MIRA INFORM REPORT

 

 

Report No. :

335458

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

POLYPLAST FACTORY

 

 

Registered Office :

Subhan Industrial Area North, Building 97, P O Box: 32, Salmiya 22001

 

 

Country :

Kuwait

 

 

Date of Incorporation :

12.07.2006

 

 

Com. Reg. No.:

329890

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacture of Plastic Bags.

 

 

No. of Employees :

55

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate 

 

 

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                                    : POLYPLAST FACTORY

Country of Origin                                   : Kuwait

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 12th July 2006

Commercial Registration Number           : 329890

Issued Capital                                       : KD 50,000

Paid up Capital                                     : KD 50,000

Total Workforce                                     : 55

Activities                                               : Manufacture of plastic bags

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

POLYPLAST FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Subhan Industrial Area North, Building 97

 

PO Box            : 32

 

Town                : Salmiya 22001

Country             : Kuwait

 

Telephone         : (965) 24711202 / 24757995

Facsimile          : (965) 24757995

Mobile              : (965) 97991685 / 60011246 / 99667198 / 99002416 / 50056799

Email                : mahrous.sharkawy@pplastfactory.com

 

Premises

 

Subject operates from a medium sized / large suite of offices and a factory that are rented and located in the Industrial Area of Salmiya.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mishaal Fahid Mubarak                                                                     General Manager

·       Mahrous Sharkawy                                                                            Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th July 2006

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 329890

 

Issued Capital              : KD 50,000

 

Paid up Capital            : KD 50,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Medrar El Khalij General Trading and Contracting LLC     100%

     Safat

     Kuwait

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic bags.

 

Import Countries: India

 

Subject has a workforce of 55 employees.

 

 

FINANCIAL DATA

 

Companies registered in Kuwait are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Kuwait Finance House (KFH)

Safat Square

Abdullah Al Mubarak Street

PO Box: 24989

Safat 13110

Tel: (965) 22445050

Fax: (965) 22455135

 

 

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

 

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 :

DIV

 

 

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%)

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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.