MIRA INFORM REPORT

Report No. :	335467
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	PLASTIC INDUSTRIES CO KSCC (PIC)

Registered Office :	Street 104, Block 6, Northern Entrance, Sabhan Industrial Area, PO Box No.: 5496, Safat 13055

Country :	Kuwait

Financials (as on) :	31.12.2014

Date of Incorporation :	26.10.1981

Com. Reg. No.:	30894

Legal Form :	Kuwaiti Shareholding Company Closed - KSCC

Line of Business :	Subject is engaged in the manufacture of injection and blow moulded products, blown film products as well as bottles, cans, polyethylene water tanks and dripper pipes

No. of Employees :	360

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

SUMMARY

Company Name : PLASTIC INDUSTRIES CO KSCC (PIC)

Country of Origin : Kuwait

Legal Form : Kuwaiti Shareholding Company Closed - KSCC

Registration Date : 26^th October 1981

Commercial Registration Number : 30894

Trade Licence Number : 10596

Chamber Membership Number : 11003

Issued Capital : KD 1,400,000

Paid up Capital : KD 1,400,000

Total Workforce : 360

Activities : Manufacture of injection and blow moulded products as well as blown

film products

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ahmed Al Khaldi, Public Relations Manager

COMPANY NAME

PLASTIC INDUSTRIES CO KSCC (PIC)

ADDRESS

Registered & Physical Address

Location : Street 104, Block 6, Northern Entrance

Area : Sabhan Industrial Area

PO Box : 5496

Town : Safat 13055

Country : Kuwait

Telephone : (965) 24742623 / 24732009

Facsimile : (965) 24766636 / 24745561

Mobile : (965) 66801610 / 66002791

Email : plasind@qualitynet.net / plasind@mezzan.com

Please note that the address is Street 104, Block 6, Northern Entrance and not Street 154, B6, Ahmadi.

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Safat.

KEY PRINCIPALS

Name Position

· Ali Abdulrahman Jassim Al Wazzan Chairman

· Dawood Mohamed Al Wazzan Vice Chairman

· Mohamed Abdul Wahab Al Wazzan Director

· Jassim Mohamed Al Wazzan Director

· Faisal Haider Al Wazzan Director

· Gary Walsh Director

· Hassan Abdul Jaber General Manager

· Ayad Rahal Commercial Manager

· Ahmed Al Khaldi Public Relations Manager

· Magdi Al Barri Finance Manager

· Melvyn Sowaris Purchasing Manager

LEGAL FORM & OWNERS

Date of Establishment : 26^th October 1981

Legal Form : Kuwaiti Shareholding Company Closed - KSCC

Commercial Reg. No. : 30894

Trade Licence No. : 10596

Chamber Member No. : 11003

Issued Capital : KD 1,400,000

Paid up Capital : KD 1,400,000

Name of Shareholder (s) Percentage

· Mezzan Holding Group 50%

Safat

· Nasser Mohamed Al Sayer ]

]

· Ali Abdulrahman Jassim Al Wazzan ]

]

· Dawood Mohamed Al Wazzan ]

] 50%

· Mohamed Abdul Wahab Al Wazzan ]

]

· Jassim Mohamed Al Wazzan ]

]

· Faisal Haider Al Wazzan ]

AFFILIATED COMPANIES

· Al Wazzan United Trading Co WLL

PO Box: 3379

Hawalli 32034

Tel: (965) 24839985 / 24839986 / 24848861

Fax: (965) 24838292

· National Textiles Co

PO Box: 25186

Safat 13112

Tel: (965) 24714347

Fax: (965) 24761122

· Al Wazzan International Press Co

PO Box: 3379

Hawalli 32034

Tel: (965) 24731964

Fax: (965) 25750258

· Milano Shoes & Bags

PO Box: 3379

Hawalli 32034

OPERATIONS

Activities: Engaged in the manufacture of injection and blow moulded products, blown film products as well as

bottles, cans, polyethylene water tanks and dripper pipes.

Plant No 1. At Subhan industrial park north gate of 4,000sq. Meters with manufacturing & storing facilities mainly producing film for different application , injection molded articles & vacuum formed container and PET bottles.

Plant No 2. At Subhan industrial park south gate with an area of 2,000sq, meters with storing facilities.

Functioning exclusively for shrink and agricultural sheet and bags.

Plant No 3. At Shuaibah industrial park , consisting of 11,000 sq . Meters with production and vast storage facilities.

Production Capacity: 7,500 metric tonnes per annum

Import Countries: United Kingdom, the United States of America and India

International Suppliers:

· Autopack Machines Pvt Ltd India

· Exxon Mobile Belgium

· SABIC Saudi Arabia

· QAPCO Qatar

· Borouge Ltd United Arab Emirates

Export Countries: Jordan, Lebanon, Bahrain, Saudi Arabia, United Arab Emirates, Qatar the United Kingdom and Australia

Brand Names: PIC

Operating Trend: Steady

Subject has a workforce of approximately 360 employees.

FINANCIAL DATA

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 11,400,000 KD 11,915,000

Local sources consider subject’s financial condition to be Good.

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

· The Gulf Bank KSC

Mubarak Al Kabir Street

PO Box: 3200

Safat 13033

Tel: (965) 22449501

Fax: (965) 22445212

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct commercial registration number is 30894 and not 3089.

Established in 1981, subject is involved in the manufacture of injection and blow moulded products as well as blown film products under its brand name “PIC”.

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
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.