kuwait SAK
Khaifan
Tel: (965) 24815088
Fax: (965) 24839016
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.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.