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Report No. : |
326521 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
METAL & RECYCLING CO KSCC (MRC) |
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Registered Office : |
Logistics Department Building, 3rd Floor, Amghara Industrial
Area, Sulaibia, Al Jahra, PO Box 4520, Safat 13046 |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
10.06.1987 |
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Legal Form : |
Kuwaiti Shareholding Company Closed - KSCC |
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Line of Business : |
Trading of scrap items, machinery and waste sorting, shredding,
dismantling, repairing and reselling. |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Kuwait |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 tenuous
political situation.
|
Source
: CIA |
Company Name :
METAL & RECYCLING CO KSCC (MRC)
Country of Origin :
Kuwait
Legal Form :
Kuwaiti Shareholding Company Closed - KSCC
Registration Date :
10th June 1987
Chamber Membership Number :
18393
Issued Capital :
KD 8,255,650
Paid up Capital :
KD 8,255,650
Total Workforce :
250
Activities :
Recycling services and trading in scrap metals
Financial Condition :
Fair
Payments :
Slow but correct
METAL & RECYCLING CO KSCC (MRC)
Registered &
Physical Address
Building : Logistics
Department Building, 3rd Floor
Area : Amghara
Industrial Area, Sulaibia, Al Jahra
PO Box : 4520
Town : Safat 13046
Country : Kuwait
Telephone : (965) 24577772
/ 24577773 / 24577774
Facsimile : (965)
24672168 / 24575597
Email : info@mrckw.com
/ mrc@mrc.com.kw
Premises
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Safat.
Name Position
Mossad Ibrahim Suleiman Al Houli Chairman
Tarek Ibrahim Mohammad Al Mousa Vice
Chairman
Khaled Ibrahim Mohammed Al Mousa Director
Rashad Rashed Sonokrt Director
Fouzi Ali Abdullah Al Muthaf Director
Sager Abdullah Abdulmehsen Al Sharhan General
Manager
Eman El Ansary Chief
Financial Officer
Joachim Kaden Business
Development Manager
Yaagoub Al Aywad Industrial
Manager
Mohamed Zaidan Legal Manager
Shaker Al Essa Waste
Management Manager
Thomas Kuruville Quality
Assurance Manager
Omar Al Yasen Human
Resources Manager
Date of Establishment : 10th
June 1987
Legal Form : Kuwaiti
Shareholding Company Closed - KSCC
Chamber Member No. : 18393
Issued Capital : KD 8,255,650
Paid up Capital : KD 8,255,650
Name of
Shareholder (s) Percentage
Agility Public Warehousing Company
(PWC) 56.600%
United Capital Group Company 5.291%
Local businessmen and private investors 38.109%
Activities: MRC is active in the trading of scrap items, machinery and waste
sorting, shredding, dismantling, repairing and reselling.
The company is also engaged in waste recycling, auction and demolition
management, industrial and handicraft areas construction as well as environment
protection and development services in and outside Kuwait.
Subject operates a shredding factory with 50 tonnes per hour
productivity and also a factory to recycle waste plastic with over 9000 tones
annual production of shredded and bubble plastic.
Subject is ISO 14001 accredited.
Import Countries: United States of America, United Kingdom and
Japan.
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Kuwaiti Dinars (KD 000’s)
Balance Sheet 31/12/14 31/12/13
|
ASSETS |
||
|
CURRENT ASSETS |
13,353 |
13,038 |
|
INVESTMENTS |
6,893 |
5,266 |
|
FIXED ASSETS |
3,052 |
3,001 |
|
OTHER ASSETS |
314 |
314 |
|
TOTAL ASSETS |
23,611 |
21,620 |
|
LIABILITIES |
||
|
CURRENT LIABILITIES |
4,394 |
3,012 |
|
LONG-TERM LIABILITIES |
377 |
385 |
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TOTAL LIABILITIES |
4,771 |
3,397 |
|
SHAREHOLDER'S EQUITY |
||
|
PAID-UP CAPITAL |
8,256 |
8,256 |
|
PROPOSED STOCK DIVIDENDS |
0 |
0 |
|
PROPOSED CASH DIVIDENDS |
0 |
0 |
|
RESERVES |
13,580 |
13,580 |
|
CUMULATIVE CHANGES IN FAIR VALUES |
0 |
0 |
|
RETAIND EARNINGS |
-3,972 |
-4,417 |
|
TREASURY STOCK |
-1,057 |
-1,057 |
|
TOTAL SHAREHOLDER'S EQUITY |
16,807 |
16,362 |
|
MINORITY INTEREST |
2,034 |
1,861 |
|
TOTAL LIABILITIES & SHAREHOLDER'S
EQUITY |
23,611 |
21,620 |
Income Statement
|
TOTAL SALES |
15,318 |
15,992 |
|
GROSS PROFIT ON SALES |
2,509 |
2,043 |
|
INCOME FROM INVESTMENTS |
225 |
-348 |
|
UNREALIZED GAIN (LOSS) ON INVESTMENTS |
0 |
0 |
|
OTHER INCOME |
71 |
-229 |
|
TOTAL INCOME |
15,614 |
15,415 |
|
NET PROFIT (LOSS) |
445 |
-882 |
Total sales figures for the period 1st January 2015 to 31st
March 2015 were KD 3,081,000
Local sources consider subject’s financial condition to be Fair.
National Bank of Kuwait
Ali Awadi Tower
Ahmed Al Jaber Street
PO Box: 95
Safat 13001
Tel: (965) 23981188 / 23981189
Fax: (965) 23985643
Slow but correct
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.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
-- |
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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.