MIRA INFORM REPORT

 

 

Report No. :

335461

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT PLASTIC & MATS MANUFACTURING CO WLL

 

 

Registered Office :

Sabhan Industrial Area, Street 34, Block 2, P O Box: 5090 & 42479, Safat 13051

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

07.09.1980

 

 

Com. Reg. No.:

30159, Shuwaikh

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacture of Polyethylene Film, Film Roll for Agriculture and Construction, Bags, Floor Mats, Twain, Rope, Hoses and Tube.

 

 

No. of Employees :

180

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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

A1

A1

 

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                                    : KUWAIT PLASTIC & MATS MANUFACTURING CO WLL

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 7th September 1980

Commercial Registration Number           : 30159, Shuwaikh

Trade Licence Number                           : 10391

Chamber Membership Number               : 9882

Issued Capital                                       : KD 600,000

Paid up Capital                                     : KD 600,000

Total Workforce                                     : 180

Activities                                               : Manufacture of polyethylene film, film roll for agriculture

                                                              and construction, bags, floor mats, twain, rope, hoses and tube

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Essam Al Kuwka, Accounts Manager

 

 

COMPANY NAME

 

KUWAIT PLASTIC & MATS MANUFACTURING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Sabhan Industrial Area, Street 34, Block 2

 

PO Box            : 5090 & 42479

 

Town                : Safat 13051

Country             : Kuwait

 

Telephone         : (965) 24744778 / 24744776 / 24730286 / 24730298 / 24742140

Facsimile          : (965) 24744775

Mobile              : (965) 66618701

Email                : info@alqudaibi.com

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Shuwaikh.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdullah Sulaiman Al Qudaibi                                                           Chairman

 

·       Ahmed Sulaiman Al Qudaibi                                                              Managing Director

 

·       Abdulrazzaq Al Qudaibi                                                                     General Manager

 

·       Murtada Mahmoud Sobhi                                                                  Finance Manager

 

·       Essam Al Kuwka                                                                               Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th September 1980

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 30159, Shuwaikh

 

Trade Licence No.        : 10391

 

Chamber Member No.  : 9882

 

Issued Capital              : KD 600,000

 

Paid up Capital            : KD 600,000

 

Name of Shareholder (s)                                                          Percentage

 

·       QDB Holding Co                                                                       99%

     Safat

     Kuwait

 

·       Sulaiman Al Qudaibi Sons General Trading                                   1%

       Safat

Kuwait

 

 

AFFILIATED COMPANIES

 

·       Kuwait Sponge Industries Co WLL

Canada Dry Street

PO Box: 3525

Safat 13036

Tel: (965) 24814755

Fax: (965) 24848310

 

·       Polyglass Reinforced Plastics Factory

Ghazali Street

PO Box: 3525

Safat

Tel: (965) 24819834 / 24835451

Fax: (965) 24743790

 

·       Kuwait Mattress Company Ltd

PO Box: 42305

Shuwaikh

Tel: (965) 24819836 / 24844258

 

·       Arabic Marble Company

Safat

     Tel: (965) 24810290 / 24810299

 

·       The Technical Commercial Co for Kitchen & Laundry Equipment WLL

Shuwaikh Industrial Area

Canada Dry Street

PO Box: 3525

Safat 13036

Tel: (965) 24835450

Fax: (965) 24838360

 

·       Kolaghassi Foam and Mattress Company

PO Box: 7518

Amman

Jordan

 

·       Jordan Insulation Materials Factory

PO Box: 7518

Amman

Jordan

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of polyethylene film, film roll for agriculture and construction, bags, floor mats, twain, rope, hoses and tube.

 

Production Capacity: 30,000 tonnes per annum

 

The installed capacity of its plant and machinery are as follows:

1. Plastic Bags - Blown Film Machinery:
  -  HDPE + LDPE + PP: 17,500 M.T. per year.

2. PP Stretched Tape: 260 M.T. per year.

3. PP Twisted Rope: 220 M.T. per year.

4. PP Woven Sacks: 1300 M.T. per year.

5. Rigid PVC Pipes: 2,400 M.T. per year.

6. PP-R & HDPE Pipes: 1,500 M.T. per year.

7.Pipe Fittings- Injection Moulding Machines:
  -  UPVC: 650 M.T. per year.
  -  PP / HDPE: 1,050 M.T. per year.
  -  PP / HDPE (m/c not in use) : 3,150 M.T. per year.

8. Soft PVC Hoses: 1,840 M.T. per year.

9. PP Mats: 1 Square Kilometre per Year (700 M.T. per year).

 

Import Countries: Germany, France, Italy and the United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of approximately 180 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 3,725,000                            KD 4,000,000

 

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

 

The above financial figures were confirmed by Essam Al Kuwka, Accounts Manager.

 

 

BANKERS

 

·       Commercial Bank of Kuwait

     Mubarak Al Kabir Street

     PO Box: 2861

     Safat 13029

     Tel: (965) 22411001

     Fax: (965) 22450150

 

·       National Bank of Kuwait

Ali Awadi Tower

Ahmed Al Jaber Street

PO Box: 95

Safat 13001

Tel: (965) 23981188 / 23981189

Fax: (965) 23985643

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct address for the subject is Sabhan Industrial Area, Street 34, Block 2 and not Sabhan Industrial Area, Street 21, Block 2.

 

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.64.92

UK Pound

1

Rs.101.44

Euro

1

Rs.72.26

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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