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Report No. : |
335472 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
BOUBYAN PLASTIC INDUSTRIES KSCC |
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Registered Office : |
Al Khalijiya Complex, Building No. 22, 5th
Floor, Al Sharq, PO Box 23830, Town
Safat 13024 |
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Country : |
Kuwait |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
12.02.1995 |
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Legal Form : |
Kuwaiti Shareholding Company Closed – KSCC |
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Line of Business : |
Subject is engaged in the manufacture of plastic products, including bags, packaging materials, shrink wrap and plastic seals. |
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No. of Employees : |
43 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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.
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Source
: CIA |
Company Name : BOUBYAN PLASTIC INDUSTRIES KSCC
Country of Origin : Kuwait
Legal Form : Kuwaiti Shareholding Company Closed – KSCC
Registration Date : 12th February 1995
Commercial Registration Number : 71475, Safat
Trade Licence Number : 2062/2009
Chamber Membership Number : 56621
Issued Capital : KD 3,200,000
Paid up Capital : KD 3,200,000
Total Workforce : 43
Activities : Manufacturers of plastic products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : George Parakash, Finance Manager
BOUBYAN PLASTIC INDUSTRIES KSCC
Location : Al
Khalijiya Complex, Building No. 22, 5th Floor
Area :
Al Sharq
PO Box :
23830
Town :
Safat 13024
Country :
Kuwait
Telephone :
(965) 22446685 / 22446684 / 22446686 /
23260620
Facsimile :
(965) 22414100
Email : factory@boubyan.com
/ mona@boubyan.com
/ prakashgeorgejoseph@boubyan-plastics.com
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Safat.
Branch Office (s)
Location Description
· Shuaiba
Industrial Area, Mina Abdulla Owned
factory premises
PO
Box: 10012
Shuaiba
65451
Tel: (965) 23261222
Fax:
(965) 23261555
Name Position
· Mohamed
Abdulaziz Ali Al Bahar Chairman
· Fahd
Abdulrahman Hamad Al Sanee Managing
Director
· Mona
Moharam Factory
Manager
· Khalid
Al Muzini Production
Manager
· George
Parakash Finance
Manager
Date
of Establishment : 12th
February 1995
History :
Subject was originally established in 1995 as a With Limited Liability – WLL,
however in July
2009
subject was re-registered as a Kuwaiti Shareholding Company Closed – KSCC.
Legal
Form : Kuwaiti
Shareholding Company Closed – KSCC
Commercial
Reg. No. :
71475, Safat
Trade
Licence No. :
2062/2009
Chamber
Member No. : 56621
Issued Capital : KD
3,200,000
Paid up Capital : KD
3,200,000
· Boubyan
Petrochemical Co WLL 100%
Building No. 22, 5th
Floor
Al Sharq
PO Box: 23830
Safat 13024
Tel: (965) 22446685 / 22446684
Fax: (965) 22414100
Email: ghada@boubyan.com
· Olayan
Packaging Co
Saudi
Arabia
· Mona
Noor for Pipes LLC
Oman
Activities: Engaged in the manufacture of plastic
products, including bags, packaging materials, shrink wrap and
plastic seals.
Subject is ISO 9001 accredited.
Import Countries: Europe, Far East and the United
States of America
International
Suppliers:
·
Bourage Ltd United Arab Emirates
·
SABIC Saudi Arabia
·
Exxon Mobile Belgium
Operating Trend: Steady
Subject has a workforce of 43 employees.
Financial highlights provided by local sources are given
below:
Currency: Kuwaiti Dinars (KD)
Year
Ending 31/03/13: Year Ending
31/03/14:
Total Sales KD
3,055,000 KD
3,500,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Mr George Parakash,
Finance Manager
·
National Bank of Kuwait SAK
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
No complaints regarding subject’s payments have been
reported.
Credit amount 345,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1995, subject is involved in the manufacture
of plastic products, including bags, packaging materials, shrink wrap and
plastic seals.
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.63.76 |
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UK Pound |
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TRU |
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.