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Report No. : |
349009 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PETROCHEMICAL
INDUSTRIES COMPANY KSC (PIC) |
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|
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Registered Office : |
Petrochemical Industries Company Building Khalid Ibn Waleed Street1084 Safat 13011 |
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Country : |
Kuwait |
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Financial as on : |
31.03.2014 (Consolidated) |
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Date of Incorporation : |
27.07.1963 |
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Com. Reg. No.: |
9049, Safat |
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Legal Form : |
Kuwaiti
Shareholding Company - KSC |
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Line of Business : |
Producers of petrochemicals. |
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No. of Employee : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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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
|
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 |
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Restricted |
C2 |
|
Off-credit |
D |
Company Name :
PETROCHEMICAL INDUSTRIES COMPANY KSC (PIC)
Country of Origin : Kuwait
Legal Form :
Kuwaiti Shareholding Company - KSC
Registration Date : 23rd
July 1963
Commercial
Registration Number : 9049,
Safat
Membership Number : 544
Issued Capital : KD
600,000,000
Paid up Capital : KD
600,000,000
Total Workforce :
600
Activities :
Producers of petrochemicals.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
PETROCHEMICAL
INDUSTRIES COMPANY KSC (PIC)
Building : Petrochemical
Industries Company Building
Street : Khalid Ibn Waleed Street
PO Box : 1084
Town : Safat 13011
Country : Kuwait
Telephone : (965) 23211000 / 22448280 / 22422141
Facsimile : (965) 23211171 / 22405791 / 22445913
Email : media@pic.com.kw
Subject operates
from a large suite of offices that are owned and located in the Central Business
Area of Safat.
Branch Office
(s)
Location Description
·
PO Box:
9116 Owned
fertiliser plant
Ahmadi 61002
Tel: (965) 23260622 / 23261544
Fax: (965) 23261860 / 23260343 / 23262450
·
PO Box:
9453 Owned
Poly-Propylene
Plant
Ahmadi 61005
Tel: (965) 23262032
Fax: (965) 23261779
·
Subject
operates a further 9 branches located throughout Kuwait.
Name Position
· Mohammed Al Farhood Chairman
· Mazen Al Sardi Vice Chairman
·
Ahmad Al Jimaz Director
· Asaad Al Saad Director
· Nawal Al Fzaiea Director
· Nasser Al Shammaa Director
· Ahmad Habeeb Director
· Asaad Ahmad Al Saad Chief
Executive Officer
· Abdul Rasool Jafar Deputy
Chief Executive Officer Olefins
· Abdullah Ahmad
Alswailem Deputy
Chief Executive Officer Fertilizer
· Hadi Hasan Abul
Redhaei Deputy
Chief Executive Officer Aromatics
· Saad Abu Khousah Deputy
Chief Executive Officer Finance
Date of Establishment : 23rd
July 1963
Legal Form :
Kuwaiti Shareholding
Company - KSC
Commercial Reg. No. : 9049, Safat
Membership
No. : 544
Issued Capital : KD 600,000,000
Paid up Capital : KD 600,000,000
·
Kuwait Petroleum
Corporation (KPC) * 100%
Salhiya Complex, 1st
– 15th Floors
Fahed Al Salem Street
PO Box: 26565
Safat 13126
Tel: (965) 22455455 / 22463318
Fax: (965) 22467159 / 22423371
/ 22451403
* Kuwait Petroleum Corporation (KPC) is wholly owned by the
Government of Kuwait and is responsible to the Ministry of Oil.
Subject is a wholly owned subsidiary of Kuwait Petroleum Corporation
(KPC), which has overall responsibility for Kuwait’s local and foreign oil industry
investments. The following concerns are wholly or partly owned by KPC:
Name Percentage
Held
·
Kuwait
Oil Co (KOC) 100 %
PO Box: 9758
Ahmadi 61008
Tel:
(965) 3989111 / 3984111
Fax: (965) 3982661
·
Kuwait
National Petroleum Co (KNPC) 100 %
PO Box: 70
Safat 13001
Tel: (965) 2420121 / 2449401
Fax: (965) 2442954
·
Kuwait
Oil Tanker Co (KOTC) 100 %
PO Box: 810
Safat 13009
Tel: (965) 2455455
Fax: (965) 2445907
·
Kuwait
Foreign Petroleum Exploration Co (KUFPEC) 100 %
PO Box: 5291
Safat 13053
Tel: (965) 2421677
Fax: (965) 2437985
·
Kuwait
Santa Fe Braun for Engineering & Petroleum Enterprises KSC 100 %
PO Box: 9282
Ahmadi 61003
Tel: (965) 3985011
Fax: (965) 3981030
·
Kuwait Aviation
Fuelling Co KSC (KAFCO) 100 %
PO Box: 1654
Safat 13017
Tel: (965) 4330507 / 4330483
Fax: (965) 4330475
·
SFIC
Holdings (Cayman) Inc 100 %
Cayman Islands
·
KPC
Holdings (Aruba) AEC 100 %
·
Petrochemical
Industries Holdings NV 100 %
·
KP
North Sea Holdings Ltd 100 %
·
Gulf
Industrial Investment Co EC 100 %
·
Piccan
Holding Inc 100 %
Canada
·
ME
Global BV 50 %
Netherlands
·
ME
Global Canada Inc 50 %
Canada
·
Kuwait
Drilling Co KSC 49 %
·
Equate
Petrochemical Company 42.5 %
·
Dow
Chemical Co 42.5 %
·
The
Kuwait Olefins Company
42.5 %
·
Gulf
Petrochemical Industries Co (GPIC) 33 %
Bahrain
·
Sino
Arab Chemical Fertilizer Co (SACF) 30 %
China
·
Arabian
Oil Company 10 %
·
Boubyan
Petrochemical Co 9 %
·
Qurain
Petrochemical Industries Co 6 %
Activities: Petrochemical Industries Company was
founded with the objective of setting up various types of
petrochemical industries to promote and
diversify the sources of national income through the exploitation
of the natural gas that accompanies crude oil reserves.
Subject’s facilities have undergone several phases of expansion and new
plants have been constructed over the past few years. The company now claims
the largest ammonia and urea manufacturing complex in the Middle East, and an
ultra-modern plant for salt and chlorine products. PIC’s fertiliser plants have
gone through several stages of expansion, merger and development over the years
and now comprise of the following units:
4 - Liquid ammonia plants
3 - Urea plants
1 - Concentrated sulphuric acid plant
Product Daily Production
Capacity Daily Production
Capacity
(Designed) (Actual)
Salt 150
tonnes 100
tonnes
Chlorine Gas 75 tonnes 38 tonnes
Liquid Chlorine 50 tonnes
25 tonnes
Liquid Caustic Soda 84 tonnes 43 tonnes
Caustic Soda Flakes 50 tonnes 17 tonnes
Solid Caustic Soda 80 tonnes 17 tonnes
Hydrochloric acid 40
cubic metres 31 cubic metres
Sodium Hypochlorate 35 cubic
metres 17 cubic metres
Compressed Hydrogen Gas 303 cubic metres 129 cubic metres
·
S.K.
Global North
Korea
·
Transfert
Ltd. India
·
Minaz
International India
·
Ahmed
Jaffer & Company (P) Ltd Pakistan
·
Yordan
Obeji & Co Jordan
·
Al
Matin Co. for Trade & Industry Syria
·
Omnitrade
Marketing Lebanon
·
Tunice
Negoce Tunisia
·
Mitsubishi
Corporation Hong Kong
Import
Countries: United States of
America
Operating Trend: Steady
Subject has a
workforce of approximately 600 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Consolidated
Income Statement 31/03/14 31/03/13
Sales 166,921,492 173,449,557
Cost of sales (136,492,764) (120,781,456)
Gross profit 30,428,728 52,668,101
Share of results
of associates 190,153,996 153,390,987
Share of results
of joint ventures 66,779,306 46,969,944
Distribution,
general and administrative expenses (31,235,581) (23,655,463)
Interest income 367,244 2,342,375
Other income 6,847,081 5,531,673
Other expenses (103,532) (1,133,370)
Net gain (loss)
on foreign exchange 3,093,258 (5,346,206)
Reversal of
provision for legal claim 86,898,990 -
Profit before board of directors remuneration 353,229,490 230,768,041
Board of directors’ remuneration (44,350) (43,100)
Profit (loss) for the year 353,185,140 230,724,941
Other comprehensive income:
Foreign currency
translation adjustments (2,061,374) 12,042,229
Changes in fair
value of an available for sale 4,840,000 (1,540,000)
financial asset
Share of associates and joint ventures reserves (5,284,572) -
Other comprehensive loss for the year (2,505,946) 10,502,229
Total comprehensive income 350,679,194 241,227,170
Consolidated
Balance Sheet 31/03/14 31/03/13
ASSETS
Non-current assets
Property, plant
and equipment 80,174,962 82,892,370
Intangible assets 682,611 944,768
Investments in
associates 270,350,814 262,785,322
Investments in
joint ventures 165,306,215 158,148,408
Available for
sale financial asset 26,620,000 21,780,000
Amount due from
the ultimate parent company 120,437,773 120,437,773
Spare parts 11,927,171 11,762,277
Other assets 57,463,349 60,297,016
732,962,895 719,047,934
Current assets
Inventories 3,139,121 4,279,747
Accounts
receivable and prepayments 195,743,190 30,147,456
Amounts due from
related parties 327,544 455,075
Bank balances, deposits
and cash 48,444,942 581,691,572
247,654,797 616,573,850
TOTAL ASSETS 980,617,692 1,335,621,784
EQUITY AND LIABILITIES
Equity
Share capital 600,000,000 600,000,000
Statutory reserve
135,460,037 120,437,773
Foreign currency
translation reserve (9,845,347) (7,783,973)
Fair value
reserve 15,620,000 10,780,000
Re-measurement pf
retirement benefits (5,284,572) -
Accumulated
losses - (203,006,852)
Total equity 735,950,118 520,426,948
Non-current liabilities
Employees’ end of
service benefits 41,275,443 20,448,080
Other liabilities
22,992,404 19,764,136
64,267,847 40,212,216
Current liabilities
Accounts payable
and accruals 43,960,047 50,085,333
Amounts due to
related parties 1,283,656 11,609,787
Dividends payable 135,156,024 -
Provision for
legal claim - 713,287,500
180,399,727 774,982,600
Total liabilities 244,667,574 815,194,836
TOTAL EQUITY AND LIABILITIES 980,617,692 1,335,621,784
Figures for the
year ending 31st March 2015 were not available.
Local sources
consider subject’s financial condition to be Good.
·
Bank of
Kuwait & the Middle East (KSC)
Abdullah Al Salem Street
PO Box: 71
Safat 13001
Tel: (965) 22459771
·
National
Bank of Kuwait SAK
Abdullah Al Salem Street
PO Box: 95
Safat 13001
Tel: (965) 22421161
·
Commercial
Bank of Kuwait SAK
Mubarek Al Kabir Street
PO Box: 2861
Safat 13029
Tel: (965) 22411001
Subject’s payment record
is reported to be met in a generally prompt manner.
Subject is a wholly
owned subsidiary of Kuwait Petroleum Corporation (KPC), which in turn is owned
by the government of Kuwait and as the subject is deemed trustworthy for
respecting its financial trade commitments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
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|
Report Prepared
by : |
ANK |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.